How to calculate home loan emi

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How to calculate home loan emi
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Be Prepared for a Home Loan
Everyone wants to buy a house these days, if not
as a home for them to stay in, then at least as
an investment for the future. But let face the
facts - very few people can afford to buy a house
outright. More often than not, people end up
paying for the house through a loan. And this is
what you need to prepare for. And this also
depends to some extent on the house you intend to
buy for yourself - things like the size of the
house, the locality of the house and facilities
available near and in the house all factor into
the price of the house. More than likely you'll
have to pay around 20 to 25 of the total
transaction value when you're booking the flat.
The rest of the amount can be taken out as a loan
and you need to decide whether or not you can
afford it. For this, you need to take a careful
look at your finances and decide how much of your
income and savings you can shell out for this
house.
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One thing you can do while you're checking on the
financial aspect of the loan is using a home loan
calculator. How to calculate home loan emi that
can help you to sort out how much loan you're
likely to get based on both your income and your
liabilities. There are also calculators that help
you to identify how much you'll have to pay as
EMIs once you've got the loan approved and the
time has come for repayments on the home loan.
You can even calculate all of these matters if
you've got a co-applicant for the loan.
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And frankly, the chances of you getting a loan
are higher when you've got good credentials and a
higher income and lower liability. Once you've
decided how much you can shell out in terms of
money, you need to zero in on a house within that
price range. You might think that house hunting
takes a while, but how to calculate home loan
emi. So you want to do all that you can to get
yourself ready for it, even as you're hunting for
a home. Look into what the application process
is for a home loan. You should know that after
getting a loan approved, the loan disbursement
can take anywhere from a week to 10 days. But it
can either increase or decrease depending on how
many applications the bank will have to process
at the same time.
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