Get Complete Guidance on Home Loans Here!

After the tiresome day spent in the office, after travelling by the same local, overcrowded bus, don’t you need a space where you can just sit and relax for some time? Well, let’s think that you had to attend several meetings in the office, had to deal with many clients, had no time to close your tired eyes for even a minute. But you tolerated everything calmly thinking that you will have some rest after you reach your rented apartment. You struggle in the crowd to get into the bus and finally reach your destination. You ring the bell. Your room partner opens the door. You see something that you, at that particular moment, had not expected to see. You see your friends gossiping and the music is too loud to tolerate. 

But you get in and sit in a corner. Your head aches. You think of compromising because you are new in the city and you don’t have enough income to buy a separate apartment for yourself. 

Hey! Are you missing out on something? Yes, you are! For, now the banks are providing home loans at a rate of interest that even a fresher like you can afford. So, why are you so tensed?

I have given some vital information regarding the home loans that you can get from different banks. So, go through each of them, and avail the one that suits you the best!

Information About Home Loans From Different Banks

There are several banks in India like The State Bank of India, Bank of Baroda, Punjab National Bank, ICICI Bank, etc. All these banks provide home loans at a quite affordable rate of interest. I have made a chart for you. Try to go through it and compare the rate of interest of the banks. Then you can make a decision and visit the bank’s branch that is near your place.

Before visiting any bank, it will be sensible to even have a rough idea about the EMI you need to pay every month. You can use the following formula and calculate the EMI.

EMI = [P x r x (1+r)^n]/[(1+r)^n-1]

Here, P is the principal amount (that is, the amount you want to borrow from the bank), r is the rate of interest (which is given in the above list), and n is the time (the number of instalments in which you will pay back the entire amount including the principal and the interest). 

Or, you can simply check the EMI using an EMI calculator.

In the End

Deciding to buy a house is, no doubt, a challenging one, especially when you have no such financial support. In the past years, the concept of home loans was not very popular. People were seen to build a house after their retirement from the job. There were hardly a few youngsters to buy a house. But with the advent of time, things are changing. The banks have started to provide loans.

Now, almost every young person can dream of possessing an apartment where they can enjoy their own time. Nevertheless, it is always better to consult an expert before deciding to take home loans.

If you want such illuminating guidance, feel free to contact the professionals of Roodland. All you need to do is to just drop a mail at info@roodland.com. Our team will revert at the earliest.

Further, do not forget to visit The Real Talks to remain updated about some really interesting topics related to Real Estates! 

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