How much do I need to put down on a 40 lakh house?
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How much do I need to put down on a 40 lakh house?
You would make a down payment of 20\% or Rs 50,00,000 * 0.2 = Rs 10,00,000. The bank would sanction the home loan of Rs 40,00,000. You have processing fees of 1\% of the loan amount or Rs 40,00,000 * 0.01 = Rs 40,000. The total amount you need for the down payment is Rs 10,00,000 + Rs 40,000 = Rs 10,40,000.
What is the minimum and maximum age limit for home loans?
The minimum age of the applicant should be at least 24 years. The maximum age of the applicant can be 65 years in case of self- employed. The maximum age limit for salaried is 60 years. A salaried applicant should have at least two years of work experience.
What is the EMI for 40 lakhs home loan in SBI?
SBI Home Loan EMI Calculation
| Amount | 10 years | 30 years |
|---|---|---|
| Rs.10 lakh | Rs.11,508 | Rs.6,519 |
| Rs.20 lakh | Rs.23,016 | Rs.13,039 |
| Rs.40 lakh | Rs.46,032 | Rs.26,077 |
| Rs.50 lakh | Rs.57,540 | Rs.32,596 |
Does age matter home loan?
Mortgage lenders are not allowed to use age as a factor for denying borrowers a mortgage loan. Thank the Equal Credit Opportunity Act for this; the federal law prohibits discrimination based on everything from a borrower’s age to that person’s race, color, or national origin.
How much home loan can I get on 44000 salary?
92,400 x 60 = Rs. 55,44,000. In case of a home loan, EMI is restricted to a maximum of 40\% to 50\% of the net income (monthly) by most banks. This suggests that you are eligible for a home loan where the equated monthly instalment is not more than 50\% of your monthly income.
How much home loan can I get for 50 lakhs property?
Therefore, if you want a home loan for buying a property of Rs. 50 lakhs, the maximum amount you can get is 85\% of that ie 42.50 lakhs. Banks also consider other specific criteria before accepting the property for granting a loan.
What is the age limit for home loan in India?
15 years and age of the borrower should not exceed 65 years of age at the time of maturity. Maximum loan amount Rs 100 lacs, maximum finance upto 75-85\% of the project cost. Max tenure up to 25 years. Min. Rs 1 lac and max. Rs 150 lacs. Generally the loan is extended upto 85\% of the property value.
What are the eligibility factors for home loans?
Home Loans Eligibility Factors. One has to attain a minimum age of 21 to apply for a loan. The minimum age requirement may be different for different lending institution. The maximum age may vary from 58 to 65 years depending on the income source of the individual. The age also determines the tenure and EMI of the loan.
How old do you have to be to get a home loan?
Age also plays a crucial role in determining the eligibility for a home loan. One has to attain a minimum age of 21 to apply for a loan. The minimum age requirement may be different for different lending institution. The maximum age may vary from 58 to 65 years depending on the income source of the individual.