Khush Housing Finance Pvt Limited is a Company registered as a housing finance company with the National Housing Board under National Housing Bank Act 1987. The aim of the Company is to make available funds for cherishing the dream of owning a house even to persons who do not have declared income and are not assesses. The customer service of KHFL is at its best with its executives offering personalized service.
Khush Housing Finance Pvt Ltd provide home loans for the purchase/construction of houses, purchase of a plot and construction thereon and for repairs and renovation of the existing house. The rate of interest is competitive and affordable.
Khush Housing Finance Pvt Ltd provides different types of home loans.
Additional Info: Apply SBI MaxGain Home Loan @6.70%
EMI is a predefined amount that has to be paid by the borrower to the loan provider monthly on a specified date for the tenure opted in order to repay the loan completely by the end of the tenure. The EMI is decided by the lender based on the loan amount, loan tenure and rate of interest. EMI consists of both the interest and the principal components.
Additional Info: Looking for 25 Lakh Home Loan? Check EMI & Apply.
The features of all the home loans are similar except for the purpose. Details of the features of the home loan are as given below:
Additional Info: Looking for 10 Lakh Home Loan? Check EMI & Apply.
The lowest EMI per lakh at an interest of 10.50% p.a. is 998.00
Details of EMI for various amounts with various loan tenure at 10.50% p.a. interest is as given below:
|Loan amount||8 years||12 years||16 years||20 years|
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The tool that gives the convenience of accurate calculation of EMI with the loan amount, loan tenure and the rate of interest is the EMI calculator. All the loan providers now have provided an EMI calculator on their official website. You can arrive at the Home Loan Eligibility with an affordable EMI even before applying for a loan which will enable you to budget your project.
With MyMoneyMantra EMI calculator you have a further facility of comparing various deals and the to make the right choice. Various EMI calculators like EMI calculator for the balance transfer, EMI calculator for part pre-payment and EMI calculator for full pre-payment will be available. You will be able to study the change in EMI with part pre-payment and full pre-payment and also on balance transfer when the rate of interest will change. With the balance transfer EMI calculator, you will be able to assess the saving you will make by transferring the loan from the existing loan provider to a loan provider who offers a better rate of interest.
The formula applied to calculate the EMI is
P*r* (1+r) ^n/([(1+r) ^n]-1)
P stands for Principal
R stands for rate of interest
N stands for the loan tenure
Additional Info: Best Home Loan Interest Rates @6.70%
EMI for a loan will not remain constant throughout the loan period. There are various factors that affect EMI during the loan period. They are:
Change in loan tenure: The tenure at the of availing the loan would have been decided based on your income and your affordability. With the increase in commitments over a period of time your affordability might have come down and you might be unable to service the heavy EMI fixed for the home loan. At such a time there are chances of missing out on an EMI or delay in payment of the EMI which is not a good sign. Instead, you can negotiate with your loan provider and request for change in tenure. With the increase in loan tenure, the EMI also will reduce and will become affordable.
On transfer of home loan balance from one bank to another bank, the EMI will change based on the tenure opted with the new loan provider.
Change in rate of interest: Rate of interest for a home loan can be either a fixed or a floating rate. If the rate of interest set for the home loan at the time of sanction is fixed rate, the same will be reset after a certain period which differs from lender to lender. When the rate of interest is reset at the current rate the EMI will also change. In the case of a floating rate of interest, the rate of interest will change several times during the loan tenure.
The rate of interest could either increase or decrease. When the interest increases the EMI increases and when the rate of interest decreased, the EMI will decrease.
On making pre-payments: On making pre-payments to the loan account, the principal balance will reduce proportionately. If you intend to reduce the loan tenure, you can keep the EMI constant. On the contrary, if you opt for a decrease in the EMI amount, the loan tenure will remain unchanged.
In the case of step-up EMI: EMI will be kept at a lower level at the time of sanction and will increase periodically during the loan tenure in the case of step-up EMI.
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Debt consolidation: By consolidating all the existing debts you will be able to assess the burden on your monthly income and the residual income for taking up the additional commitment by way of the home loan EMI. With an idea about the EMI, you can try various combinations using an Home Loan EMI Calculator to get the maximum loan amount.
Avail loan in joint names: If you feel that the eligible loan amount for the EMI that you can afford is not enough to source the house of your choice, you can contemplate on adding your family members who are having a regular income with a good Credit Score. The income of the co-borrowers will also be considered to arrive at the loan amount. The residual amount available out of the monthly income of the co-borrowers will hike up the EMI and so also the loan amount.
Declare other incomes: Incomes from other sources like rental income, dividends, interest from deposits, etc. will be considered while arriving at the loan amount. The additional income will enhance the available residual amount to service the loan. You can opt for a higher EMI and so can be eligible for a higher loan amount.
Choose tenure as per age: If you are in the prime of your age, say between 28 years to 35 you can opt for a higher tenure to lower the EMI since you would have just started your career and the amount available to source the EMI may not be very high. But as you go up the ladder in your career and your income improves you can opt to choose a higher EMI and pay off the home loan as early as possible so that you save on the interest cost which otherwise would have been very heavy.
On the other hand, if you opt to avail of the home loan when you are close to your retirement the tenure that will be available will be 10 to 15 years. Considering other expenses like insurance, medical expenses and other commitments that have to be taken care of before retirement, your affordable EMI will not be high enough to choose a shorter tenure. So, you should at least choose a tenure so that the loan will be fully repaid before your superannuation.
Choose the EMI as per income: As per the rules of loan providers, your monthly EMI towards a home loan or any other loan should not exceed 40% to 50% of your total income from all sources. In an enthusiasm to pay up the loan as early as possible do not choose a higher EMI which may turn out to be a financial burden at a later stage. But if you choose a longer tenure you will no doubt be paying a lower EMI, but the interest cost will be very high, and you will end up paying almost double the amount you have originally borrowed. It is ideal to keep the loan tenure to suit a moderate EMI which will neither be a strain on your pocket nor will be heavy on the interest cost.
Additional Info: Also check ICICI Home Loan EMI Calculator
The definition of EMI is a fixed monthly payment towards the loan that will be pre-decided. But it does not remain that way. EMI keeps fluctuating with a change in the rate of interest.
If the home loan is availed at a fixed rate that will be reset after a period which varies from lender to lender. The loan will be reset at the rate prevailing on the date of reset. So, the EMI will change according to the change in interest rate. If it is higher the EMI will be higher and if it is lower, the EMI will be lower.
If the home loan is availed at a floating rate of interest, the EMI will fluctuate several times during the loan tenure along with the fluctuation of the rate of interest. If the rate of interest is higher, the EMI will be higher and if the rate of interest is lower, the rate of interest will be lower.
Additional Info: Looking for 25 Lakh Home Loan? Check EMI & Apply.
Most of the loan providers give the option of pre-payment without any penalty, especially if availed at a floating rate of interest. You can take advantage of the provision and make pre-payments to the loan account as and when you have surplus funds in addition to the regular EMI. When you make such pre-payments, the principal will reduce proportionately.
You can either get the EMI reset in accordance with the outstanding balance or keep the EMI constant and reduce the loan tenure. If you opt to reduce the loan tenure you will be making a considerable saving on the interest cost. On the other hand, if you want to reduce the monthly financial commitment to provide for other expenses that have cropped up in the meanwhile, you can opt for a reduction in the EMI.
Additional Info: Also check SBI Home Loan EMI Calculator
The loan amount is decided on the basis of the market value of the property plus the cost of construction, monthly income and the repayment capacity of the applicant.
The EMI should not be more than 40% to 50% of the monthly income. This stipulation is made to ensure that you have enough funds to take care of your day to day expenses or rather for your sustenance. You will have to consolidate the existing commitments and arrive at the residual amount. You should decide the EMI in such a way that the existing commitments including the proposed EMI amount to 40% to 50% of the monthly income.
The EMI calculation will give you an idea of the additional monthly commitment that will be added to the present financial obligations and will enable you to cope up by making adjustments in your monthly budget to provide for the EMI.
There are no pre-payment charges for a loan availed on a floating rate of interest or for pre-payment made out of own sources.
In all other cases, the pre-payment charges will be 10% of the outstanding balance if the pre-payment is made between 6 months and 24 months from the date of disbursement of the loan. Pre-payment charges will be 7% of the outstanding loan balance if the pre-payment is done after 24 months and before 36 months. If the loan is pre-paid after 36 months, the pre-payment charges will be 5% of the outstanding loan balance.
The maximum tenure for the home loan is 20 years.
EMI calculators not only help you to calculate the EMI instantly but also helps you to compare EMIs of different loan providers so that you can choose the best deal that will give you the maximum loan amount with a lower EMI.
You should have the details of the outstanding loan balance after the pre-payment towards the loan. While incorporating the data in the EMI calculator you provide the outstanding loan balance in the amount column, the residual tenure in the tenure column and the rate of interest applied to the home loan. The EMI will be calculated instantly.