There are a large number of
companies like banks and non banking financial corporations that give you easy
and free advice as to how much home loan you are eligible for and how to repay
it in small, easy interest ready EMIs. If you log on to the page of any of the
banks, like ICICI bank and HDFC Bank, they will have an option that says "home loan eligibility calculator" which will ask you to enter a few
information about yourself and then generate the amount of loan that you are
eligible to receive. Apart from these,
there are some easy hacks which no one will tell you about and they give some
of the simplest ways to repay home loans easily.
These companies offer a wide
range of customized home loan repayment options all over the country. They are
designed in such a way that they help interest of the company and the customer
both. These repayment options also carry a number of tax benefits with them. The
following are some of the repayment options:
Step-Up Repayment Loan: In this case, the growth that
the borrower has over a period of time is extrapolated to calculate the amount
he has to repay every month to the bank. This often earns the home buyer a
small extra amount than he would have gotten compared to other types of
repayment options, say experts at property.sulekha.com.
Step-Down Repayment
Plan: This
is opposite to the step up plan, with the monthly installments being higher
during the first few years of repayment and then heading south as time passes. This
is especially suited for those who are about to retire soon and thus wish to
repay loans when they are still in service.
Fixed and Flexible Installment Plan: The
installments are usually fixed over entire period of repayment with the rates
getting normalized over the period with consideration for the time value of
money. This is suited for volatile economic forecasts.
Tranche-Based Repayment
Plan: The
loan is calculated to the extent that it is dependent upon the stage of the
construction and not according to the market rate at that very moment. This is
offered by very few companies however but carries the advantage of being suited
to those who wish to save a little upon the interest that they have to pay. The
home buyer might want to save up in cases where the rates are inherently high.