Home Loan- Meaning, Types, Interest rate and Eligibility

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Home Loan
Meaning, Types, Interest rate and Eligibility
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What is Home Loan

• The most popular sort of home loan used to buy a
  house is this one. Many housing financing
  businesses, public banks, and investment
  corporations offer housing loans, which allow you
  to draw capital to purchase a home and repay the
  loan in monthly instalments.

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Types of Home Loan

• Home Loan
• Home Construction Loan
• Home Extension Loan
• Home Improvement Loan
• Home Loan Balance Transfer

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Home Loan Interest Rates

• Interest rates are fixed amount to pay with the
  loan amount. This home loan interest rate is
  depending on the financial sector or banks,

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How can calculate home loan EMI?

• The mathematical formula for calculating EMIs is
  
• EMI P x R x (1R)N/(1R)N-1,
• where P stands for the loan amount or principal,
  R is the interest rate per month.
• But you can use the online home loan emi
  calculator to get exact EMI value.

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Steps for EMI calculator

1. Enter Loan Amount
2. Your Bank Interest Rate
3. Loan Term
4. Show EMI

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Home Loan Eligibility

• Age
• Employment Type
• Minimum Annual Salary
• Collateral Security
• Margin Requirements
• Assets, liabilities, stability, and continuity of
  occupation
• Residency status (Resident Indian/ Non-Resident
  Indian)

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• www.bankofmaharashtra.in