With a market size of around Rs. 28 Crore and an expected spike of 18% by the end of 2019 in the home loan sector of India, it is crucial to know the detailed functioning of these secured loans.
Consequently, it is not just availing of a home loan but its calculation and repayment method that are crucial to understand.
Home loan repayment calculator is an easy-to-use online device to calculate the EMIs that an individual has to pay for his or her home loan. However, it is not quite enough to understand how home loans work; their eligibility and approval along with the repayment details.
The underneath enlists the details of repayment along with the vital points on application and eligibility.
  • Depending upon mode of employment, home loans are granted from the age of 23 or 25 years and goes up to 62 or 70 years of age. It also requires a minimum work experience and salary slips along with basic identification and property details.
  • The loan amount can go up to Rs. 3.5 Crore for salaried individuals while for the self-employed it reaches up to Rs. 5 Crore.
As for the repayment of home loans, the EMIs begin from the first month after disbursement of the loan amount. The EMI to be paid depends on the loan amount and tenor.
To check the exact EMI amount, it is best to use a home loan repayment calculator since it can give the precise EMI amount. Further, individuals should maintain their monthly dates of repayment to avoid any lapse of contract.