4 features of a mortgage loan EMI calculator

2020-12-24T09:09:43.187Z

People have various aspirations and desires for the future. They aim to live a lavish and stress-free lifestyle towards retirement and do not want to depend on others for money. They want to avoid running into debts and pay high repayment amounts that may seem unaffordable. It is essential to start saving for the future and remain cautious of expenses. The rates of property are also high, and many people surrender these as securities when taking a loan from banks and moneylenders.

A mortgage loan involves pledging property to the lender in exchange for the loan, such as residential, business, commercial, or plots and land. All loan borrowers should consider two more crucial things – check the eligibility and calculate the EMIs payable. They can conduct simple research and take the help of a mortgage calculator for computing the EMI amount accurately.

The calculator requires a simple calculation which users can easily access online. They can find the tool on the website or download an app for the same. The inputs needed for the calculator are –

· The principal amount

· The interest rate

· The loan tenure

After entering these figures, click on enter, and get instant and accurate results. If the EMI exceeds the budget, click reset, and enter new statistics, until the EMIs are affordable. Here are four features it offers:

1. Conducts comparative analysis

The calculator for mortgage loan allows loan borrowers to compare rates and tenures offered by different lenders to find a deal that fits their budget. They can use it to compare various schemes offered by banks, NBFC, and other financial institutions, and select the one which provides the cheapest loan along with flexible tenure.

2. Helps determine EMIs in advance

An essential feature of the calculator is that it reflects the exact EMI payable against the loan. It helps individuals understand the actual amount payable against their income and other mandatory expenses while calculating the EMI amount.

3. Increases the chances of loan approval

By using the loan calculator for a mortgage before approaching the lender, individuals can compute the interest rates and loan tenures offered by various banks and financial institutions. It increases the chances of loan approval as the loan borrower is already aware of the repayment capacity before selecting the lender.

4. Accurate results

Since the loan against property EMI calculator is electronic, it enables users to compute the EMIs against the loan precisely. There is no room for errors as opposed to manual calculations, where users must maintain long excel sheets with complicated formulas. The results are accurate and help loan applicants choose the favourable loan scheme.

What are the list of joint home loan documents?

2020-12-24T08:27:06.352Z

Getting a home loan approved is indeed a nerve-wracking task. But one of the best ways in which you can get your home loan approved is to apply for a joint home loan. Joint loans are passed quickly because lenders can rely on more than one person to repay the loan EMIs. However, when you apply for a joint home loan, all joint members must provide the documents required for home loan. Here are all the documents you must submit to get your joint home loan approved.

· Home loan application form

You need to provide a duly filled home loan apply document, i.e. the loan application form mentioning the names of both joint applicants. You must list the primary and secondary borrowers and specify the borrowing percentage. Moreover, you should check which combinations are applicable for joint loans. For instance, accepted varieties include husband and wife, father and son, and two brothers.

· The ID and age proof documents

Another set of home loan documents needed for joint loans are ID proof documents. All joint applicants need to provide a photocopy of any of the government-approved ID proof documents from a long list of accepted papers. You can provide photocopies of PAN, Aadhaar, Passport, Driving license, or Voter’s ID.

· Address proof documents

The list of documents required for home loan also includes address proof documents. The current addresses of all applicants applying for the joint home loan should be the same. Once again, you need to submit photocopies of government-approved documents bearing your address on it.

· Employment proof documents

Lenders need to assess your employment status before granting you the loan. As such, you must provide your employment proof documents as well. Mention whether you are a salaried or self-employed individual and provide documents supporting the claim.

· Income proof documents

All parties applying for the joint home loan are required to provide photocopies of their income proof documents. For instance, if you’re applying for a joint home loan with your spouse, both, you and your spouse have to provide copies of your last three to six months’ salary slips, photocopies of your filed ITR of the previous three years, Form 16 and other similar documents as required by the lender.

· Property documents

Apart from the personal documents required for home loan, joint applicants must also provide the documents of the property they wish to purchase. You need to have documents such as the NOC from the builder, the occupancy certificate, registered sale deed and allotment letter, a copy of the floor/building plan, land-tax receipt and other property-related documents required by the lender.

In conclusion, to ensure that your home loan gets passed without any hassles, you must thoroughly check and submit the home loan apply document.

@rohinidixit

4 features of a mortgage loan EMI calculator

What are the list of joint home loan documents?