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home loan| loan on Emi best 2023

home loan

home loan|loan on Emi best 2023
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There are many types of home loans and their terms also vary. The interest rates charged on home loans are also different and keep fluctuating. Through this post, we will know that –

What is home loan
What is Home Loan EMI Calculator
• Types of Home Loans
• Home loan eligibility and terms
• Documents required for home loan

what is home loan

If a person needs a loan from a bank or any other housing finance company to buy a house / flat / land, then that loan is called a home loan.


All banks and many housing finance companies offer this type of loan, and finance companies offer loan tenure of up to 30 years depending on the applicant’s credit score, monthly income, loan amount, loan to value ratio, job profile, employer or company profile, etc. Passes such loans for
Their value can range from 75% to 90% of the applicant’s home and property value, depending on the LTV ratios prescribed by banks and finance companies.


There are many sites online now from where you can choose the best home loan for you by looking at and comparing home loan interest rates offered by tube banks and HFCs.

home loan|loan on Emi best 2023
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what is loan emi calculator

Usually we use the calculator only for any calculation, in the same way the calculator which is used for the calculation of EMI is called My Calculator.


To calculate home loan EMI, type home EMI calculator on Google search. There are many websites which provide this facility free of cost. From where you can use the online loan calculator to tell you how much EMI you will have to pay based on the principal amount, interest rate and tenure. With the help of this calculator, you also get to know how much interest you will pay during the total tenure. This calculator tells you before taking the loan, what will be the EMI and how much this loan will cost you.

Home Loan Types

Banks and some institutions provide different types of home loan facilities. Therefore, before taking a home loan, you should know which home loan you want.
Some of these home loan types are as follows –

Home Purchase Loan | Composite Loan | Home Construction Loan | Home Renovation / Improvement Loan | Home Extension Loan | Bridge Loan | Interest Saver Loan | Step Up Loan

  1. Home Purchase Loan: This loan is a loan taken to buy an under construction property, pre-owned home / resale home and ready to move in property. Banks and institutions can provide home loan amount as much as 75 to 90% of the property value of the holder, as per RBI instructions for this loan.
  2. Composite Loan: This loan is given only to those holders who need loan for construction of house and purchase of plot. In this type of loan, the amount is given in installments, in this home loan, the first installment is given for the purchase of the plot, later the loan amount is given as soon as the house is ready.
  3. Home Construction Loan: This loan is taken for building a house, this loan is given only to those people who already have land to build a house and want to build a house in it. Like the composite loan, the loan amount is given in installments, as the house is constructed, the same amount is given in the form of installments.
  4. Home Renovation / Improvement Loan: This loan is taken for repair and renovation of the house. The interest rate of this loan is also equal to the normal home loan but its tenure is less than that of home loan.
  5. Home Extension Loan: This loan is given to those people who want to expand their house further or build in the existing house. For this type of loan, banks and institutions usually give 75 to 90% of the amount that will be used for the construction of the house, depending on the loan amount and LTV ratio.
  6. Bridge Loan: This loan is given to those people who want to buy a new house by selling their old house, in which banks and institutions give loan of the difference between the amount sent to the old house and the amount of the new house.
  7. Interest Saver Loan: This is similar to home loan overdraft facility as the home loan account of the borrower is linked to his bank account. If the amount deposited in the bank account is more than the MI amount, it will be credited as prepayment of the loan. amount is used.
  8. Step Up Loan: In this loan, the EMI amount is less in the initial days but as the time passes, the amount is made uniform. This loan proves to be effective for those youths who have just started their career.
home loan|loan on Emi best 2023
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loan eligibility and terms

These loan terms vary from bank to bank and institutions, but some of the common ones are as follows –

The applicant should be an Indian resident, Non-Resident Indian (NRI), a person of Indian origin.
The credit score of the applicant should be 750 or above.
The age of the applicant should be between 18 to 70 years.
Work experience for job profession should be at least 2 years and if the applicant has a business then it should be at least 3 years old
The minimum salary of the applicant should be ₹ 25000 per month, it is more or less according to different banks and institutions.


The loan amount can be given up to 90% of the property value. Apart from all these, the home loan eligibility and terms depend on the type of property you are buying and where it is located.

home loan|loan on Emi best 2023
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Documents required for loan

Identity proof: It requires a photocopy of any one of the applicant’s PAN card, passport, Aadhaar card, voter ID card and driving license.

Age proof: It requires a photo copy of any one of the applicant’s Aadhaar card, PAN card, passport, birth certificate, 10th mark sheet, bank passbook and driving license.

Residence Proof: Photocopy of any one of Bank Passbook, Voter ID Card, Aadhaar Card, Original Residence Letter, Passport, Utility Bill and LIC Policy Receipt.

Income Proof: Recent Salary Slip, any one of the ITR of last 3 years and Investment Proof

Property related documents: NOC from society/builder, detailed estimate of house expenses, registered sale agreement of land, allotment letter and copy of building plan approval.

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