Can I get a home loan?

[Ananya]

I am a private Ltd company employee. I wanted to buy a flat of worth Rs 450000, excluding the registration amount. I am able to pay a EMI of 10000/month. I need a home loan of Rs 500000.
Query - Can I get a home loan on these terms?

I have a fixed deposit of 5 years worth of 70000 and a LIC policy of Sum Assured 75000 (whose I have paid 1st yearly premium)

Please advice me.

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[Rahul]

You have not mentioned your earning. Loan depends on the earning of the person. Second point - When you are looking to buy a flat of 450,000, why loan amount 500,000?

[Ananya]

I earn 22000 per month and I am looking for loan of Rs 500,000. (As I need to pay the registration fee too)

[Ananya]

I also need to pay for some lighting charges and also deposit some security deposit before shifting into the flat, so I need 500,000 (450,000 = flat cost + lighting charges + security deposit etc)

[Rahul]

You can check your eligibility here - http://loans.msn.bankbazaar.com/home-loan.html
In you will get only for the flat value not for lighting charges + security deposit etc.

[henneryfall]

you get the loan amount in any banks and financial company.but you your loan amount 450000 and you get 500000 so this is a query.Any banks pay the loan if you are a employee and pay tax.Per lac installment is may1200 rs per month.

[achitmehra]

Hi, Home loan depends on repayment capacity, how much assets you have and how much amount you need. Check online for companies that offer best home loans at low rate of interest.I bought a house 6 months back and took loan from PNB Housing Finance Limited that offered me housing finance at very low interest rate.

[Ishithanupur]

You can check your Home Loan Eligibility, good credit score is needed for Home loan.

[invincible]

Considering your earnings, you wont be able to get the amount you want. Because by law bank can only deduct 55% of your overall take home salary and if you calculate EMI amount considering 20 years loan period at minimal of 8.5%. EMI will go around Rs.35000

[ankitadixit]

You will have to provide your personal details to assess your eligibility for the home loan. Most of the banks require the following documents –

1. Identity Proof
2. Address Proof
3. Age Proof
4. Proof of educational
5. Employment Details
6. Bank Statements
7. Proof of Income
8. PAN Card
9. Property Details