(source : ANI) ( Photo Credit : ani)
New Delhi – When you’re thinking about a home loan, the first thing to size up is the interest rate. It shapes every monthly payment (EMI) and decides how affordable the loan stays over the years. Rates vary by bank, loan length, your credit story, and the market.
How Interest Rates Tweak Your EMI
Let’s say you borrow ₹30 lakh for 20 years at a 9 % rate. Your monthly EMI comes to about ₹27,000. If the rate climbs to 10 %, the EMI shoots up to roughly ₹29,000. A difference of ₹2,000 a month seems small, but over two decades it adds up to upwards of ₹4 lakh in extra interest paid. That’s why riders on the interest board can make a huge dent in total pay‑back.
What You Need to Qualify for a Home Loan
Typical banks look at a few key factors:
- Age – Borrowers should be 21‑70 years old when the loan ends.
- Income – A stable salary or business income boosts your repayment capacity.
- Property – The house must be legally owned and meet the lender’s valuation.
- Credit Score – Most banks set a minimum of 700. Some, like PNB Housing Finance, accept scores as low as 611 – easing entry but sometimes changing terms.
Popular Home Loan Types in India
- Home Purchase Loan – For buying a ready‑built or under‑construction property.
- Home Extension Loan – To add rooms or floors to an existing house.
- Home Construction Loan – When you plan to build a new home from scratch.
- Home Improvement Loan – Renovations, repairs, or upgrades on an owned property.
Choosing the Right Lender
Pick a finance house that offers competitive rates, straightforward eligibility, clear paperwork, and flexible repayment options. Institutions like PNB Housing are known for good rates and easy process flow, making the loan path smoother.
With a smartly planned home loan, you can own your dream home while staying on budget and stress‑free.
ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. will not be responsible in any way for the content of the same.
Source: aninews
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