- Can I afford the house I have in mind?
- Will I get enough loan?
- What is the EMI going to be?
Use the calculator below or use this link to find answers to these questions.
This calculator can help you set your homebuying budget. You can get an estimate of the house you can afford with a mix of your savings as well as a mortgage/ loan.
Include all incomes such as business, salary, interest, rent, etc – post tax, as reflected in your tax returns. If your spouse is also going to be a co-applicant, add up their income as well. This helps you raise the loan eligibility.
The credit score is an important parameter in your loan processing. Most banks insist on having a good credit score (750 or above) to become eligible for a loan. If you have a higher score, say 800+ with CIBIL, then you get a preferred rate of interest, which is lower than the usual rate the bank offers. Check with your bank for more details.
Well, it is quite simple. Most banks will allow you a loan that doesn’t commit more than half of your income towards loan repayments. For lower incomes, this ratio is low and for higher incomes, it is high. For example, if you have over a lakh income per month, then the banks may be willing to allow upto 55% of your income as loan repayments.
Any current loans or EMIs will reduce your overall eligibility for new loans. The bank takes into account the overall loan to income ratio and then deducts any existing EMIs to arrive at new loan eligibility. Use the calculator to see this in action.
The biggest upfront cost is going to be your stamp duty and registration charges, which can range from 5% to 10% of the agreement value depending upon the state you reside in. If you are using the help of a real estate agent in a resale property, they can take a commission of 1% to 3% of the agreement value. Then there are lawyer charges, building / society NOC charges. Last, but not the least, you might need to do repairs/renovation or furnishing of the house you plan to move into.
Typically, these ongoing expenses include maintenance charges for the building/society, property taxes and insurance.
Interesting question. Read up this note from earlier.
Disclaimer: This calculator is for information purposes only. All numbers are estimates based on certain assumptions, your inputs, and how banks or NBFCs calculate the results. The result for loan amount or EMI amount is not a guarantee, and the actual amounts can differ. Unovest will not be responsible or liable for any loss incurred to the user due to any decision taken or not taken based on this calculator.
