Along with planning to buy a house of your own, the other thing that comes in your mind is how you would make arrangements to apply for loan for the same.
There are various factors that need to be considered while applying for loan of any sort.
Say for an example, the home loan. Based on your monthly home take salary, almost fifty percent of loan can be applied. Also, if you are applying for about fifty percent of your monthly income as loan, you can't apply for any other loan, as they consider that minimum fifty percent can be required by the individuals for other mandatory expenses.
Many banks provide online tools that help you check the home eligibility calculator. The amount of loan that is eligible is based on occupation type, whether you work as a service provider or own your own business. It also depends on interest rate and the duration for which the loan would be paid. The interest rate is always fluctuating based on the market trends. To make the dream home achievable, you can increase the payment tenure however it has certain restrictions. A general excepted tenure accepted by most of the banks is about 20 years. Also in India, the maximum loan that can be availed is not more than 75-85 percent. This means that you have make the personal arrangements for the pending 15-20 percent loan amount of your own.
As already mentioned that there are calculators present online, however you should always consult a finance expert prior to taking this big decision as he / she would guide you with market ups and downs.
EMI calculator provides a judgment on how the loan would cost you on your personal expenses. All you need to enter is the loan amount, the tenure for how long you would be paying along with the rate of interest. If you subtract this with your total monthly earning, you would get to know the remaining money that you would have in your account. If the amount is too meager you might plan to drop the plan and delay the dream house plan. In case, the loan amount fits well, you could proceed ahead with the house loan.
It is the general observation that with experience in your job, your salary rises at a considerable rate. Hence, you can increase the amount of your pay bysay six month wise as thus reduce the tenure for which you would pay the loan.
Before buying the house, certain legal issues need to be taken note of. The propertyvaluation calculator would help you determine is the price quoted for the new house worth the price.It needs details like the city where the property is, the location, is the area much in demand, type of house i.e. it is 2 BHK or bungalow or villa. It also includes details like the square feet area that house covers.
With these details you can get approximate idea of the property. A slight difference is acceptable. The age of the property also plays a crucial role. If the property is too old, then the rates shouldn't be too high. They should be moderate.
To conclude, eligibility calculator, EMI calculator and the property valuation calculator help you in a fruitful way.
Homes 4 India Architects and Consultants – Eligibility Calculator , EMI Calculator , Property Valuation Calculator . CTRL + Q to Enable/Disable GoPhoto.it