Khush Housing Finance Home Loan EMI Calculator

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.

• Home loan for the purchase of a new flat/house
• Home loan for the purchase of a plot and construction thereon.
• Home Loan for renovation.

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:

• Purpose: The home loan is given for the construction of a new house/flat or for the purchase of a plot and construction thereon or for repairs/renovation of the existing property. In the case of home renovation, a loan can be availed for any structural changes, electrical and plumbing works, changing the floor tiles, painting, etc for a self-occupied house.
• Quantum: The quantum of the loan depends on the market value of the property and the cost of construction, income and repayment capacity of the borrower. The maximum quantum of the loan provided will be 25.00 lakhs.
• Interest: Interest is normally as per the market standards and starts at 10.50% p.a.
• Repayment: The loan along with the interest should be repaid within 20 years.
• Security: Security by way of equitable mortgage of the property acquired out of the loan.
• Processing charges: Processing charges will be collected at 2.5% of the loan amount.
• Pre-payment charges: No pre-payment charges for a loan availed at a floating rate of interest and if the loan is prepaid out of own sources. A pre-payment charge at 10% of the outstanding loan balance will be levied if the loan is prepaid after 6 months and within 24 months. If the loan is pre-paid after 24 months but before 36 months pre-payment charges will be collected at 7% of the outstanding loan balance and if prepaid after 36 months, the pre-payment charges will be 5% of the outstanding loan balance.

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 Rs. 998

Details of EMI for various amounts with various loan tenure at 10.50% p.a. interest is as given below:

Additional Info: Also Check LRD Loan

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