Home Loan EMI Calculator

You are Eligible for EMI Amount
56,409
Principal Amount
65,00,000
Interest Amount
29,53,299
Why Suganta for Home Loan?
  • Offers from 34+ Banks
  • Lowest Interest Rate
  • Highest Loan Value
8,000,000₹
8.5 p.a
20 years

You are Eligible for EMI Amount

0
Principal Amount
0
Interest Amount
7,038,042
Why Suganta for Home Loan?
  • Offers from 34+ Banks
  • Lowest Interest Rate
  • Highest Loan Value

Need a more accurate EMI estimate?

Your Repayment Details

Month Beginning Loan Balance EMI Principal Monthly Interest Outstanding Balances
January 650000 5620 1043 4577 648957
February 648957 5620 1051 4570 647906
March 647906 5620 1058 4562 646848
April 646848 5620 1065 4555 645783
May 645783 5620 1073 4547 644710
June 644710 5620 1080 4540 643629
July 643629 5620 1088 4532 642541
August 642541 5620 1096 4525 641446
September 641446 5620 1103 4517 640342
October 640342 5620 1111 4509 639231
November 639231 5620 1119 4501 638112
December 638112 5620 1127 4493 636985
Month Beginning Loan Balance EMI Principal Monthly Interest Outstanding Balances
January 6525000 5620 1654773 4452 648957
February 648957 5620 1051 46540 647906
March 647906 5620 1058 4656 646848
April 646848 5620 15555 4555 645783
May 645783 56550 1073 4547 644710
June 644710 5620 10330 4540 643629
July 643629 563430 1088 4532 642541
August 642541 5620 1046 4525 641446
September 6341446 5620 1103 4517 640342
October 644342 5620 1111 4509 639231
November 639231 5620 1119 4501 638112
December 638112 5620 1127 4493 636985

Home Loan Documents

Checklist for a Smooth Application Process

When applying for a home loan, providing accurate documentation is crucial. Lenders require a range of documents to verify your financial stability, employment status, and property details. This home loan document checklist helps you gather the necessary documents to streamline the application process and improve your chances of approval.

Documents Required for Home Loan

Securing a home loan requires careful preparation, especially in gathering and submitting the necessary documentation. Lenders need specific documents to assess your financial stability, repayment capacity, and property details, which vary based on your employment status, residency, and property type. Here’s a detailed breakdown of the documents required for a home loan application.

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  • SBI Bank
    RECOMMENDED
    Loan Amount
    65,00,000
    ROI
    8.5%
    Tenure
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    EMI
    61,536
  • SBI Bank
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    Loan Amount
    71,50,000
    ROI
    8.5%
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    EMI
    67,690
  • SBI Bank
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    Loan Amount
    80,00,000
    ROI
    8.5%
    Tenure
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    EMI
    17,603
  • SBI Bank
    RECOMMENDED
    Loan Amount
    80,00,000
    ROI
    8.45%
    Tenure
    30 yr
    EMI
    17,603
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Home Loan Documents Checklist for Salaried Individuals

  • Identity Proof: Aadhar Card, PAN Card, Passport, or Voter ID.
  • Address Proof: Utility bills, Passport, Aadhar Card, or Voter ID.
  • Income Proof: Latest 3 months’ salary slips, Form 16, and recent Income Tax Returns (ITR).
  • Bank Statements: Last 6 months’ bank statements to verify income and expenditure patterns.
  • Employment Verification: Appointment letter or experience certificate from the current employer.
  • Passport-Sized Photographs: Recent photographs as per the bank’s requirements.

Home Loan Documents Checklist for Self-Employed Individuals

  • Identity Proof: Aadhar Card, PAN Card, Passport, or Voter ID.
  • Address Proof: Utility bills, Passport, or Voter ID.
  • Income Proof: Last 2-3 years’ ITR with a complete financial statement, including Balance Sheet and Profit & Loss statement, certified by a Chartered Accountant.
  • Bank Statements: Bank statements of the last 6-12 months.
  • Business Proof: Business registration certificate or professional license, depending on the nature of your work.
  • Other Financial Documents: Partnership deed, Articles of Association, or Memorandum of Association, if applicable.
  • Photographs: Passport-sized photographs as per the lender's requirement.

Home Loan Documents Checklist for NRIs

  • Identity Proof: Passport, Aadhar Card (if applicable), or any other acceptable ID proof.
  • Address Proof: Proof of overseas residence, such as utility bills or bank statements from the residing country.
  • Income Proof: Salary slips or employment contract, if salaried; financial statements and tax returns, if self-employed.
  • NRI Account Statements: Last 6-12 months’ Non-Resident External (NRE) or Non-Resident Ordinary (NRO) account statements.
  • Power of Attorney (POA): A legally notarized POA if the applicant is not physically present to complete the formalities in India.
  • Employment Proof: Work permit, visa, and appointment letter for salaried NRIs.
  • Photographs: Passport-sized photographs as per the lender's guidelines.

Property Documents Required for a Home Loan

  • Sale Deed: Original sale deed or title deed to verify ownership.
  • Agreement to Sell: Document showing the terms and conditions between the buyer and seller.
  • Occupancy Certificate (OC): Certificate from the local municipal corporation, particularly for ready-to-move-in properties.
  • Encumbrance Certificate: Certificate confirming that the property is free from any outstanding loans or encumbrances.
  • Approved Building Plan: Approved layout plan and building plan issued by the local municipal authority.
  • Property Tax Receipts: Latest property tax receipts as proof of up-to-date tax payments.
  • NOC from Society or Builder: No Objection Certificate from the housing society or builder.
  • Possession Certificate: Particularly important for properties under construction, this certificate confirms the property's possession status.

Gathering the correct home loan documents is key to a successful and speedy home loan application process. Different requirements apply to salaried individuals, self-employed professionals, and NRIs, and having a clear understanding of property documents is essential. By using this home loan document checklist, you can prepare in advance and improve your loan approval chances. Organizing all necessary paperwork not only accelerates the process but also demonstrates financial reliability, helping you secure the best possible terms for your home loan.

 

Home Loan FAQs

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EMI stands for Equated Monthly Installment. It's the amount you pay each month to repay your home loan, which includes a part of the principal amount and the interest.
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Home loan EMI is calculated using the formula: EMI = P * r * (1+r)^n / ((1+r)^n - 1), where P is the principal amount, r is the monthly interest rate, and n is the total number of months.
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The main factors that affect your home loan EMI are the loan amount, interest rate, and loan tenure. A higher loan amount or interest rate will increase your EMI, while a longer tenure will decrease it.
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Yes, most lenders allow prepayment of home loans. However, there might be certain terms and conditions, including prepayment charges. It's best to check with your lender for specific details.

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