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Home Loan- Meaning, Types, Interest rate and Eligibility

Home loan are taken for build your dream home. The home loan have specific criteria's to apply and get loan. If you are going to build home with loan? Just read this!

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Home Loan- Meaning, Types, Interest rate and Eligibility

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  1. Home Loan Meaning, Types, Interest rate and Eligibility

  2. What is Home Loan The most popular sort of home loan used to buy a house is this one. Many housing financing businesses, public banks, and investment corporations offer housing loans, which allow you to draw capital to purchase a home and repay the loan in monthly instalments.

  3. Types of Home Loan • Home Loan • Home Construction Loan • Home Extension Loan • Home Improvement Loan • Home Loan Balance Transfer

  4. Home Loan Interest Rates Interest rates are fixed amount to pay with the loan amount. This home loan interest rate is depending on the financial sector or banks,

  5. How can calculate home loan EMI? The mathematical formula for calculating EMIs is: EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the loan amount or principal, R is the interest rate per month. But you can use the online home loan emi calculator to get exact EMI value.

  6. Steps for EMI calculator • Enter Loan Amount • Your Bank Interest Rate • Loan Term • Show EMI

  7. Home Loan Eligibility • Age • Employment Type • Minimum Annual Salary • Collateral Security • Margin Requirements • Assets, liabilities, stability, and continuity of occupation • Residency status (Resident Indian/ Non-Resident Indian)

  8. www.bankofmaharashtra.in

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