-
"Instant loan approval"
0.5 5.0/5 "Blown Away!"
I have taken Housing loan directly through BANK OF INDIA and the loan amount was Rs. 1,27,000. I have taken this loan for my friend, he is paying EMI 6300rupees and already paid for 1 month. The rate of interest was 11% floating which is quite nominal and the tenure is 2.5 years. Customer service was good and it took 1 day to receive a loan, around 1pm i signed for the loan i got a message at 7.30 pm loan got processed and the amount credited to my account.
Was this review helpful? 14
M , coimbatore
Reviewed on Dec 24, 2019 -
"Excellent"0.5 5.0/5 "Blown Away!"
I have taken a home loan in BANK OF INDIA on 3 years before which was processed directly to bank, on time the loan got sanctioned. The loan amount of twenty four lakhs for the duration of 15 years. The rate of interest and processing fee are nominal.
Was this review helpful? 19
BH , ahmedabad
Reviewed on Jul 24, 2019 -
"Good"0.5 4.0/5 "Great!"
I had a Home Loan with Bank of India their have disbursed my loan amount as expected before. My total loan amount was sanctioned for about 7 lakh with the less rate of interest of 8 % and tenure of about 4 years still loan is in process paying my emi on time.
Was this review helpful? 8
JE , noida
Reviewed on Jul 20, 2019 -
"Excellent Experience"0.5 5.0/5 "Blown Away!"
I took the housing loan, they gave me 4% of simple interest per annum but its only for the staff. There is no charges application for the housing loan disbursement, I took the loan for the duration of 25 years, they do have balance transfer, part payment and foreclosure without any charges.
Was this review helpful? 6
DOSHI , pune
Reviewed on Jul 09, 2019(Video) Bank Of India Home Loan |Low interest rate #Bankofindia #Cheapesthomeloan -
"Its great"0.5 5.0/5 "Blown Away!"
Bank of India is providing floating interest for the home loan around 8.6% for the duration of 18 years. I took Rs. 8.5 lakhs, the process was easy within 10 days I got the loan amount. They released the amount in single slot to purchase Individual house. There was no processing fee or insurance fee was taken from their end.
Was this review helpful? 6
SUBRAMANIAM DHANABAL , coimbatore
Reviewed on Jun 22, 2019See AlsoHow 2 sisters bought a 9-bedroom Greek villa with only enough money for the deposit and turned it into a luxury hotelSynthetic Lawn in Fawn Creek, Kansas | Turf Pros Solution14 basement ceiling ideas – take the wow-factor to another levelBoat Salvage Yards Near Me [Locator Map + Parts Guide + FAQ] -
"Good Loan"0.5 5.0/5 "Blown Away!"
Got my home loan from Bank of India. They have given me a quick turn around time they have issued the loan. The branch is nearby my home and the interest rate which they provided is very less compared to others hence i have chosen this bank. They have provided the loan within 10 days and they have not taken any processing fee but they have charged me only stamp duty charges.
Was this review helpful? 10
INDRANIL BANDOPADHYAY , kolkata
Reviewed on Jun 09, 2019 -
"Better Loan service"0.5 5.0/5 "Blown Away!"
Rate of interest is very less thats the reason i have selected Bank of India for my home loan. They have offered me a interest rate of 8.3% and there is no processing fee. I have applied the loan amount of Rs. 28 lakhs and i received it on time. I pay the EMI amount of Rs. 24000 for the tenure period of 25 years.
Was this review helpful? 10
CHNDRAKANT THAKKAR , ahmedabad
Reviewed on Jun 07, 2019 -
"Good card"0.5 5.0/5 "Blown Away!"
I have been taken my housing loan with Bank of India from past six months, The loan amount was sufficient, the rate of interest they have charged me was nominal, they have been not charging me hidden charges , still this loan is running.So far i have no issue.
Was this review helpful? 5
GOPAL SAHA , kolkata
Reviewed on Apr 26, 2019(Video) Bank of India Home Loan All Details 2022 | BOI Home Loan Kaise Le | BOI Home Loan Apply Online -
"Excellent service"0.5 5.0/5 "Blown Away!"
I have been holding my home loan with BANK OF INDIA recently. Just 7 months happen taking this loan. The loan amount they have given me is sufficient, and the rate of interest they charged me was up to 8.30% , it is nominal,it use to float,on the basis of offers they have launch that time they have not charged me processing fee , and overall service is good.
Was this review helpful? 13
MIRAJ SUDARSAN BISWAL , mumbai
Reviewed on Jan 26, 2019 -
"Good service"0.5 5.0/5 "Blown Away!"
There are processing fees which is very nominal one for documentation and approval. They instantly approved they took few days for the documentation and approval. I got my home loan with BANK OF INDIA. I am satisfied with the rate of interest which is nominal one .
Was this review helpful? 1
VELIDE KASHAP , hyderabad
Reviewed on Jan 20, 2019 -
"Average service"0.5 3.0/5 "Satisfactory"
I have been using my housing loan with Bank of India, there service was good ,they have given me sufficient loan amount, and the rate of interest they have given me was up to 8.5% now,the rate of interest is not fixed it use to fluctuate according to market price, and the processing fee they have charged me was nominal,there mobile application and net bank is good, there application is user-friendly,but if i took loan from Hyderabad bank but i am in Bangalore branch then they will not help me out in this only on that bank they will be helping out if i had any issue or query.
Was this review helpful? 1
KRISHNA GOPALAM , bangalore
Reviewed on Jan 17, 2019 -
"Good service"0.5 4.0/5 "Great!"
I have been holding my home loan with Bank of India, the loan amount which they have given me was sufficient, and the rate of interest they have charged me was nominal, and the processing fee they have charged me was nominal and there was no delay in loan amount , i got on time, overall service was good.
Was this review helpful? 3
MAHESH ISHWARLAL MANDLECHA , pune
Reviewed on Dec 18, 2018(Video) 15 लाख का होम लोन 10, 15 साल के लिए | Union Bank Of India Home Loan Interest Rate & EMI Calculator -
"Customer Service should be improved"0.5 2.0/5 "Expected more"
My spouse have housing loan in Bank of India , they added me as a co applicant, I have dissatisfied experience, the process was very delay and the response is not upto the mark. Again planning to do balance transfer from BOI to other bank. Interest rate and charges are fine in Bank of India because its a govt bank.
Was this review helpful? 3
SREE RAMANJANEYARAJU DODDIGARLA , hyderabad
Reviewed on Nov 28, 2018 -
"Good service"0.5 5.0/5 "Blown Away!"
I got my housing loan from Bank of India . Am satisfied with rate of interest which is nominal one of 8.35% The customer service and response is good. It took 10 to 15 days for the documentation and approval process. They gave the tenure period of 15 years which i make the payment through ECS. Their customer service is good and responsive. There are no processing fees.
Was this review helpful? 2
CHHOTE KUMAR SHARMA , bhilwara
Reviewed on Jul 03, 2018 -
"Excellent"0.5 5.0/5 "Blown Away!"
My home loan was taken with BANK OF INDIA 6 years back. The loan amount was 9,80,000 and the interest rate was satisfactory . The tenure period was 20 years .The process was very fast and easy . The customer service and responses was amazing . They haves sanctioned the loan with the committed time.
Was this review helpful? 7
AVIJIT SENGUPTA , kolkata
Reviewed on Jun 14, 2018 -
"BEST SERVICE"0.5 5.0/5 "Blown Away!"
I have taken home loan form bank of India , as they have given promising rate of interest while comparing to other banking which available in market , easy approval process , payments made through ecs process .customer service and customer response is best regarding queries provides solution.
Was this review helpful? 4
THANGAVEL SARAVANAN , navi mumbai
Reviewed on Apr 30, 2018(Video) 20 Lakh Home Loan for 20 Years - SBI Home Loan EMI Calculator - SBI Home Loan Interest Rates 2022 -
"Better service"0.5 4.0/5 "Great!"
I have my home loan with BANK OF INDIA for about 3 years . The loan amount was 20,70,000. The Interest rate was 9.5% which is bit high than other banks in the market. The loan process was very smooth and hassle free here . My overall experience was better .
Was this review helpful? 0
BISWARUP CHOUDHURY , kolkata
Reviewed on Feb 14, 2018 -
"Average service"0.5 2.0/5 "Expected more"
The bank of India has offered me a home loan around 5years ago. The customer support service is not up to the mark. The service which I got from the bank of India was below average because they are taking 3months time to disburse the home loan amount. The loan amount has been disbursed in 3 months of time. The rate of interest and the charges are nominal with the bank of India.
Was this review helpful? 1
PRABAKAR REDDY ELAKERE , bangalore
Reviewed on Feb 06, 2018 -
"Good banking"0.5 4.0/5 "Great!"
I have taken Home loan with Bank of India.The loan amount is 9.50 lakhs they had deducted processing fees and other charges post that they had dispatched of 9.50 lakhs.The tenure is for thirty years.Net banking and mobile App is good and useful.
Was this review helpful? 7
LATHA THANGARAJ , bangalore
Reviewed on Jan 29, 2018 -
"Looking for better service"0.5 2.0/5 "Expected more"
Bank of India is not corporative to the customer, previously I took the home loan of Rs.12 lakhs for the tenure of 20 years. They done lot of home loan procedure it was very inconvenience and also they are not customer oriented. Even their interest rate was higher side.
Was this review helpful? 7
KHURSHID MOHI UD DIN WANI , srinagar
Reviewed on Oct 25, 2017See AlsoRénovation de toiture : les différentes techniquesHow much to charge for lead generation service?2021 Real Estate Assessment Results | GRESBRenew Indian Passport in USA (VFS Process, Documents) - USA(Video) Bank Of India-Latest Rate of Interest Jan 2022 | Home Loan | Car Loan| Personal Loan |Education Loan
FAQs
What is the loan interest rate in BOI? ›
| Particulars | Details |
|---|---|
| Interest Rate | 12.15% p.a. onwards |
| Processing Fee | 2% of the disbursed loan amount |
| Loan Tenure | Up to 60 months |
| Loan Amount | Up to Rs.10 lakh |
The mathematical formula to calculate EMI is: EMI = P × r × (1 + r)n/((1 + r)n - 1) where P= Loan amount, r= interest rate, n=tenure in number of months.
What is the EMI for 1.5 lakhs? ›If you are taking a loan of 1.5 lakhs on a tenure of 24 months your EMI will be Rs. 8,006. As a result, you will have to pay a monthly equated instalment of Rs. 8,006 every month.
What is the EMI for 20 lakhs home loan? ›| Loan Amount | Interest rate | EMI |
|---|---|---|
| Rs. 20 lakh | 7.70%* | Rs. 23,950 |
Here's the simple interest formula: Interest = P x R x N. P = Principal amount (the beginning balance). R = Interest rate (usually per year, expressed as a decimal).
Which is Best Home Loan Bank? ›| S.No | Bank Name | Processing Fees |
|---|---|---|
| 1 | Union Bank of India | 0.50% of the loan amount. Maximum of Rs. 15,000 |
| 2 | Kotak Mahindra Bank | – |
| 3 | HDFC Bank | Up to 0.50% of the loan amount or Rs. 3,000/- whichever is higher. |
| 4 | ICICI Bank | 0.50% – 2% of the loan amount or Rs. 1,500/- whichever is higher |
For example, If a person avails a loan of ₹10,00,000 at an annual interest rate of 7.2% for a tenure of 120 months (10 years), then his EMI will be calculated as under: EMI= ₹10,00,000 * 0.006 * (1 + 0.006)120 / ((1 + 0.006)120 - 1) = ₹11,714. Calculating the EMI manually using the formula can be tedious.
How is monthly EMI calculated? ›The formula to calculate EMI: E = P x r x ( 1 + r )n / ( ( 1 + r )n - 1 ) where E is EMI, P is Principal Loan Amount, r is monthly rate of interest (For eg. If rate of interest is 14% per annum, then r = 14/12/100=0.011667), n is loan duration in number of months.
How is interest calculated monthly? ›Divide your interest rate by the number of payments you'll make that year. If you have a 6 percent interest rate and you make monthly payments, you would divide 0.06 by 12 to get 0.005. Multiply that number by your remaining loan balance to find out how much you'll pay in interest that month.
What is the EMI for 15 lakh home loan? ›...
EMI Calculations for a Home Loan of Rs.15 Lakh.
| Loan amount: Rs. 15,00,000 | |
|---|---|
| Tenor | EMI amount |
| 10 years | Rs. 19,823 |
| 15 years | Rs. 16,119 |
| 20 years | Rs. 14,475 |
How much EMI can I get for 5 lakhs? ›
| Loan Amount (Rs) | Tenure (years) | EMI (Rs) |
|---|---|---|
| 5 lakh | 1 | 44,191 |
| 5 lakh | 2 | 23,304 |
| 5 lakh | 3 | 16,369 |
| 5 lakh | 4 | 12,923 |
7 lakh on an annual interest of 14% for a tenor of two years, the EMI amount will be Rs. 33,609.
What is the EMI for 10 lakhs home loan? ›| Tenure | 10 Lakhs EMI at 6.70% | 10 Lakhs EMI at 7.0% |
|---|---|---|
| ₹ 10 Lakh Home Loan EMI For 5 years | ₹ 19,660 | ₹ 19,801 |
| ₹ 10 Lakh Home Loan EMI For 10 years | ₹ 11,457 | ₹ 11,611 |
| ₹ 10 Lakh Home Loan EMI For 15 years | ₹ 8,821 | ₹ 8,988 |
| ₹ 10 Lakh Home Loan EMI For 20 years | ₹ 7,574 | ₹ 7,753 |
| Loan Amount | Interest rate | EMI |
|---|---|---|
| Rs. 25 lakh | 7.70%* | Rs. 19,684 |
| Year | Interest (Rs.) | Balance (Rs.) |
|---|---|---|
| 1 | 1,57,392 | 19,82,959 |
| 2 | 1,55,995 | 19,64,521 |
| 3 | 1,54,485 | 19,44,572 |
| 4 | 1,52,851 | 19,22,990 |
Simple Interest
It is calculated by multiplying the principal, rate of interest and the time period. The formula for Simple Interest (SI) is “principal x rate of interest x time period divided by 100” or (P x Rx T/100).
For example, if you borrow $100 with a 5% interest rate, you will pay $105 dollars back to the lender you borrowed from. The lender will make $5 in profit. There are several types of interest you may encounter throughout your life. Every loan has its own interest rate that will determine the true amount you owe.
What is the current interest rate? ›Today's national mortgage rate trends
If you're planning to refinance, the national average 30-year refinance rate is 6.90%, increasing 54 basis points over the last seven days. Meanwhile, today's national average 15-year refinance rate is 6.04%, increasing 28 basis points over the last seven days.
- Maintain A Great Credit Score. ...
- Make A Larger Down Payment, Reduce The Loan Amount. ...
- Decrease The Loan Tenure. ...
- Compare Interest Rates Online. ...
- Make Regular Prepayments. ...
- Revise EMI Every Year. ...
- Refinancing Your Home Loan. ...
- Take Long Tenure Home Loan And Start A SIP.
Presently, low-interest personal loans start at 8.9% p.a., with IDBI Bank providing the lowest interest rate among private sector banks.
Which bank takes lowest interest on home loan? ›
| Banks | Starting Interest Rate (p.a.) | Processing Fees |
|---|---|---|
| HDFC Home Loans | 8.10% p.a. onwards* | 0.5% or Rs.3,000 whichever is higher |
| LIC Housing Finance | 7.55% p.a. onwards | Rs. 10,000 -Rs. 15,000 |
| Axis Bank | 7.60% p.a. onwards | Rs. 10,000 |
| Canara Bank | 8.10% p.a. onwards | 0.50% of the loan amount |
The mathematical formula for calculating EMIs is: EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the loan amount or principal, R is the interest rate per month [if the interest rate per annum is 11%, then the rate of interest will be 11/(12 x 100)], and N is the number of monthly instalments.
Is home loan interest compounded monthly? ›For instance, Home Loan interest rate is compounded monthly, which means the interest payable is for the principal amount as well as the interest accumulated monthly.
Can I pay my home loan early? ›A home loan offers a number of benefits which may make prepayment unbeneficial. Prepayment is a facility which allows you to repay your housing loan (in part or full) before the completion of your loan tenure. Usually, customers opt for prepayment when they have surplus funds.
What is the formula to calculate loan? ›the amount so calculated using the simple interest calculator includes the interest amount along with the principal. the formula for calculation: a = p(1 + (r*t)) personal loan calculator: personal loan calculator allows you to calculate your EMI using variables like the amount borrowed, interest rate, and loan tenure.
What is the benefit of EMI? ›Timely paying off an EMI means you have strong creditworthiness; it makes your future borrowing easier. Whenever you apply for a new loan, the lender usually considers your good credit before approving your loan at the earliest. You may also get a higher loan amount if you have a strong credit history.
What is EMI due date? ›EMI date is 5th of every month. Refer to welcome letter sent at your registered email id. For loan availed at retail outlets till the 15th of the month, EMI will be deducted on 5th of the next month . Loans taken between 16th to 30th or 31st of the month will be charged with first EMI on the 5th of next to next month.
What is the interest rate for 15 lakh per month? ›| Banks | Interest Rate on Rs. 15 Lakh | Rs. 15 Lakh FD Interest Per Month |
|---|---|---|
| SBI | 2.90% - 5.50% | Rs. 3625 - Rs. 6750 |
| Punjab National Bank | 2.90% - 5.25% | Rs. 3625 - Rs. 6625 |
| HDFC Bank | 2.50% - 5.60% | Rs. 3125 - Rs. 6875 |
| Axis Bank | 2.50% - 5.75% | Rs. 3125 - Rs. 7250 |
| Loan Amount | Rs. 12 lakh |
|---|---|
| Interest Rate | 7.70%* |
| Tenor | 10 years |
| EMI | Rs. 11,261 |
15 Lakh Personal Loan EMI for 1-5 Years Tenure. The EMI amount for 1-year loan tenure on a Rs 15 lakh personal loan at an 11.99% rate of interest per annum is ₹ 1,33,266. Similarly, for 2-year tenure is ₹ 70,603, 3-year tenure is ₹49,814, 4-year tenure is ₹39,493 and 5-year tenure is ₹ 33,359.
What is the interest on 5 lakh rupees per month? ›
Monthly Interest for 5 Lac Fixed Deposit in Post Offices
The Post Office Monthly Income Scheme locks your funds for 5 years, and the current interest rate is 6.6% per annum. Thus, you earn Rs 2,750 per month in interest and the total interest payout per year is Rs 33,000 for a 5 Lac Fixed Deposit.
4 lakh at 14% interest with a repayment tenor of two years. In that case, you need to pay an EMI of Rs. 19,205 with a total interest payable of Rs. 60,925.
What is the EMI of 3 lakhs? ›| Loan Amount | Rate of Interest | Per Month EMI |
|---|---|---|
| 3 Lakh | 14.00% | Rs.10253.29 |
| 3 Lakh | 15.00% | Rs.10399.6 |
| 3 Lakh | 16.00% | Rs.10547.11 |
| 3 Lakh | 18.00% | Rs.10845.72 |
In other words, how do you calculate ten percent of seven lakh? First, note that 10 percent means 10 per hundred, and 7 lakh is 7 followed by 5 zeros.
What is the monthly interest on 8 lakhs? ›...
Emi Calculated on 8.10% .
| Monthly Payment (EMI) | Total Interest Payable in 20 years | Total Payment (Principal + Interest) after 20 years for 8 Lakh of loan amount |
|---|---|---|
| Rs.6,741 | Rs.8,17,935 | Rs.16,17,935 |
| Loan Amount (Rs) | Tenure (years) | EMI (Rs) |
|---|---|---|
| 4 lakh | 2 | 18,643 |
| 4 lakh | 3 | 13,095 |
| 4 lakh | 4 | 10,338 |
| 4 lakh | 5 | 8,697 |
| Bank | Interest Rate on Rs. 10 Lakh | Rs. 10 Lakh FD Interest Per Month |
|---|---|---|
| Punjab National Bank | 2.90% to 5.25% | Rs. 2417 to Rs. 4375 |
| SBI | 2.90% to 5.50% | Rs. 2417 to Rs. 4583 |
| HDFC Bank | 2.50% to 5.60% | Rs. 2083 to Rs. 4667 |
| Axis Bank | 2.50% to 5.75% | Rs. 2083 to Rs. 4792 |
Most lenders offer personal loans for Rs 7 lakh at interest rates starting from 10.25% p.a. onwards and usually for tenures of up to 5 years.
How much EMI can I get for 10 lakhs? ›| Loan Amount | Tenure | Monthly EMI |
|---|---|---|
| 10 Lakh | 5 years | 19,566/- |
| 10 Lakh | 10 years | 11,355/- |
| 10 Lakh | 15 years | 8,711/- |
| 10 Lakh | 20 years | 7,456/- |
| Loan Amount | EMI for 10 Years | EMI for 15 Years |
|---|---|---|
| ₹ 25 Lakh | ₹ 29,675 | ₹ 23,175 |
| ₹ 24 Lakh |
What is the EMI for 30 lakhs home loan for 10 years? ›
| Loan Amount | 10 Year Loan | 30 Year loan |
|---|---|---|
| ₹ 10 Lakh | ₹ 11,870 | ₹ 6,992 |
| ₹ 15 Lakh | ₹ 17,805 | ₹ 10,488 |
| ₹ 20 Lakh | ₹ 23,740 | ₹ 13,984 |
| ₹ 30 Lakh | ₹ 35,611 | ₹ 20,976 |
- Monthly Interest Rate = 8%/12 = 0.666%
- Loan Tenure in Months = 15 years * 12 = 180 months.
- Loan Amount = Rs 25 lakh.
| Monthly Payment (EMI) | Total Interest Payable in 20 years | Total Payment (Principal + Interest) after 20 years for 30 Lakh of loan amount |
|---|---|---|
| Rs.25,280 | Rs.30,67,255 | Rs.60,67,255 |
| Loan Amount | Loan Tenure | EMI Payable |
|---|---|---|
| ₹25 Lakhs | 30 Years | ₹16,132 |
| ₹25 Lakhs | 20 Years | ₹18,935 |
| ₹25 Lakhs | 15 Years | ₹22,053 |
| ₹25 Lakhs | 10 Years | ₹28,642 |
| Financial Institution | Interest rates | Total Interest Amount Earned |
|---|---|---|
| Bajaj Finance Ltd | 6.17% to 7.75% | Rs. 46,666 to Rs. 7,15,000 |
| ICICI Bank | 2.50% to 6.30% | Rs. 50,000 to Rs. 6,30,000 |
| SBI | 2.90% to 6.20% | Rs. 58,000 to Rs. 6,20,000 |
| HDFC Bank | 2.50% to 6.30% | Rs. 50,000 to Rs. 6,30,000 |
The interest rate is the amount a lender charges a borrower and is a percentage of the principal—the amount loaned. The interest rate on a loan is typically noted on an annual basis known as the annual percentage rate (APR).
What's the lowest amount you can borrow from the Bank? ›The minimum amount you can borrow through a small amount personal loan varies from lender to lender, but on an average, it is around Rs. 10,000.
What is HBL interest? ›5.45% 3 years to less than 5 year.
Which types of loans are provided by banks? ›- Personal Loans: Most banks offer personal loans to their customers and the money can be used for any expense like paying a bill or purchasing a new television. ...
- Credit Card Loans: ...
- Home Loans: ...
- Car Loans: ...
- Two-Wheeler Loans: ...
- Small Business Loans: ...
- Payday Loans: ...
- Cash Advances:
Divide your interest rate by the number of payments you'll make that year. If you have a 6 percent interest rate and you make monthly payments, you would divide 0.06 by 12 to get 0.005. Multiply that number by your remaining loan balance to find out how much you'll pay in interest that month.
What is interest rate example? ›
For example, if you borrow $100 with a 5% interest rate, you will pay $105 dollars back to the lender you borrowed from. The lender will make $5 in profit. There are several types of interest you may encounter throughout your life. Every loan has its own interest rate that will determine the true amount you owe.
How do banks calculate interest rates? ›It is calculated by multiplying the principal, rate of interest and the time period. The formula for Simple Interest (SI) is “principal x rate of interest x time period divided by 100” or (P x Rx T/100).
Which loan interest is low in India? ›| BANKS | Personal Loan Amount | Tenure |
|---|---|---|
| Punjab National Bank | Upto 10 Lacs | Upto 60 months |
| Indian Bank | >=50000 and <=5 Lacs | 12 - 36 Months |
| Karur Vysya Bank | Upto 10 Lacs | 12 - 60 Months |
| State Bank Of India | >=25000 and <=20 Lacs | 06 - 72 Months |
How much personal loan can I get on a ₹40000 salary? According to the Multiplier method, on a salary of ₹40000, you will be eligible for ₹13.50 lakhs for 5 years. Going by the Fixed Obligation Income Ratio method, if you have monthly EMIs of ₹3000, you will be eligible for an amount of ₹8.80 lakhs.
How much loan amount is eligible for my salary? ›You can usually get a home loan that is 60 times your salary. However, lenders do not generally consider your in-hand salary when determining the loan amount.
How can I reduce my home loan interest rate? ›- Go for shorter loan tenure: ...
- Negotiate hard with the lender: ...
- Pay more in down payment: ...
- Make regular prepayment: ...
- Revise EMI payout every year: ...
- Opt for a home loan balance transfer: ...
- Improve your Eligibility: ...
- Look for better deals and offer:
The policy repo rate hike by the Reserve Bank of India (RBI) in August 2022 to 5.40% has led many banks to increase their interest rate on loans. As per RBI, the average rate on 1-year MCLR, or the lowest lending rates, in Aug.
How is home loan EMI calculated? ›- Formula for EMI Calculation is -
- P x R x (1+R)^N / [(1+R)^N-1] where-
- P = Principal loan amount.
- N = Loan tenure in months.
- R = Monthly interest rate.
- R = Annual Rate of interest/12/100.
There are three main classification found in Term Loans: short-term term loan, intermediate term loan, and long-term term loan.
How do I choose the right loan? ›- Preparing to Shop.
- Exploring Loan Choices. Learn about Loan Costs. Understand the Kinds of Loans Available. Contact Multiple Lenders. Gather Your Paperwork. Get a Preapproval Letter. Select the Loan That Fits Your Needs. Find the Right Home.
- Comparing Loan Offers.
- Closing on Your New Home.
What type of loan provides interest subsidy? ›
If you're paying off your federal loans under one of those three plans, the following loans are eligible for the interest subsidy: Direct Subsidized Loans. Direct Unsubsidized Loans. Direct GradPLUS Loans.