Finance

Home Loan

Buy your dream house with My Loan Route’s home loan services.

Equated Monthly Installments (EMI)

33514.16

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EMI Calculated

Principal Amt :
500000
Down Payment(DP) :
100000
Rate of Interest :
1 %
Tenure :
1 yr.
Total Interest :
2712.52
Total Amount Payable (Principal + Interest) :
502712.52

A home loan is a service that people avail from banks to buy a property in exchange for a collateral at a certain sum of interest. This loan can also be obtained for a home renovation, re-building etc. Individuals get a fixed amount of funds for buying the property which is repayable with interest. It is a secured loan that considers age bracket, CIBIL score, occupation, earnings, and property value.

A home loan is a credit amount given to a borrower at a fixed interest rate. The borrower repays the loan amount plus the interest in form of monthly EMIs. Generally, the home loan amount is calculated as 80% or 90% of the total market price of a residential property listed on the sale page. To take a home loan, a security needs to be provided by the borrower

• Home Purchase Loan: To purchase or own a home
• Home Improvement Loan: To get the additional funding for Renovations and others
• Home Construction Loan: To build a new house.
• Land Purchase Loan: To construct a house on a plot
• Home Extension Loan: To add another room, garage, bathroom or kitchen to your home. This loan can be utilized in case a person is planning to get a new floor added to the house.
• Joint Home Loan: When two or More people within the family come together to buy a home.
• Home Loan Balance Transfer: It is used to switch the remaining amount of your loan to a different bank or vendor. People generally do this in case they find a new
• Home Loan Top-Up: A person can borrow money above their outstanding amount through this type of loan.

If the yearly repayment of the home loan is more than INR 1.5 lakhs, then as per the Income Tax Act 1961, the borrower will be able to deduct a certain amount from his total due annual income tax. So, yes, home loan is tax deductible and it will taking the loan will also reduce your total due tax amount.

No, you cannot get a home loan with 100% valuation, i.e. the entire market price of the property. As a buyer, you need to make a security deposit which will be considered as the down payment amount. The rest of the amount which needs to be deposited for having complete ownership of the property can be taken as a home loan.

No matter who is the creditor or how good your credit score is, the maximum amount of home loan that you can apply for is 90% of the market price of the property. The rest of the amount has to be paid from your pocket as a down payment to the seller.

If the principal amount of your home loan is high, it will be best to go with a floating interest rate. According to this rate, the interest amount will decrease with each EMI that you will give as the repayment. But if the loan amount is less, a fixed rate will be better.

Credit score is the main factor which will affect your home loan eligibility. Besides, employment details, salary package, house location details and plans, and several other documents are needed for making you eligible to apply for home loan and get it approved without any hassle. In addition, proper ID proof will also be needed.

Yes, it is possible for you to convert the current floating interest rate into the fixed rate during the loan tenure. However, a charge will be levied, no matter at what point of time you are requesting for the conversion. The charges can go up to a maximum limit of 2% of the total loan principal.

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To get a home loan with ease, you need to have a high credit score. Check your eligibility on the credit score calculator and work on increasing it further. Also, you must have a proper income and employment proof.

Once the full disbursement cheque is provided against your home loan, the repayment period will start from the next month. For example, if you receive the check on May, the loan repayment period will be from the month of June. 

It is not mandatory to take an insurance cover on the home loan. But, it a wise step in case the borrower can’t repay the loan due to income loss, any disability, or death. In such cases, the insurer will repay the loan.

As you will be repaying the home loan in form of monthly EMIs, it will start from the month which comes after the one when you received the complete disbursement cheque. Until and unless the cheque is received, you won’t have to pay the EMI.

• The lowest interest rates for home loan are currently starting @ 6.75%.
• Minimum Documentation and Door Step Pick-up
• A person can avail home loan for a tenure of maximum 30 years.

Here is a brief description of how to apply for a home loan!

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Particulars

Salaried

Self-Employed

Age(Min-Max)

23 years to 58 years

28 years to 65 years

Income

Rs.25,000

Minimum turnover of Rs.40 lakhs

CIBIL Score

Above 750

Above 750

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Salaried

Self-Employed

Application form with photograph

Application form with photograph

Identity and Residence proof

Identity and Residence proof

Last 6 months bank statements

Last 6 months bank statements

Processing fee cheque

Processing fee cheque

Latest Salary Slip

Latest Salary Slip

Form 16

Business Profile and Previous 3 years Income Tax returns (self and business)

Previous 3 years Profit/Loss and Balance Sheet