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Eligibility For Housing Loans
The eligibility of housing need anyone to understand the calculations, it is. Since the calculations are rarely explained in a simple form, can be difficult for the layman to understand them. A view to explain easily, following is an image to determine eligibility for home loan and the reasons same.Easy in monthly installments, or EMI payments are calculated monthly income of an individual. Housing finance companies (HFCs) consider different aspects of the monthly income for EMI payments of the monthly salary of tiles. 8001 - 9999 45% 50% 10,000 to 19,999 20,000 to 34,999 35,000 and above 55% to 60% for each table if the individual earns 25 thousand months' salary, 55% of salary, taking account of payments EMI
It is estimated (55% of the 25000) to Rs 13 750, also known as disposable income. And if the other person is drawing salary of Rs 45 000 per month. In his case, Rs. 27 000 considered for EMI payments, or 60% of their salary. This means that a portion of salary increases considered in EMI payments pay rise, and vice versa.All HFC table lists the monthly EMI EMI Fri lakh for various possessions and interest rates, which is different for each of the HFC. Eligibility for mortgage loans is determined from the sale of EMI lakh and income available for EMI payments made by the employee. Allows you to understand this table: Recommendations (SR) 25000 income for EMI payments (ie
55% of Rs 25,000) or the disposable income of 13 750 Rate (%) 8.00Tenure (years) by 20TH lakh (Rs) loan eligibility 836Home (R) 1664000 In the table above the rate of 8% , seniority is 20 lakh and EMI is 836th in calculating income eligibility for home loan for use (eg RS13, 750) is divided by the EMI per lakh (ie Rs 836), which gives Rs 1,664,000. Such is the nature of the basis for calculating the eligibility of home loan, but some HFCs different method of calculation. Just as they may consider instead of the crude calculation of net pay. As for the determination of disposable income, they may have a rate structure different from the table above. In case of self-other method of calculation is adopted.Some intangible factors are also considered for eligibility, they are: - Individual's occupation: HFCs have a list of occupations that are negative or blacklisted
Although the list is not official, but everyone from these industries are facing many difficulties in obtaining a loan. Location of property: As the profession is a list of negative negative zone for which loans can not be met. For the loan of property must be within the defined geographical area of ??HFC Individual Privacy:. This data includes the individual financial situation, its history of repayment of credit, savings habits, etc. to decide eligibility.Number home loan words: 522Keyword: loanFrequency house 9Ben Hirsh is a real estate agent in Woodstock GA and an expert in this market. He also enjoys the study of other markets. His site has a unique Woodstock GA MLS search, and report information on Woodstock GA real estate.