Home Loan: Are you taking a home loan..? Owning a home is everyone's dream, Check Important key points...
Home Loan: Are you taking a home loan..? Owning a home is everyone's dream. Care must be taken in those matters. All those who join the job after completion of education give first priority to home. Homestead stands as a proof of your financial discipline. You will be recognized in the society.
Home Loan: क्या आप ले रहे हैं होम लोन..? उन मामलों में सावधानी बरतनी होगी....
New Delhi
Banks give housing loan to those who are earning a fixed income while working. You can buy a house with it and pay installments to banks in the form of EMIs. But banks consider various factors for giving loans. For example, suppose you want to buy a house worth Rs. How much will the bank lend to it? How much is the monthly EMI? Let's find out whether the bank will grant you a loan if you earn M salary.
The value of the house you want to buy is Rs. But banks will sanction only 80 percent of the property value. That means there is a possibility of giving a loan of Rs.80 lakhs. You have to provide the remaining Rs.20 lakh yourself. This is called down payment. The tenure of housing loan EMIs is very high. Think about 30 years. Installments will have to be paid for 360 months. Usually the interest on housing loans is 8.5 percent. However, it may vary slightly depending on the market conditions.
If we calculate for 30 years with interest on Rs.80 lakh taken from the bank, we have to pay Rs.61,500 per month for 360 months. However, according to banks' calculations, the monthly installment amount you pay should not exceed 40 percent of your salary. According to that you should be earning Rs.1.53,750 per month. If you have that much income, the bank will think that you will be able to pay the EMIs properly.
Apart from the bank loan, you should have some money for other expenses. Especially the down payment should be taken care of. It requires around Rs.20 lakhs. Also stamp duty and registration charges are 6 to 8 percent of the property value. Since you are buying a house for one crore rupees, about 6 to 8 lakhs should be set aside for this expense. Also the interiors and maintenance costs are extra. So the costs of buying a house are as follows.
Home loan calculation is as follows
The value of the house is Rs
The loan given by the bank is Rs.80 lakhs
The down payment is Rs.20 lakhs
Monthly EMI is Rs.61,500
The tenure of EMIs is 360 months
Your earned income is Rs.1.53,750 per month
The cost of registration and stamp duty is around Rs.8 lakhs