EMI is the amount that you repay along with the principal amount and its interest amount. So while calculating the Home Loan EMI, both the principal amount and interest on the loan is taken into account to determine actual EMI amount.
Home Loan is the long term commitment to be fulfilled. One should stay aware and keep in mind the following things while choosing a home loan:
No. Banks always keep 20% margin between to provide home loan which means that you can get 80% of the property value. If you have a good source of monthly income, then in certain cases the lender can get agree to provide you up to 90% of the property value as the home loan.
In India, as per the existing rules, only your blood relatives can cosign a loan with you. Your family members including father, mother, brother, sister or spouse or children are eligible to cosign a loan agreement with you.
Yes, they can apply for a home loan but there are different terms and conditions applicable for NRIs. For more details visit the NRI home loan page.
To track your home loan status, you can easily get connected with our customer care or write us an email along with your home loan reference number. Our executives will be happy to provide a simple solution to all your home loan regarding problems.