How To Get The Best Home Loan | Home Loan Interest Rate Related FAQ

The loan you take from a bank to build or buy a house is called a home loan. For example, if you go to your bank and tell the bank manager that you want to buy a new house for which you need a loan, then this loan will be called a home loan. I hope you have understood our words.

If you want to get the cheapest home loan, then HDFC Bank is at the forefront in this matter because HDFC Bank provides home loans to its customers at very minimum interest rates. HDFC Bank provides you with a home loan at an interest rate of 8.50 percent, Indian Bank 8.50 percent, Punjab National Bank 8.50 percent and Bank of India 8.50 percent.

If your salary is ₹ 15000 per month and you want to get a home loan from the bank you have doubts about how much home loan you can get on a salary of ₹ 15000 per month. Although this figure varies from bank to bank, still you will be able to easily get a loan of up to Rs 2.25 lakh on a salary of Rs 15000 per month.

If you are not able to repay the loan on time, then your credit score gets spoiled and due to this, you face a lot of problems in getting the loan in the future. For example, if you have taken a home loan and you are not able to pay its EMI on time, then your credit score will get spoiled, due to which you will face a lot of difficulty in getting a loan in the future.

If you want to take a loan of Rs 20 lakh for 30 years, then for this you will have to make an EMI of Rs 15663 at an 8.7% interest rate, which you will pay every month. Now you can reduce your sum according to how much amount you will have to pay for a home loan of Rs 30 lakh for 20 years. This data is from the State Bank of India, all other banks have different processes, you will be able to get information about this by visiting the bank.

If your salary is Rs 2 lakh per month and you want to get a home loan from the bank, then on a salary of Rs 2 Lakh per month, you can get 60 times more home loan. Let me estimate and tell you that if your salary is ₹ 2 Lakh per month, then you can get a home loan of up to Rs 1 crore 20 lakh. This figure may be different according to different banks. At present, this is an estimated amount.

If you have taken out ₹ 30 lakh on a home loan and now you want to know how much interest you will have to pay on this amount, then friends, the interest rate is determined by the period. Now if you have withdrawn Rs 30 lakh for 20 years, then you will have to pay interest of Rs 26225 in 20 years. Similarly, you can calculate the interest for the remaining period. Friends, we have calculated this interest from 8.50 percent interest which is generally charged by banks.

Yes, you can take a home loan for 5 years also because the tenure of a home loan ranges from 5 years to 30 years. Meanwhile, if you keep the home loan tenure longer then you will have to pay lower EMIs, whereas if you keep the home loan tenure shorter then you will have to pay higher EMIs. But keeping a shorter time period also has an advantage in that you have to pay very little interest whereas if you keep a longer time period you have to pay more interest.

It may take approximately 6 days to 60 days for the home loan to be approved. This time also depends on how your credit score is. If your credit score is very good then your home loan gets approved quickly. But if your credit score is bad then the bank thinks a little before giving you a loan and it takes time for them. So in such a situation, if your credit score is very good then it is possible that you can get a home loan in 6 days.

If you are a resident of India and your monthly salary is ₹ 15 thousand, you can still get a home loan from the bank. Because a home loan is given even on a monthly salary of Rs 15000 per month. If you have a salary of Rs 15 thousand per month and want a home loan, then there is great news for you. You can apply for a home loan by going to the bank.