Get Easy Loans Online – Plan Better with EMI Calculator

When it comes to home loans, the vendors will generally scrutinize the income stability and the repayment capacity of the borrower. The following are certain points of interest for availing home loans easily.

1. Proof of income:

It is mandatory to submit proof of income to the lender to avail of home loans. For self-employed individuals seeking a home loan, they may have to submit proof of receiving a steady income for a smooth loan application process. 

2. Credit Score:

A good credit score is mandatory for both employed and self-employed people to pass the approval process of these easy loans online. Self-employed individuals should strive to maintain a credit score of about 750 and above. In order to get a good credit score, it is important to pay bills and EMIs on time. It is important to avoid defaulting on any financial obligations.

3. Debt-to-income ratio:

Loan lending companies will consider the debt-to-income ratio, which is the percentage of debt repayments to income earned. This ratio should be kept below 40%, which will improve loan eligibility. 

4. Evaluation of property:

Before accepting the loan, the lender will analyze the property under construction. Several criteria influence loan acceptance, including age, title, location, and property condition.  

Documents that are required to be submitted by self-employed individuals:

In order to apply for these easy loans online, the lenders from the banks will ask for the following documents from both employed and self-employed individuals.

1. Proof of identity: While availing home loans, it is important to provide documents such as Aadhaar card, PAN card, voter ID and passport. 

2. Address proof: Generally, the documents that are submitted for the proof of identity are also required to fulfill the needs for proof of address. Other documents, such as the water bills, electricity bills and the telephone bills, can also act as proof of address for the applicants.

3. Income proof: Income proof documents such as audited financial statements, proof of business existence, ITRs and the other bank statements of the last twelve months are required to be submitted at the time of availing home loans.

4. Proof of business continuity: For self-employed individuals, it is important to submit documents that stand as proof of business continuity. This will include the business registration documents, the registration certificates and other relevant business license documents.

Home loan emi calculator:

The biggest nightmare of anyone who wishes to take home loans is their repayment EMI. This stress can be overcome by knowing how much to pay everyone each month in advance with the help of the home loan EMI calculator.  This is an online tool that helps users to estimate the monthly repayment of the EMI on the basis of these important inputs such as interest rate, the tenure of the loan and the amount of the loan. It also offers an accurate and quick breakdown of the financial commitment monthly, and helps in planning the budget well, before committing to a loan. 

Why should you be using the EMI Calculator?

Manual calculations of the loans are generally complex and are also prone to errors. The calculator offers results in real time, on the basis of the inputs. It also helps in planning the monthly investments and expenses, helping in better savings. The calculator also allows us to experiment with the different combinations of the home loan amount, the loan tenure and the interest rates, in order to find the most affordable EMI.

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