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How to Plan Your EMI for Rs 20 Lakh Home Loan

Planning For a Rs 20 Lakh Home Loan? Check Your EMI with this easy guide that will provide you the most efficient and easy steps of checking your EMI in just a matter of time. Read out out blog for complete details - https://www.pnbhousing.com/blog/20-lakh-home-loan/

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How to Plan Your EMI for Rs 20 Lakh Home Loan

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  1. PRINCIPAL OR LOAN AMOUNT The loan amount is equivalent to a certain percentage of property value. And for a property value amounting to less than 30 lakhs the loan amount considered is up to 90%. So, to purchase a property (ready-to- move-in house) worth Rs 25 lakh, you need to make a 10% down payment.

  2. HOME LOAN ELIGIBILITY BASED ON THE VALUE OF PROPERTY What is the LTV ratio? It is the ratio of the maximum loan amount you can get to the market value of the property you want to purchase.

  3. REPAYMENT TERM OR TENURE It refers to the years over which you plan to repay the Home Loan. If you borrow a loan in 2022 and wish to repay it before 2032, your Home Loan term will be 10 years. So, your Rs 20 Lakh Home Loan EMI will be effective for 10 years.

  4. Interest is a major component in the EMI for a Rs 20 lakh Home Loan. INTEREST RATE Financial Institutions offer the customer varied interest rate which usually depends on your credit score, monthly income, age, loan term, and other factors.

  5. THANK YOU https://www.pnbhousing.com /blog/20-lakh-home-loan/ https://en.wikipedia.org/wiki/ Loan

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