Do you know what to look for in a home loan ? If not, this article will highlight all the tips you need to know as a first time applicant for home loans.

What first time home loan applicant Must Know● Major points to consider as a first time home loan applicant

● Processing Time for a Home Loan End to End● Different Phases of Home Loan Application

● Your Home Loan Eligibility● Compare Across All Banks● Home Loan Documents

● Figuring Out EMI & Bank’s Contribution● ● Plan for Early repayments● How to Choose the Best Option

● Processing fees of the Banks applicable● Interest rate of Bank applicable● Pre-payment charges if any● Go through the Bank’s Terms & Conditions before applying for Loan to make sure there are no

hidden costs involved.● Contact LoanEasy for Unbiased, Free & Doorstep Financial services● LoanEasy Recommends●

Figuring Out EMI & Bank’s Contribution

Let’s assume you have an in-hand monthly salary of INR. 50,000 this is the amount you have after deducting all other existing EMIs, in addition to other fixed monthly expenses. Now the banks consider only up to 70% of this amount as your maximum potential to pay as an EMI amount which equals to INR. 35,000 in this case.

This amount then becomes the maximum EMI you can pay, and your highest eligibility individually.

Let’s move to total cost of house/property, Banks expect you to pay at-least 20% of the total cost of the house on your own as a down payment. The banks will provide the loan to cover only up to 80% of the total cost of the house/property.