We hate online login/registration as much as you do. All known websites gather user data by voluntary submission of personal details. However, some of the existing Loan Comparison Portals require you to mandatorily key-in all your personal contact details before revealing any valuable information. EMI Calculation and Home loan comparison is devoid of any login information from the end user and is completely based on self-solicitation.
There are very few inputs required in reality, to give a comprehensive loan comparison across all banks. Loan Easy is simplifying the process in to a three input method:
First Input – Net Monthly Income
This is your monthly take home salary or the in-hand salary. The field works out your Loan Amount Eligibility and EMI Repaying Capability, and then presents a comprehensive list of Loan information for all banks and the related Rates of Interest.
Second Input – Existing EMI
This input captures one’s ongoing loan repayments for any other loans like Personal, Educational & Auto Loans. Your loan eligibility is affected by existing installments/EMIs. Banks only consider a part of the Salary minus Existing EMIs, as your repayment capacity. If you do not have existing EMIs, Well Done!
Final Input – Select Loan Period
The retirement age is considered as 60 Years. If you subtract your present age from the retirement age, you arrive at the maximum loan tenure available to you. Pensioners are considered till 70 years of age. The longer the tenure, the lesser is the EMI. It is advisable to select longest tenure and to plan for early repayments.
How to Interpret the Given Data
1). Estimated Home Loan EMI
This information Calculates home loan EMI payable to the bank on a monthly basis. You can compare loan offers from all banks; sort them from lowest to highest EMIs, using the arrow buttons. The EMIs vary due to different interest rates of banks. It is advisable to choose an EMI amount that best suits your pocket and your requirements.
2). Interest Rates
The current Property Loan Interest Rate of all banks is displayed with the option of sorting the lowest from the highest. The calculated home loan EMI is worked out on the average of minimum and maximum interest rates across all the banks. What the banks market and actually offer to individuals depends solely on their credit history. Each case is then allotted a personalized interest rate.
3). Processing Fee
Processing fee is charged by banks for sanction or approval and credit history checkup. Processing fee varies from 0.25-1% of loan amount or not exceeding predefined capped value. Using the table above you can compare lowest to highest processing per bank. Negotiating with banks always brings down the processing fee. The banks will not bring the processing fees down if you don’t ask for it.