Home Loan: In the present times, everyone wants to have a house of their own and works hard to make it their dream home. But nowadays, due to low income of people, it takes a long time to fulfill their dream. There are some people whose salary is very low and they are not able to even buy their dream house. There are many people in our country who earn only ₹ 10000 per month and their dream of building a house remains a dream only. But now your dream can be fulfilled.
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Build a house by taking home loan
You can build your dream house by taking a home loan, even if your salary is only Rs 10,000? If you earn Rs 10,000, you can get a maximum loan of Rs 6 lakh and get 25 years to repay it. But banks give you home loan only on the basis of certain conditions. According to the website of Bank of India, if a person's salary is Rs 10,000, then he can get a maximum home loan of Rs 5.72 lakh for 25 years. Whose interest rate will be up to 9.70%. In this way you will have to pay EMI of Rs 5,000 every month.
More CIBIL means more loan
The eligibility criteria given above is for a person who does not hold a credit card or have any outstanding bank loan. Along with this, the CIBIL score of the person should also be above 700 points. If your CIBIL score is more than 800 points then the home loan amount increases to Rs 5.88 lakh and the interest rate also reduces.
Loan will be available up to 60 percent
Most of the banks in the country can give 60% of a person's income as loan. Even if a person's salary is low and he earns through some business or other means, the bank also includes that income. In this way the person becomes eligible for more loans.
Loan available at this interest rate
Home loans are being given to people by different banks at different interest rates, the list of which is as follows….
State Bank of India: Starting from 8.50 percent
Bank of India: Starting from 10.15 percent
Union Bank of India: Starting from 8.35 percent
Canara Bank: Starting from 8.40 percent
Bank of Baroda: Starting from 10.15 percent
Private banks also give home loans. Their initial interest rate is also more than 8 percent.
