EMI for a Home Loan

 

Your EMI for a Loan -This blog is about EMI for a home loan.

                                                    Your EMI for a Loan 

What is Home Loan EMI?

1.      Home Loan EMI is the amount that is paid to the lender for the purpose of repayment of the borrowed loan to finance your home.

2.      At the time of availing a home loan, EMI is calculated by your lending institution based on the borrowed amount, sanctioned rate of interest and loan tenure.

How is a Home Loan EMI calculated?

1.      Home loan EMI is calculated by banks on the basis of principal, interest to be paid and tenure.

2.      In the initial years of the loan, a major portion of the EMI comprises of interest payable since the principal amount is large.

3.      As the loan matures, the interest component decreases while the principal component gradually increases.

 

Your EMI for a Loan of Rs.1 lakh

Tenure	5 Years	10 Years	15 Years	20 Years	25 Years
@7%	1980	1161	899	775	707
@8%	2028	1213	956	836	772
@9%	2076	1276	1014	900	839
@10%	2125	1322	1075	965	909

 

What documents are required to get a Home Loan?

1.      1.  Filled application

22   2.  Age proof

3.      3.   Residence proof

4.      4.  Salary-slips

5.      5.  Form 16

6.      6.  Bank statements

 Who can apply for a Home Loan?

1.      1. Salaried individuals

2.      2. Self-employed

T  This blog is about "Your EMI for a Loan".