Everyone’s dream is to have their own home. To achieve this dream, home loans are offered by banking as well as Non-Banking Financial Companies (NBFCs). This is a very common loan that is being offered throughout the world. These loans can be repaid by home loan EMIs which is spread over several months and can be paid easily.
First of all, all the banks and NBFCs have the home loans EMI Calculator on their website itself. The person who wants to avail home loans can check in this calculator to know about the monthly home loan EMIs. Thus, based on your repaying capacity, you can decide on the amount. Normally, home loan amount is decided based on the cost of the property and the lenders offer only 75% to 90% of the property value as home loan. For the remaining, the borrower has to provide for himself. Any lender who lends home loans checks on the borrower’s monthly income, job stability, a high credit score, etc. As regards the interest rate, this is based on the total value of the home loan and varies from one lender to another lender. Based on the tenor you choose, the interest and EMI amount varies. Longer the tenor, the interest is higher and EMI is lower and vice versa.
When you use the home loan EMI calculator, you will get the accurate EMI amount and you can compare the same with different lender so that you can select the best and the affordable lender. Now-a-days, the banks and NBFCs even offer door step services. Special interest rates are offered in the case of green homes as it protects environment. Choose the right home loan and make your dream come true.
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