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I need home loan rs 10.00,000

My salary is 2.20 per annum, and flat is 14 years old

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  • pradnyakulka Jan 05, 2009

    need as early as possible



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Rather than checking with banks you should check out the home loan approval procedure of NBFCs. As compared to banks they have less stringent rules and regulations and require very few documents with faster loan approval than any banks. Moreover they also provide the flexibility to repay your loan easily. With the help of any online home loan emi calculators you can easily calculate your monthly installments and manage your finances better.

Posted on Jul 11, 2016

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Posted on Jan 07, 2009

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Fixya is a technical support website.

Please use the following websites with home loan calculator:

IDBI Home Loan EMI Calculator

Home Loans, Housing Loans, Home Loans in India - .


Posted on Jan 05, 2009

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50K is my monthly income and I am planning to buy a house in Mumbai with a home loan. Is it a good option?

Yes, definitely, it is a good idea to take a Home Loan and purchase a house in Mumbai. As we all know that the cost of houses in Mumbai is pretty higher than most of the cities in India. But, there are places in Mumbai where you will get houses at affordable rates, so you may not need Home Loan to finance it. Whereas, there are places like Bandra, Powai, Andheri, South Mumbai, Juhu, etc., where you have to take a Home Loan to finance it. The cost of houses in these places will be very high.

As you have mentioned that your per month income is Rs. 50K, you can invest Rs. 23K as your EMI. If you start calculating at an interest rate of 12% for 20 years, you can apply for a Home Loan in Mumbai of Rs. 21 lacs. This can be 80%-90% of your house value. The rest you have to download from your own savings.

Oct 31, 2017 | Computers & Internet

2 Answers

My monthly income is 40K and want to take a home loan in Mumbai. Is advisable for me?

Yes, it is advisable. You can always apply for a Home Loan in Mumbai or any other place, but it has to be within your affordability bracket.

As you have mentioned that your salary is Rs. 40K, that means you can use 47% of that income as savings or to pay your EMI. Your EMI payment capability is Rs. 18K. Now, if we do a back calculation with the help of a Home Loan EMI Calculator, we can see that at 12% rate of interest and for a tenure of 20 years, Rs.18K EMI will be for the principal amount of Rs. 17lakhs. That means you can apply for a Home Loan of Rs. 17 lakhs.

Now, before applying for a loan you need to choose a good lender with lower interest rate, less eligibility criteria, minimal documentation and more benefits.

Oct 25, 2017 | Computers & Internet

1 Answer

In a joint home loan, can both husband and wife avail for a tax investment? If yes, how?

By tax investment you mean tax benefits? If so, then you need to be a joint owner of the property, ownership percentage should be clearly mentioned or will be split equally, and you must be a co-borrower. The construction of the property must be complete. With the above three conditions fulfilled both of you can avail tax benefits on Joint Home Loan.

About how to do it

You will have to claim the benefits. You can claim it under Section 24 and 80C of the Income Tax Act. The interest that you have to pay against Home Loan is entitled for tax deductions by up to Rs. 2 Lakhs for the principal amount for both the individuals. On the interest part the tax rebate is up to Rs. 1.5 Lakhs per owner. The ratio of the ownership decides the division of tax exemption.

Oct 25, 2017 | Computers & Internet

2 Answers

With 30K monthly salary, I am planning to buy a house in Chandigarh with the help of a home loan. Is it a good decision?

It depends on which locality the house is located. Have a look at this:

Oct 16, 2017 | The Computers & Internet

1 Answer

Is there any salary criteria for taking a home loan in Indore?

Yes, in some financial institutions, they have some set criteria of getting a home loan. Among them, one of the criteria is you need to earn as per the city standard you are residing.

Like for example, if you are residing in Delhi or Mumbai, your minimum net salary per month should be Rs. 50K. Similarly, if you are residing in Bangalore, Chennai, Faridabad, Ghaziabad, Gurgaon, Hyderabad, Noida, Pune or Thane, your minimum net salary per month should be Rs. 45K. Other cities like Ahmedabad, Goa, Kolkata, Mysore, Nagpur, Nasik or Indore, minimum net salary per month should be Rs. 40K.

But this factor is not compulsory or mandatory criteria. So, every lender does not ask for it. There are some common eligibility criteria of getting a home loan in Indore. Those are:

  • You are an Indian resident.
  • You are between 25-58 years of age.
  • You are a salaried individual with a work experience of 3 years or more.
  • You need to deposit a few necessary documents to the lender.

Oct 16, 2017 | Computers & Internet

1 Answer

How can I calculate the EMI of a home loan of 90 lacs?

Banks and Non-Banking Financial Companies use the following formula to calculate EMI of a home loan. This is the formula for calculating compound interest. Applying the same formula for a home loan of Rs 90Lakhs, we get,

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

P= Amount borrowed- Here, it will be 90 lakhs
R= Rate of interest per month
N= Number of months in the home loan tenure

Going by the current lending rates followed by the financial institutions, we will consider R to be 9% per annum (to be converted to % per month) and for the loan tenure, we will take 20 years/240 months.

Substituting all values in the above formula, the home loan EMI comes out to be Rs 80,975 per month.

You can easily calculate the EMI for your home loan for any bank or NBFC using a free online Home Loan EMI calculator. You can also find this handy tool on the online portals of most banks and NBFCs. All you have to do is feed in the values in the respective fields and receive the answers.

Oct 09, 2017 | The Office Equipment & Supplies

1 Answer

What is the minimum amount of downpayment required to buy a flat in Pune?

\The minimum down payment required to purchase an apartment in Pune varies from one financial institution to another. In usual cases, it depends on the LTV (loan-to-value) ratio that is followed by the financial institution in question. This is basically the maximum amount that the financial institution can sanction to the individual with the remainder being the down payment. This is usually the following:
  • 90% in case of home loans up to Rs.30 lakhs
  • 80% in case of home loans between Rs.30-75 lakhs
  • 75% in case of home loans exceeding Rs.75 lakhs
As a result, on an average down payment will range between 10-25% depending on your eligibility, monthly income, home loan amount and other factors. You should always check your home loan eligibility first. The eligibility criteria for Home Loan in Pune or other major cities of India vary from one financial institution to another. You need to compare them and select the best one which suits your needs.

Sep 25, 2017 | Finance

1 Answer

How can I get a Personal loan in Pune drawing Rs, 27000, when the company is not listed?

You can easily apply for a personal loan in Pune or anywhere in India. You should always try online application procedure to apply for a loan. This will save your time and effort and you will be able to apply from the comfort of your home. As you have mentioned that your salary is Rs. 27,000, you can pay an EMI up to Rs. 11,500. This EMI amount is 43% of your gross salary. So, if you do a back calculation, you can see that you are eligible to get a personal loan
of Rs. 3 lakhs, that you have to repay within 3 years at an interest rate of 12.49%.

Dec 26, 2016 | The Computers & Internet

4 Answers

What kind of the requirements for a personal loan?

There are lots of requirement for personal loan, first you need to know are you eligible for taking a loan or not! Eligibility criterion keeps on varying across different lenders. However, certain parameters have been set to maintain a generic outline.·

For working professionals·
  • Loan availability limit:
    • Usually it ranges between 1- 18 lakhs
    • Highest limit is 25 lakhs, generally
  • Loan tenure:
    • Minimum- 24 months
    • Maximum- 60 months
  • Age limit:
    • Minimum- 21 years
    • Maximum- 60 years (ultimate age limit till the loan gets repaid)
  • Salary structure:
    • People having Rs.10000 or Rs.15000 salary are eligible of getting personal loan
    • Residents of top cities need to earn Rs.30000 or above to avail the loan
  • Work experience:
    • Total job experience must be minimum 2 years
    • Work experience in the current organization must be minimum 1 year
  • Certain points need to be considered:
    • Any other loans that are running
    • Current EMI details
    • Loan repayment history
    • Credit history of the consumer
    • CIBIL score must be 750 and above
To know more details about the eligibility for the personal loan and check whether you are eligible for it or not

Mar 14, 2016 | StarvingMind Loan Calculator

2 Answers

The equation S = 1352x + 44,609 can be used to estimate the average salary S of teachers in public schools x years after 2000. Determine in what year the average salary will be $63,537.

i think teachers need to be payed a good wage .. after all they single handed look after 30 kids for like 4 or 5 hrs...

how the fek do they do it my home is a reck after an hour with three..?

Mar 26, 2015 | Encore Math Advantage Algebra II and...

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