Home is an important part of most youngsters’ financial security because it is something that you can call your own. It is a place that most of us look forward to & many middle class Indians dream about having a home. Homes are getting expensive day by day owing to the increasing prices of the raw materials & the amount of taxes & compliance that one has to go through when buying a home. If you are worried about your pocket strength & not having the direct cash to pay for the home of your dreams, make use of the SBI Home Loan.
Here are some quick points that you need to know about the SBI Home Loan & the SBI Home Loan EMI Calculator:
- The eligibility criteria requires an individual to be between the age range of 21 & 70 years. He or she needs to maintain & have a credit score of over 650. A credit score is a rating that credit providers give you in order to judge the repayment ability of the loans that you borrow.
- Individuals who are employed or are self-employed can apply for the home loan. However, a minimum income is required for the same. The income is about 25000 rupees per month. For individuals who are salaried employees, a minimum experience of 2 years is needed & for self-employed folks it’s 5 years to indicate a sense of stability.
What is a SBI Home Loan EMI calculator & how can you use the SBI Home Loan EMI Calculator for future planning:
- The SBI Home Loan EMI Calculator is a basic application that allows you to get an estimate of what your EMI will look like during your home loan tenure. It is based on the factors of the rate of interest that you would be charged during the tenure of the loan, the tenure i.e. the duration for which you would be repaying the home loan that you have borrowed & the principal amount, which is the amount that you have borrowed for the home loan.
- Let us come to the part that talks about how one can make use of SBI Home Loan EMI Calculator for future planning. Future planning in this case covers only those individuals who are going to be opting for the usage of a home loan or checking the potential EMI using the SBI Home Loan EMI Calculator.
Financial or future planning includes planning out an “x” years plan. This will give you a runway of how to go about making certain expenses. The expenses that you make during the course of your routine may include certain expenses that are not necessary. These expenses can be a part of expenses that are not essential or are made once in a while, however, their regularity affects your ability to save the precious funds that you need.
With the right planning, you can pay for EMIs, plan savings for your family & invest for their future along with living the life you want & desire.