Home loans are a very efficient and realistic way to purchase or build a new home. One-time payments are not usually practical for people to make for a big purchase, such as a home. Using an emi calculator home loan hdfc is an approach to estimating your EMI. You can check your EMI on a house loan EMI calculator to get an idea before taking a home loan. There are home loans provided to people for different kinds of buying needs. Let’s take a look at them along with their eligibility criteria.
Loans for buying a house
These are the generic home loans that a bank provides when you wish to buy a home. A home purchase loan is the most common sort of loan. This type of loan is likewise widely accessible and is provided in various forms by numerous banks. The interest rate is often between. 9.85% and 11.25% and can be either floating or fixed.
To be eligible for this home loan, you must
- Be 18 to 65 years of age
- Have a credit score of 750 plus
- Employed for at least two years if salaried or five years if self-employed.
Loans for acquiring land
Several banks provide loans for acquiring land to allow people to buy the land they want. The buyer can decide to keep the land as an investment or save money and build a home whenever his finances allow. To know the amount you will be paying for the loan, refer to the EMI calculator for home loans HDFC. To be eligible for this home loan, you must be between 18 and 65 years of age with a stable income source.
Loans for constructing a house
After purchasing the land, when you finally decide to build your dream house, banks and NBFCs provide home loans for constructing your house. The loan amount includes an estimate of the construction costs. Check out a house loan EMI calculator for an estimate of your EMIs. You must be 18 or older to be eligible for this home loan. A credit score of 750 will help you sanction the loan for yourself.
Loans for rural housing
These home loans are for people who wish to buy homes in rural areas. These loans are specifically for farmers, planters, horticulturists, and dairy farmers to purchase homes. Any self-employed individual can also apply for these home loans. To be eligible for this home loan, you must be 21 or older with a regular income. Agricultural businesses can also apply for this kind of loan.
Loans for expanding the house
If you need to extend your house or add another floor, go for a home expansion loan. Banks provide loans for house alterations as well as extensions to current infrastructure. You must be 21 to 65 old to be eligible for this home loan. Any salaried or self-employed individual in India can apply for this loan.
Loans for improving homes
Another way loans can help you with your house is by providing monetary support to help you enhance your home. Banks can cover any repair or renovation costs for your home for a price. And to check this price before applying for home loans, check the EMI calculator for home loans HDFC. The candidate must be aged between 23 and 60 to be eligible for this home loan.
Loans for NRIs
These are a segment of home loans provided by Indian banks to NRIs wishing to purchase property in India. Naturally, this type of loan has distinct requirements from the others. You can get an idea of the EMI you will be paying as an NRI with the interest and the house loan EMI calculator. To be eligible for this home loan, you must be an NRI, PIO, or OCI, except for citizens of certain countries.
Conclusion
A home loan is a practical way that makes it possible for you to buy the house of your dreams. You can determine your required payment amount with a house loan EMI calculator. You can match your loan type with your requirements and avail the benefits of your perfect home loan.
