A middle class individual have a dream of owning a house. To achieve the goal he need money and a good location to build a house or he may choose a residential flat or buildup individual house. After choosing a house he need money. The nationalised and private banks provide home loans with low interest rate, which is around 9.6% per anum. But he need to fulfill the eligibility to avail home loan. The salaried and businessmen also can avail home loan, while applying for home loan he need to
provide income proof documents like 6 months bank statement, Form 16, salary slip being a salaried person. The salaried individual can avail home loan with the monthly EMI amount not more than 60% of his monthly salary. For example one who earns 20000 rss per month his EMI should not be more than 12000 per month. One can reduce EMI amount by increasing his loan tenure.
For more details about home loan please contact your nearest branch of nationalised or private bank
