Mumbai, Maharashtra -- (SBWIRE) -- 06/14/2010 -- Availing home loans in India have become extremely easy, convenient and hassle free. Today, with almost all banks and financial institutions operating in India offering home loan to potential borrowers, the dream of owning a house can now be turned into reality. Banks and other lending institutions are advertising their loan products aggressively assuring customers of speedy approvals. Thus with the entire loan process simplified more and more customers are inclined towards borrowing one. However, hasty decision can land you in troubled waters. You need to ask yourself do you actually need a home loan or are you prepared to sustain a liability for a period of 15-20 years? Increased home loan tenure might give one an impression that the funds could be easily accommodated and loan could be paid off. However it is a known fact that as the person grows with time so does his liability.

Rupeetalk.com contains articles on home loans which help users understand home loan as a process and the different intricacies attached to it. The website also contains guides, tips, FAQs, videos on home loan which give users an in-depth understanding of it. User can also calculate their home loan eligibility and the monthly EMIs using the home loan calculator.

Home loan eligibility is the maximum loan amount one can avail from the lender. Banks and other lending institutions calculate home loan eligibility taking into consideration your net take home salary per month and then deducting expenses like insurance premium, tax deduction, monthly EMI in case of another ongoing loan etc. The amount left after these deductions, 40% of it is taken as your monthly EMI for home loan. However it is advisable that one should consider 20-25% as monthly EMI due to interest rate fluctuations and urgent financial requirement in case of unforeseen circumstances.

Home loan EMIs at times are decided keeping in mind the future increments and projections. Even banks consider this clause before determining your home loan eligibility. However, future just cannot be predicted and there are chances of things happening opposite to projections. Thus it is advisable to take loan based on current income and future income increments can be settled against restructuring monthly EMIs or part prepayments.

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