Query:-I am an employee of Software Company and earning Rs.40, 000/ per month. I want to apply for a home loan of 18, 00,000. For 15 yrs. Please guide me correctly about various bank options. What would be the interest rates? And EMI details.
Answer:-The current rate of interest on home loans is in the range of 11 % to 13%, depending on the borrower’s and builder’s profiles. You can approach consolidation portals like www.deal4loans.com for your loan requirement. They are in a position to put you in direct contact with multiple banks who will be able to fulfill your requirement in one go. The EMI for a Rs. 18 lac loan for 15 years at 12% is Rs. 21,603.