Today, if you want to buy a house, buying it without a home loan seems impossible today. You should know that you’ll have to pay EMIs every month. This amount might be quite higher than the rent you’re paying currently. So, the best way to do so is calculate how much EMI you can afford monthly on your salary. Generally, it is advised that you opt for an EMI which is approximately for 15 years at the max and 30-40% of your monthly income.
Once you’ve a clear figure, it might be a good idea to start channeling your savings and investment returns. Now, you should know that a bank provides at the most 85% loan on the total amount. The remaining amount you have to pay to the builder/seller by yourself. You can approach a bank which has a good reputation and has a reasonable interest rate.
Speaking about the application for home loan generally documents for Identity Proof, Address Proof, Income Documents, Property Documents and a few others is required. Additional documents might be required depending on the bank.
How to buy an independent house on EMI?
Chitra Kaushik
November 17, 2020
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Buy and Sell
,Resale Property
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