An unsecured loan approval is easy, but a mortgage loan is granted to an applicant only after evaluating some factors such as borrowers’ credit scores, down payment of the borrower, loan duration or loan tenor, EMI affordability of the borrower.
You should first calculate the EMI to check whether it is affordable for you or not. The best way to calculate the mortgage loan EMI is by using an online Loan Against Property EMI Calculator. You must try to get a lower interest rate and then use a loan against property EMI calculator to calculate the exact EMI amount that you need to pay. You can also evaluate the tenor and installments before taking the loan. You also need to prove that you won’t be a defaulter of a loan.
But, before you take any step, you should be aware of the usage of the calculator:
Method Of Payment
You can choose any of the two payment methods depending upon your income inflow.
> Step-Up Repayment Method:
This method is for the beginners who can start with lower repayments of EMI amounts initially and later opt for faster repayments with higher EMI, as their income will increase.
> Step-Down Repayment Method:
This method is for those who are nearing their retirement stage. When they have a steady regular income, they will be able to make higher payments of EMI in the initial level, later during post-retirement they can subsequently switch over to lower amounts.
Thus, mortgage loan calculator will help to find the percentage of income that you can afford while repayments.
To know the other factors, Read: Guidelines to Calculate Mortgage Loan EMI
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