Home loan EMI calculator
The process of buying your own house begins with the decision to buy a suitable property – this is the easy part. The tough part is what comes later – applying for a housing loan and getting the loan process underway with minimum hassle.
When the real estate developer is a reputed entity in Thane micro market, getting the home loan becomes quite easy. Developers like Puranik Builders have project approvals from major housing finance players such as ICICI Bank and HDFC Ltd. Thus, the loan process is much shorter and quite hassle-free, provided you apply with the correct documents and have a stable source of income.
But before proceeding with the loan application, it is important to assess your finances and find out how much will your monthly outgo be. For this, you can use an online home loan EMI calculator that lets you find out how much EMI you will pay every month against your desired loan amount. You can calculate the home loan EMI basis the loan amount you wish to get, the tenure of the loan (in terms of months) and the rate of interest.
Using the EMI calculator for the home loan helps you assess your finances better. If you feel that the monthly outlay is too high, you can ask for a lower loan amount or negotiate the interest payable on it. You can seek a longer tenure, so that the EMI spread is lowered uniformly. Do note that you cannot get the entire house price as a loan – you will get at best 80% of the house’s value as a loan. The remainder must be paid from your own resources.
Do check the loan documents requirement to get your paperwork in order before you make the loan application.