Benefits of Using Home Loan Calculators for Housing Finance

There are heaps of online sites which offer House loan calculator which are very easy to use and simple to use. These EMI calculators are extremely quick to understand your loan product in detailing. It is advisable before profiting a loan you should use these calculators that will direct you through advance structure, the loan fee material and adaptable methods for repayments. So, before profiting for any kind form of a home loan, get a useful result that will help you avoid making a major opening in your pockets. You these calculators to effectively judge how moderate a specific loan can be for you.

House loan calculator help you get a fast quote on your overall housing finance EMIs. Potential clients can easily calculate their EMI with these calculators. Regularly manual estimations are entirely repetitive and time consuming. They don't ensure a total answer for your money related management. But, online EMI calculators offer most precise figure in view of the data that you give at the season of calculations. These EMI calculators help individual to remain arranged with their funds well ahead of time and control their costs so they clear the loan debt on time.. These calculators help you spare time and vitality. They help you play out the most complex calculations in the easiest ever shape.

This is a tool which is designed to calculate a particular premium for the home loan. To benefit the best gives, you can follow simple steps such as enter the requisite loan amount you wish to profit, enter the residency and the rate of interest you can bear to pay. Hit calculation tab and you will get data about how much your EMI amount comes to.

The eligibility also depends on the individual's repayment capacity. It depends on different variables like month to month and yearly income, the source of income, savings and credit history, work experience, age, capability, number of wards, different sources of income including life partner's wage and resources. Home loans are available at various loan costs which rely on upon the repayment tenure. Also one can easily avail EMI options as per own budget & affordability.

House loan calculator gives you a real-time data and the projected picture of your loan structure and repayments. It helps you remain rationally arranged with the funds you should accomplish for pay your monthly installment. You can chop down the accounts wherever applicable and work towards a disciplined approach for loan repayment.

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Use Loan Calculator Tools to Calculate Your Finance Deals

Searching for a great deal on loans can often be a frustrating and stress filled process. However, with the variety of loan calculator tools now available, you can simply and easily find and compare the best possible deals.

The Different Types of Loan Calculator

There are a number of different types of calculator available on lender and broker websites. These include personal loan calculators, a mortgage calculator and a car loan calculator. Australia based consumers can find out and compare monthly repayment costs, interest rates and other terms of the loan products available in the marketplace.

The Advantages of Using an Emi Calculator Housing Loan:

There are a number of advantages associated with using a loan calculator. The first being that it is very quick and easy to determine if a new loan is affordable. Since you can immediately see illustrations of how much the monthly payment would be, it is a simple matter to see if you can afford this each month. There is no need to return home from the dealership and spend hours on the phone; you can use a calculator tool on your Smartphone right there in the showroom.

Another great advantage of using an Emi Calculator Housing Loan is that you can compare deals. Most calculator tools will highlight the best deals and allow you to perform a side by side comparison of interest rates, terms and monthly payments. This is far easier than spending time ringing around lenders and scribbling down notes. You can even play around with the length of the loan term to see if you can save money on interest payments by reducing the term without compromising affordability.

Another potential drawback of using an Emi Calculator Housing Loan is that it will not take your credit history into account. While some calculators do allow you to select whether you have a good, average or poor credit history, this may not be accurate. You may find that when you actually obtain a quote, the interest rates quoted are not available to you. On the plus side, if your credit history is actually better than you thought, you may find you can secure an even better deal.

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What you Should Know Before Opting for a Home Loan Consolidation

Getting a home loan these days has become extremely affordable, thanks to flexible norms and lower interest rates. While some people only take home loans to buy a home, others get a little ambitious. In that, they top up their home loans to carry out some home improvement projects.

Of course, this means that they end up paying for two different loans, which may seem achievable in the beginning but can turn out to be a major financial burden eventually.

So, what alternatives do these individuals have? The loan debts certainly aren’t going away for at least the next decade. What other options do they have? Obviously, going for a debt consolidation loan sounds like the best choice.

If you or any one of your closest acquaintances is in a similar predicament, you’re in the right place. Home loan consolidation has become a norm now. Here’s a guide that that can help, if you are looking to transfer a Home loan emi. This article tells you all about refinancing your home loan to consolidate your debt.

How does Refinancing your Home Loan Work?

For starters, refinancing a home loan into a debt consolidation loan involves combining your multiple monthly loan payments into a single one. When planned carefully, a consolidation loan can help you save a lot of money too.

However, you should opt for a refinance only when it makes sense financially. Say for instance, you have a home loan of Rs.20 lakh and a home improvement loan of about Rs.2 lakh, going for a consolidation doesn’t make financial sense.

Also, you need to be sure that the interest rate for Home loan emi you’re getting on your new loan is lower than the ones you are currently clearing off.

Things to Do Before Getting a Home Loan Debt Consolidating Loan?

There are certain things you need to analyse before you opt for a debt consolidation loan so that you don’t overburden yourself.

Here are a few points you must consider:

1. Talk to your Lender

Most of the lenders will be willing to hold on to their business which means if you talk about the terms of the loan agreement with them, there’s a chance that you can come to an amicable solution. Imagine you’re having difficulty in repaying your loan because of the interest rates; a discussion with the bank will most likely help you get a much better deal.

2. Figure out what you Need Exactly

A consolidation loan will definitely be beneficial if you’re unable to keep up with multiple repayments. But one main question you need to ask yourself is about the lifestyle changes you will have to make. Consider the deal a new lender is offering and how that deal is going to help you.

3. Calculate the Cost of a New Loan

As mentioned earlier, you’ll have to pay an application and a processing fee when you opt for a new loan and on top of that you will also have to pay a penalty to foreclose and exit a Home loan emi deal.

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Home loan emi calculator

Calculate your Home Loan with Home loan interest calculator

When you choose to take out a loan, the most imperative thing that you must pay consideration on is the thing that reimbursing the advance will be similar. Any credit that you take will include paying a sure measure of interest. More often individuals who get into troubles with loans do so because they find themselves not being able to reimburse the important aggregate of their advances or the interest or both. It is hence essential that you know the amount you will need to pay before you take out a credit. This is the reason Home loan interest calculator is especially helpful.

Calculating the amount of cash that you will need to reimburse once you incorporate premium can be troublesome. This is especially genuine if the measure of cash you are managing is substantial, as on account of house advances or home loans. The sums you manage while Getting qualified for a home loan are for the most part huge, as the advances are to acquire the cash you require to buy a home. With regards to managing extensive numbers, numerous individuals who don't utilize a credit adding machine will frequently commit errors. With them you can bear a home of your dreams in a convenient manner. The experts help in understanding each and every query in best possible manner.

If you are looking for Home loan interest calculator then simply start finding the authentic company on the internet. With the aid of the internet you will be able to get the trustworthy company as per your real estate sector requirement. The right loan instalment calculator will have the capacity to offer you some assistance with calculating what your installments will be similar to given the measure of your advance and the interest you need to pay on it. With an aid of loan payment calculator, even before you take out an advance, you will have the capacity to decide precisely the amount you need to set aside consistently so as to reimburse your advance and to what extent it will take to reimburse your loan.

With the aid of this company you will be able to get the perfect solution for mortgage payment solutions. It is very essential that you select that you make utilization of the right Loan payment calculator. Home loan interest calculator is trustworthy and will give you precise figures when you are attempting to decide precisely the amount you will need to pay given an advance of a sure sum. This will be extremely helpful to anybody endeavoring to figure out whether they have the monetary intends to benefit a credit. Apart from this if you are looking for further more services concerned to How to qualify for a home loan then let them know today.

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Calculate your Home Loan with Home Payment Calculator

When you choose to take out a loan, the most imperative thing that you must pay consideration on is the thing that reimbursing the advance will be similar. Any credit that you take will include paying a sure measure of interest. More often individuals who get into troubles with Emi calculator home loans do so because they find themselves not being able to reimburse the important aggregate of their advances or the interest or both. It is hence essential that you know the amount you will need to pay before you take out a credit. This is the reason calculator is especially helpful.

Calculating the amount of cash that you will need to reimburse once you incorporate premium can be troublesome. This is especially genuine if the measure of cash you are managing is substantial, as on account of house advances or home loans. The sums you manage while Getting qualified for a home loan are for the most part huge, as the advances are to acquire the cash you require to buy a home. With regards to managing extensive numbers, numerous individuals who don't utilize a credit adding machine will frequently commit errors. With them you can bear a home of your dreams in a convenient manner. The experts help in understanding each and every query in best possible manner.

If you are looking for Loan Payment Emi calculator then simply start finding the authentic company on the internet. With the aid of the internet you will be able to get the trustworthy company as per your real estate sector requirement. The right loan instalment calculator will have the capacity to offer you some assistance with calculating what your installments will be similar to given the measure of your advance and the interest you need to pay on it. With an aid of loan payment calculator, even before you take out an advance, you will have the capacity to decide precisely the amount you need to set aside consistently so as to reimburse your advance and to what extent it will take to reimburse your loan.

With the aid of this company you will be able to get the perfect solution for mortgage payment solutions. It is very essential that you select that you make utilization of the right Loan payment calculator. Emi calculator is trustworthy and will give you precise figures when you are attempting to decide precisely the amount you will need to pay given an advance of a sure sum. This will be extremely helpful to anybody endeavouring to figure out whether they have the monetary intends to benefit a credit. Apart from this if you are looking for further more services concerned to How to qualify for a home loan then let them know today.

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How to quickly Use Emi calculator India

If you are planning on buying a new car but are not sure how much you could afford to borrow, a loan calculator could be the perfect tool. With a car loan calculator, Australia drivers can enter their details and gain insight into loan options, allowing you to proceed forward with confidence.

Why Use an Emi calculator India:

When you can easily speak to lenders or brokers, you may wonder why you would need to use a loan calculator. Many sceptics argue that since calculators are not 100% accurate, they have no value. However, this is not the case. A calculator is an excellent tool for highlighting your borrowing capacity, potential monthly repayments and different packages available. Even if this information is not 100% precise, it can help to provide a clearer understanding of your financial prospects.

Easy to Use Instructions:

Most calculators are based on a similar layout. They are designed to be simple and easy to use. All you need to do is follow the prompts and enter in your figures. Once you’re finished, all the relevant numbers will be calculated, and you will be presented with your options. Most calculators will provide you with several different packages to allow you to compare your choices. Basic calculators may only feature the interest rate and estimated monthly repayments, but more sophisticated versions allow you to click for further information. This allows you to check for any additional fees and charges which could be applied to the loan.

The Benefits of Using an Emi calculator India:

The primary benefit of using these tools is that you can obtain a no obligation quote to see if a new loan is affordable with your current financial obligations. Many people feel reluctant to call a lender or make an online enquiry to a broker. However, a calculator is a relatively anonymous feature, which can allow you to play around with figures to check what you can and cannot comfortably afford.

Another advantage of using a calculator is that there is no impact on your credit report. Many online applications can be mistaken for enquiry forms, which mean that you could inadvertently receive negative entries on your credit report, should you attempt a number of applications in a short time period. However, most calculators tend to require very few personal details, so there is no chance of mistakenly applying when you just want some facts and figures.

Getting the Best from an Emi calculator India:

In order to get the best use of your loan calculator, try to be as precise as possible. Most calculators will ask you how much you want to borrow and the preferred term for the loan. However, some versions ask for your estimated income and expenditure. This is used to determine your disposable income. If you are very inaccurate with your figures, you may get the impression that you could borrow more than you would qualify for in reality.

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Home Loans and the Reducing Loan Amount Offered As Loans

Property rates are rising till the sky and though the procedures for applying and getting a home loan are many and easy it is becoming difficult for the client or borrower to pay back this loan amount. Inflation and increasing cost of individual homes has made buying a dream home more difficult. Loans are available easily but the down payment amount has increased.

This down payment is the total amount to be paid by the borrower of the loan on purchase of the flat. The Emi calculation for home loan to value ratio scheme has been implemented by many nationalised banks to seal the percentage of amount offered as loan. Homes are becoming much dearer and many people are opting for the outskirts of the city or suburbs which still have affordable houses. Earlier banks and private lending institutions used to offer higher amounts as loans and increasing amounts of Installments over a longer tenure. But property value rise and inflation has led to many defaulters and bad loans. This has led the banks to come to a fixture of this amount offered as loan for purchase of a home.

Most of the homes today are valued at 1 crore or more and the down payment comes to a high amount. Also the monthly installments are a large amount. Hence it is becoming more and more difficult for the buyers to arrange for the down payment and also payment of the Emi calculation for home loan is becoming increasingly difficult as the monthly installments come to a substantial figure. On calculations of most of the upper end homes it is seen that the client and borrower needs to have a salary of more than 5 lakhs per month to remove the amount for monthly installments.

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Has rate cut reduced your home loan EMI?

After the Reserve Bank of India’s 50 basis points (bps) repo rate cut, in the past 10 days, almost all major commercial banks have cut their base rate. One basis point is one-hundredth of a percentage point. Base rate is the minimum lending rate below which banks can’t lend to a customer. The base rate cut has been in the range of 20-40 bps.

Impact on home loans

This week banks revised their home emi calculator rates wherein some have increased the spread. A spread on home loans is basically a premium charged above the base rate and it varies from bank to bank.

In a high interest rate regime, banks were offering home loans even at the base rate. For instance, when SBI’s base rate was 9.85%, home loans were offered at the same rate for women customers. However, last week after it cut its base rate to 9.3%, the interest rate on home loans came down to 9.50-9.55% because the bank increased the spread between the base rate and home loan rate to 20-25 bps.

New borrowers

The interest rates offered are better than what it was in the past couple of years. For instance, SBI now offers an interest rate of 9.55% to salaried individuals compared with 10.15% during the same period last year. Hence, the monthly instalments (EMI) on a home loan of Rs.50 lakh with an interest rate of 10.15% and tenure of 20 years will fall by around Rs.1, 980 per month if the lending rate is cut by 60 bps to 9.55%.

But before you jump at the first sight of a lower interest rate, do keep in mind that interest rate is not the only parameter to consider before opting for a loan. Do shop around and compare the interest rates of other lenders. Don’t only look at the base rate; factor in the spread on the home loan. You should know that when a bank says that its base rate is 9.3%, it does not mean that it is the rate at which you will get a home loan.

Along with the interest rate, you should also factor in other costs associated with a home loan. These costs include processing charges, documentation charges, commitment fee, inspection of document charges and stamp duty cost. Processing charge is typically 0.25-0.50% of the loan amount which is generally non-refundable even if your loan application is rejected. Also most of the other charges are negotiable.

Existing borrowers

For an existing borrower, the interest rate on home emi calculator comes down if there is a drop in the base rate. And generally the spread on the home loan remains the same. “The interest rate and spread on home loan for our home loan customers is not uniform and varies depending on when the customer took the loan. In a higher base rate regime, we had reduced the spread. There are customers who now continue to get loans on the base rate and some on a lower spread because as per the contract it remains unchanged.

Should you switch?

You also have the option to switch the loan to a new lender. While switching to a new lender, interest rate is not the only thing that you should consider. Firstly, compare the interest rate. And while factoring in the interest rate, calculate the remaining tenure of the loan.

“If the home loan is in the initial year of repayment and you have a longer tenure remaining, switching is likely to be more lucrative as compared with switching the loan when the end of the tenure is approaching,” said Sadagopan.

There are costs attached to switching your home emi calculator. These include foreclosure charges of the existing bank, prepayment charges of the new bank, nominal expenses of vetting the property, documentation cost, stamp duty and insurance cost.

Switching your home loan is similar to taking a new home emi calculator —you have to do your homework So, factor in the time and effort taken to switch to a new home loan.

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Best Way to Prequalify for a Home Loan

Have you been planning to buy a new house for some time now? Experts are saying that this is the best time to buy one since homes have a very low price. Though the interest rates are in a slowly ascension, this raising can become pretty steep starting with the next year. Therefore you should not wait too much and depose the necessary documents for a home loan, in case you do not have enough money. The best thing that you can do is to ask for a teaser loan that some banks are offering. The teaser loans give you fixed EMI for the initial 13 to 36 months, period that depends from bank to bank.

But first you need to get prequalified to obtain a home loan, no matter what type you choose. To be sure that this thing will happen, you need to follow some certain steps:

The first step needed to be taken to obtain a Home loan emi calculator prequalify is to obtain a referral or a lender or mortgage broker from someone. You can search among your friends, people from work, neighbours or real estate brokers for someone disposed to do this for you.

For the second step you will need to gather together all the paid bills from the last three months or any other papers that are helping you keeping the track of your money and to make some calculations. Keep in mind that you have to avoid lying since before according you the approval for the Home loan emi calculator, they will check carefully every single detail. You will need to provide information about your monthly income, but also about total monthly payment. This will include things like minimum monthly payments on credit cards, car payments, child support and, in generally, all payments you have to do in an entire months.

There is a term called "ratio" that is telling you that you are prequalified for a home loan or not. You can do the calculations alone or you can ask your lender to do it. Anyway, this can be known by adding all your debts together as a sum and compare it to your income sum. Now, your total debt-to-income ratio has to be fewer than 36 for the best interest rate. If this ratio is lower than 36, than you are qualified for this. If it is higher, than you do not have any chance for a home loan.

Also, your lender should prepare a letter of prequalification for you. In it he should write that your initial financial and credit information has been checked and that they look good.

Following all these steps you will increase considerably your chances to get prequalified for a Home loan emi calculator. Yet, prequalified is not the same thing as preapproved. In a blistering market, you're going to need to make some extra steps and get preapproved for a home loan before you declare interested on a home. If you are thinking that the paperwork is hard to make, you can always hire a realtor to do this for you and to make you Prequalify Home Loan.

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Home loan interest calculator

Different Types of Home Loans That You Must Be Familiar With

Home loans are an appealing and prevalent method for purchasing a dream house. In India, the interest for house loans has expanded in the last decade. Consistently various individuals seek home loans to own an impeccable homestead for themselves. The way that home loans accompany, included focal points (like tax cuts), and this is like strawberry on the cake.

Banks give Home Loans to purchasing houses as well as for an assortment of related purposes. The home loan business is overflowing with differing home loan items which coddle diverse needs of individual clients.

The accompanying are some prominent sorts of home loans accessible in the housing finance market:

1. Land purchase:

Land purchases loans are taken to purchase a plot on which a borrower can build her/his home. Most banks present up to 85% for every penny of the cost of the area. These loans could be profited for private and additionally for speculation purposes.

2. Home purchase:

The home purchase loans are the best known and the most ordinarily accessible home loan variants. These loans can be utilized to back the buy of another private property or an old house from its past managers.

These loans are given either on settled investment rates or skimming premium rates or as hybrid loans.

3. Home construction:

These loans can be profited by those people who need to develop a house as according to their wishes instead of obtaining an effectively developed one. The plot on which the borrower wishes to develop the house ought to have been purchased inside a year for the expense of the area to be incorporated as a part for ascertaining the aggregate cost of the house.

4. Home Extension:

Home Extension loans are valuable in circumstances when individuals need to develop their current house. Extension incorporates modification in the current structure of the habitation to include additional space, for example, building another room, a carpet, a better washroom or encasing a gallery.

5. Home improvement:

Home improvements loans are benefited by people who effectively own a house however fail to offer the trusts to redesign it. Various types of remodels and repair works might be financed utilizing this variation of home loans, for example, interior and outside painting, outer repair meets expectations, electrical work, water-sealing and development of underground or overhead water tank and so on.

6. Home conversion:

Those borrowers who have officially acquired a house by taking a home credit yet now need to purchase and move to an alternate house, pick the home conversion loans. Through these loans, they can subsidize the buy of the new house by exchanging the current loan to the new house. There is no compelling reason to reimburse the loan on the past home.

7. Balance transfer:

Balance transfer loans can be profited when an individual needs to exchange his home loan starting with one bank then onto the next bank. This is normally done to reimburse the remaining measure of credit at lower investment rates or when a client is troubled with the services gave by his current loan specialist and needs to switch to an alternate bank.

8. Stamp Duty:

Stamp duty loans are given to pay off the stamp duty charges on the buy of a property. The sum from this credit could be utilized exclusively for this reason. This section of home loans has yet not picked up much prevalence.

9. Bridged:

Bridged loans are transient Home Loans which are implied for individuals who officially own a private property yet want to purchase another house. It helps borrowers to reserve the buy of the new house until a purchaser is recognized for the old house.

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How to Select a Good Home Loan Product?

Take any middle class Indian couple, who have migrated to a city for professional reasons- owning their own home will be their biggest dream. In addition to giving the assured feeling of residing in your own home, buying a house also gives a sense of achievement to the middle class buyer. No wonder, builders are catering to middle class buyers with different financial appetites, a wide variety of home in all major cities in India.

Selection of Home loans in India is a complicated process. You have to take into account your personal preferences, distance from your work location, distance from schools and hospitals and proximity to daily shopping and weekend entertainment needs. Selecting a home loan is an equally complicated process. While most people spend required amount of time and due diligence in selecting a home, they ignore the selection of the best suited loan product for their financial needs. Considering that home loan EMI will constantly figure month after month in your budget for around 15 to 20 years, means that you should be carefully evaluating every aspect of a home loan before opting for it.

Following are some pointers that will help you select a good home loan product:

1. Compare interest rates judiciously

Banks offer loan products with teaser interest rates wherein the interest rate for initial few years will be lesser, but post that the interest liability on the consumer would be comparatively higher. In a way, it is advantageous to you because in the initial years of your repayment, the interest burden on you will be lower. As years go by, your income should increase as a result of pay hikes and promotions. This will enable you to bear the burden of a higher interest rate. Nevertheless, be aware of the fact that a teaser interest product will require you to pay a higher interest in later years.

2. Negotiate for the lowest possible processing fee

Banks generally charge 0.5-1.5% of loan amount as processing fee. As you will have to pay this amount while applying for the loan, try to negotiate the lowest possible processing fee. Banks tend to offer discounts in processing fee to clients working in corporate sectors and to clients who buy during certain offer periods.

3. Check the bank disbursal process

Home loans in India generally have an easier disbursal process. If you are purchasing a home under construction, builder will demand you to pay as per the stages of completion. So if the banker takes more time and has cumbersome process of evaluating and disbursing the loan amount, it may cause you trouble. Check with your friends or in internet forums about how customer friendly the processes of the bank are before signing the dotted lines.

4. Look out for value additions offered by the bank

Gone are the days when a bank's job was to merely offer you cash for your home purchase. Banks now-a-days offer you assistance in selecting a property, negotiating with builders for bulk deals, doing legal assessment of your property etc. This can save you time and money and give you access to wonderful housing deals.

Good Home loans in India will make your dream of owning a house much easier to achieve. The time and effort you spend in this process will definitely pay you rich dividends over the years.

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Home Emi calculator online for Mortgage Situations

When buying a house through a mortgage, some lenders apply for an Emi calculator online coverage clause. This means that you have to mandatorily get home owners insurance coverage for the house. In these situations, when the borrower has not chosen to get an insurance policy, but rather is forced to do it, then it's better to make the most of this situation and get proper coverage.

Usually, home Emi calculator online has two main areas of coverage: the house itself and the items inside it. Also, break-ins and fires are incorporated in many policies. In these situations, the most advisable thing to do is to compare different policies and companies so as to find out how much they would cover in case these events actually happen. There are many practical ways to save money on insurance fees, such as taking extra safety precautions that will render substantial savings.

Surfing the web has become one of the most convenient ways to find out about insurance stipulations, premiums, plans, policies, clauses, deductibles, and items like these. Take your time and make a spreadsheet with all the relevant information, so to make the comparison much easier once you have gathered enough information.

Take advantage of those websites that have some sort of online calculators, which will allow you to have a rough idea of how much we are talking about when we talk about home Emi calculator online. If you do not feel comfortable with online information, and need a person to person contact, these companies usually have great customer support departments, who will gladly provide all the information and answer any doubts you might have. Remember, information is power, and the more information you gather, the better choice you will make. Remember that little details can make a world of difference, so double check the facts before submitting the forms.

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How your home loan Emi Calculator are calculated

Institutions providing home loans intermittently come up with new forms of loans that are devised to meet the needs of house buyers from every section of the society. However, before choosing a particular loan, it is very important to have a comprehension about the most important constituent of the loan - the EMIs.

An EMI, or equated monthly instalment, is a certain amount of money that is payable by you to the bank (in case you have taken a home loan) in order to obtain legal possession of the house.

What is an EMI?

In plain financial terms, an EMI is the amount of money paid by borrowers, each calendar month, to the lender, for clearing their outstanding loan. This also means that a sum of money gets deducted from your particular account irrespective of any sudden untoward financial stringency faced by you. EMI payments are made every month, generally on a fixed date, for the entire tenure of the loan, till the outstanding amount has been completely repaid.

Emi Calculator

When it comes to segregating the sum that is payable towards the loan, EMI is actually deduced based on an unequal combination of principal and interest. In the initial years of the loan, a major portion of the EMI comprises the interest payable by the borrower. As the loan matures, and as the principal gradually gets paid, the outstanding loan amount reduces. The interest component thus becomes lower than the principal, and finally minimal. The EMI, though, stays as a constant amount each month, except in the following cases:

Instances when the borrower paid a lump sum amount of the outstanding loan, then this amount gets duly adjusted against the remaining balance, thereby reducing the EMI. Now, in this particular case, the borrower gets an option where he/she can maintain the EMI while reducing the loan tenure.

In case the borrower has opted for floating rate of interest, then the EMI varies according to market fluctuations.

The Emi Calculator of your home loan is determined by four major factors

Principal amount: The principal amount refers to the actual sum of money that is borrowed by the lender. Beyond question, the principal amount is a major determining factor towards the EMI that is to be paid by you.

Rate of interest: The rate of interest is the rate at which the borrower has taken money from an organization or market. This is the most important factor when it comes to determining your EMI. The higher the rate of interest, the greater is the EMI payable by you. It is always advisable to do a market study of various interest rates offered by lending bodies and then decide upon a particular product.

Loan tenure: The tenure of the loan refers to the duration for which the loan has been taken. The longer the duration of the loan, the lesser the monthly EMI burden on the borrower.

Method of computation: The method that is adopted to calculate the EMI is a crucial factor when it comes to determining the EMI payable by you. The various methods adopted are:

a. Annual reducing method: In this method of EMI calculation, although the EMI is paid by the borrower at the end of every month, the principal amount and the rate of interest is made at the end of the year. This type of EMI calculation has a huge disadvantage attached to it, as the borrowers continue to pay interest on a portion of the principal that has already been paid back to the lender.

b. Monthly reducing loans: This is a better and easy-to-understand method of EMI calculation and is usually the most common calculation method adopted. In this calculation methodology there is a reduction in principal with EMI being paid every month. The interest is calculated on the outstanding balance.

c. Daily reducing loans: As the name implies, in this method the principal reduces every day, with daily loan repayments. The interest is charged on the outstanding balance. However, daily EMI payment is not a very feasible option; hence this method is not a very popular method.

Loan amortization schedules

A loan amortization schedule is a product that contains home loan information such as period of scheduled payments, amount borrowed and amount outstanding. It also gives a detailed breakup of every EMI towards repayment of interest and the outstanding principal of the loan. The amortization table is prepared with the use of financial mathematics by financial institutions. It helps borrowers make vital decisions about their loan, on prepayment or refinance. It also provides details of interest for tax related benefits.

Step up and step down Emi Calculator

EMIs are at times planned according to the expected increase and decrease in the salary of the borrower.

In step up EMI, the EMI is gradually increased on the premise that the salary of the borrower will increase in the future. In this system, the initial EMI charged is less, and it increases as the expected income of the borrower increases. The change in EMI would be done twice during the entire loan tenure.

Similarly, in the case of step down EMI, the initial EMI charged is substantially higher and it gradually reduces with the number of payments done.

Pre-EMI and advance disbursements

There are instances where the borrower may opt for a partial disbursement of their home loan on the basis of the stages of construction of their house. In such cases, a pre-EMI is to be paid every month till the final loan is disbursed. The real loan repayment would commence only after the entire loan is disbursed. This pre-EMI would, therefore, comprise only the interest accrued on the disbursed money.

Also, there are cases when the entire loan may be disbursed by lenders before the completion of house construction. This is known as an advance disbursement and is undertaken by the lender when it is requested by the borrower and the lender is convinced of the capabilities of the builder to complete the construction work in time.

In these cases, the EMI payment starts immediately from the date of disbursement.

Fixed and floating rate of interest

Emi Calculator can be calculated either on a fixed or a floating rate of interest.

Fixed rate of interest: A fixed rate of interest is charged throughout the loan tenure, thereby making the EMI payable a constant sum. It is generally better to opt for a fixed rate only when the prevailing interest rates have reached rock bottom levels and if an upward trend is anticipated.

http://profit.ndtv.com/news/your-money/article-how-your-home-loan-emis-are-calculated-323311

Calculating Loan Installments with an EMI Calculator

What is an EMI?

Whether you apply for a car loan, home loan or a personal loan, you have to pay an Equated Monthly Installment. To calculate the monthly payments accurately, people use an EMI calculator. Soon after you decide to apply for a loan, you need to research on available types of loans in the market. Today, financial institutions and banks in India offer all different kinds of loans to fulfil different property buying needs of the residents. As you avail advance cash from the banks to buy your dream house or car, it is clear that you have to pay the borrowed money back. Further, you need to pay some interest along with the principal loan amount to the banks. The loan is to be paid back in equal monthly installments. An EMI calculator makes it easy for the loan applicants to calculate the monthly installments and schedule the payments.

Equated Monthly Installment EMI, a monthly amount is to be paid by the loan borrower to the financial institution or the bank from where the loan is taken. Emi calculator India is the combination of principal amount of the loan and the interest and is paid until the full loan amount is cleared. The interest and total principal amount is divided by tenure and this sum is generally paid monthly. Normally, the interest and principal amount doesn't change but its proportion might change as times. With every consecutive payment, the loan borrower pays more towards principal amount and less as interest.

Using EMI calculator

With an online EMI calculator, the calculations have been further simplified for the loan borrowers. Every bank or the financial institution offers top quality Emi calculator India to assist the borrowers to calculate equal monthly installments. There are many benefits of using an online EMI tool.

• With graphical charts and easy to understand graphs, the online Emi calculator India assists the loan borrowers to easily calculate the monthly installments.

• Making accurate calculations is possible with a sophisticated online calculator.

• An online calculator assists you to calculate car loan, home loan or a personal loan instantly.

• It is easy to determine monthly payments against interest and principal amount on the loans. With this, you can judge how suitable and affordable a loan is for you.

• Use the calculators to avail quick loan quotes as per the EMI

Article Source: http://EzineArticles.com/7271974

House Loan

5 Things to watch out for When You’re Buying a Home

A home loan can be a great source of finance to purchase your dream house.

Why? A sudden surge in funds is readily available, and you don't need to utilise your savings. Of course, there is some protocol to follow along the way, and a lot of mistakes to be made.

Here are a few of the mistakes you need to avoid to help you progress from the stage of being a loan to a happy homeowner.

Not Checking your Salary

First off, you must be clear on what you can afford. Taking a home that exceeds your ability to pay the EMIs can be stressful on your monthly income.

Make an assessment of your monthly income. For this, you'll have to add all the money you spend on expenses, utility bills, maintenance charges, and basically every little cost that eats away at your salary. Once you've done that, subtract it from your overall salary.

The figure you get will give you a brief idea about the EMIs you can afford to pay, while keeping a portion of your funds aside in case of an emergency.

The lenders might make promises of giving you the best home loan Emi calculator and tell you that it's affordable, but don't strike a deal immediately. Look around for a few more policies and calculate the estimated expenses before taking the leap.

Thinking you know it all

Don't make hasty decisions without consulting anyone. Members of your family and friend group may have some experience dealing with a home purchase before, so it's always a good idea to talk to them for any tips they might have.

If help doesn't seem to be within your social circle, there are always financial experts with the knowledge of how these loans work. They'll be able to guide you through the process by explaining the house loan Emi calculator eligibility and advising you on your loan amount and choice of property. These professionals also excel at networking, which might be useful in finding the right deal.

Ignoring your Credit Score

The lender is going to scrutinize your candidacy for a Emi calculator application, so be ready for it. You don't want your application to be rejected after searching for the ideal home and finding the best deal, do you?

In that case, bring your credit report and submit it to the lender. This document is important as it determines the likelihood of you being able to repay your debt.

Forgetting to Lift the Curtains

If the Emi calculator amount, eligibility documents, interest, and an affordable house are the only things on your checklist, you're missing out on crucial component-hidden charges.

Article Source: http://EzineArticles.com/9370164

Home Loan Emi Calculator

Can’t Settle Your House Loan?

A few years ago, you successfully found the most suitable property loan for your condition. Almost everything had gone great and you were able to get the property of your dreams. But, the economic climate experienced some hardship despite the fact that some economic problems were were solved, the fiscal status was never the same. Because of the transformed situations, you are discovering it hard to match your monthly mortgage loan repayment.

It might be very difficult for anybody to be experiencing the same fiscal woes as yours. Failing to meet your mortgage repayments can result to default. Still do not fret as you are not the sole person enduring such a challenge. There's constantly a means to remedy this kind of problem. You only need to fix your focus straight and communicate with the right persons for help.

As fast as possible, you need to call your mortgage lender and get them to give you some help. It may well seem tiresome and no one desires to talk about their House Loan predicament. Even so, if there are people that will help you, they are your provider. They should be able to provide you with numerous solutions. But in the event you find the options they provide unsatisfactory, there's always a choice to switch to a new provider.

The fact that you are unable to make repayments signifies your credit cards may also be into their limitations. You may want to would like to speak to your credit card companies and discover exactly what agreements can be achieved. You might want to obtain a debt consolidation scheme to merge all your debts. Work with an online debt consolidation mortgage calculator to find out if a debt consolidation loan would work to suit your needs.

An alternative choice you have is refinancing. If you need to refinance your active mortgage to look for far better rates, you have to speak to mortgage broker who will offer you a precise step-by-step guide during this process. Many Australian mortgage brokers are offering refinancing mortgage loans. Go to a mortgage broker's website to learn more about refinancing. 

You can also employ a refinance mortgage calculator to ascertain just how much you will be able to save. Talk to your mortgage broker pertaining to the results from the mortgage calculator to obtain a definitive answer.

And finally, there is also the option of employing an accountant or financial specialist when you genuinely worry that you are close to defaulting. They'll give you some tips concerning exactly how you can correctly take care of your financial plans in order to avoid defaulting on your mortgage loan.

[Source: http://www.sooperarticles.com/finance-articles/mortgage-articles/cant-settle-your-house-loan-530116.html]

Calculate Home Loan Emi

Low Cost Home loan emi calculator

It really is worth the effort to apply for cheap mortgage products. If you are looking at purchasing a new home, getting an equity line of credit or refinancing a mortgage you have currently, affordable mortgages are available right now.

Cheap Home loan emi calculator

As you are shopping around for Home loan emi calculator there are a few things that you should keep in mind. All loans come with different terms and features, and you need to be able to distinguish between them to make sure that you to get the right loan right from the start.

Search the Internet

Some of the mortgage product offers are on the Internet. It can be very time-consuming to travel to different banks and sit down for appointments. The power of the Internet gives you the opportunity to relax in the comfort of your own home and find the perfect loan.

Here are some of the important features you should be looking for.

Application fees - Look for mortgage that doesn't charge high application fees, or better yet, none at all.

Redraw fees - There are mortgages available that will allow you to redraw money without paying any fees. Look for this type of feature to save money.

Split loans - It is good if you are able to have separate accounts for your loan and are able to combine a home loan with a fixed-rate with a variable rate loan, and/or a line of credit.

Portability - Some financial institutions will allow you to make a transfer of your loan over to a different property, or substitute the security of another property for your home loan.

Loan terms - Most banking institutions will offer a 15 year or 30 year term for the mortgage. There are some lenders that will go down to 10 years, which gives you more choice when you are looking for a new home loan.

Rate drop - Once in a while you will find a bank or lender that will drop its rates after you have proven to be a good client. This is an invaluable asset to find in any loan, since it will save you a lot of money in interest charges throughout the years.

Type of loan

One thing to keep in mind when you are looking for Home loan emi calculator is how long you plan on living in your new residence. If you think that you may be planning a move in the near future, you should consider getting an adjustable rate to take advantage of the low interest rates associated with this type of loan.

In most cases a home loan with an adjustable rate will have a lower rate of interest for the first few years. If you plan on moving soon, either to relocate to another city or to purchase a larger home, you won't have to worry about the rates going up since you will be selling your home in the not-too-distant future.

When you are shopping for cheap home loans look at all the features on the loan and not just the interest rate. You should find a loan that not only has a low rate of interest, but also has affordable features and very low fees. You are going to be living with this loan for many years, so make sure that you pick the right one the first time.

Article Source: http://EzineArticles.com/5547861

How to avail home loan with easy monthly installment options?

Home loan is a secured form of loan that is offered against the security of house/property which is funded by the bank, the property could be a personal property or a commercial one. It’s a loan taken by borrower from the bank issued against the property / security intended to be bought by the borrower a conditional ownership over the property. These are attractive and popular means of buying a dream house for most people.

Every day millions of people apply for home loans with leading government or private banks and finance companies in India. Today, it has become the prime source of finance aid to people who work hard and strive to build their home but struggle due to high inflation costs, lower salary or other responsibilities towards the family.

While taking a loan the primary concern would be the interest rate applicable and EMI for home loan. These are the prime source for deciding your loan affordability. Some private sector banks or finance companies are offering loans at an interest rate as low as 9 to 10% and come under fixed or floating rate basis concept. Under fixed rate loan the ROI remains constant throughout the loan period, while in floating rate loans the ROI is linked to market conditions and may change periodically. They could be linked to the base rate, inflation, or other parameters, each bank selects its own methodology to fix this base rate. These rates have to be declared by the bank each quarter. Some leading private sector banks offer loans in the form of adjustable rate of interest loan, Trufixed loan (2 to 3 year fixed rate variant) or Trufixed loan (10-Year Fixed Rate Variant).

Each bank has its own pattern of calculating the Property loan emi calculator and it vary based on the customer’s credit profile.  The interest rates depend on various factors like availability of money in the market (liquidity), inflation and monetary policies. They are categorized in two ways fixed rate or a floating rate. For fixed rate loans, the ROI remains constant throughout the loan period, while in floating rate loans, the ROI is linked to market activities. Each bank selects its own methodology to fix this base rate. These rates have to be declared by the bank each quarter.

In India, generally banks or finance companies offer lenders loan amount upto maximum 80-85% (below 20lakh) of the agreement value of the house. Incase of home loan for resale flats, most lenders get the property valued independently and provide housing loan based on their value than the cost mentioned in the purchase agreement.

You can repay the loan through EMIs. Property loan emi calculator could be set for maximum tenure of around 20 to 25 years. Some of the banks provide housing loans even for a tenure extending upto 25-30 years. The tenure is restricted to the borrower’s and credit history.

Taking loan means a big decision of your life. A little bit of mis-calculation can burn a big hole in your pocket. The decision has to be carefully scrutinized and move ahead. To ease your mental burden banks and finance companies have come up with easy home loan interest calculation methods online.  Emi for home loan could be calculated easily with no stress on your brain for tedious calculation and waste your valuable time.

There is a loan amortization table that will further break down your monthly EMI into the principal and interest components and will give you an idea of exactly how much interest you are paying over the entire period of the loan. Property loan emi calculator help you estimate the potential savings on your loan amount making it affordable and easier on your pockets in the near future.

Home Loan

Taking a loan can win you lender’s trust

Most of us try to be careful about paying dues on time, but the strike rate is rarely 100%. Some late payments have a temporary effect, maybe a one-time fine. But there are others that have short-term as well as long-term repercussions. For example, on a home loan, if you are late in paying the installment, you have to pay a penalty and it affects your credit score in the long run.

Here are a few ways you can ensure that your score remains on the higher side of the scale.

Pay on time

If you are a salaried employee who gets her pay once in about 30 days, then it is easier to schedule loan payments such as for a Housing Loan and an auto loan. But what about those who are away for long periods, say, on a merchant ship? Or those who have seasonal employment?

Know the details

Reading the details will mean you know about grace periods, penalty rates, interest rate calculation and more. Most of this is available in the loan documents and the lender’s website. You can also call the customer service center for help.

Use credit cards wisely

This is probably one of the most common loans that people take. But it is also the least understood.

Many individuals, who have had bad experiences with this product, shun it absolutely. If you had issues with paying your credit card dues in the past, and are wary of using it again, it won’t help your credit score.

Your basket of loans

Your credit profile also depends on the types of loans, i.e., your mix of secured and unsecured loans. Secured loans are those that have collateral attached, such as a home or a car loan. If you default, the lender can take away the ‘asset’. Unsecured loans, such as credit card or personal loan, are riskier for the lender because they don’t have attached collateral.

[Source: http://www.livemint.com/Money/68QAwMldEIeKmOUwye4nhO/Taking-a-loan-can-win-you-lenders-trust.html]

The Problem With Home Loans

The latest in Reserve Bank of India’s measures to protect customers with home loans is a proposal to change the way banks determine their `base rate’ – the benchmark for all floating rate loans. The need for a re-look arose because customers have been complaining of a raw deal in pricing.

In recent years RBI has taken a number of measures to provide a better deal for home loan borrowers. The introduction of base rate ensured that banks do not reduce rates only for new customers by playing with the interest spread. In the past banks could play with the spread as they would lend below the prime lending rate (their earlier benchmark) for new customers while old customers continued to pay over the PLR.  This was not possible with the `base rate’ which was also the floor rate for pricing. In June 2012 RBI forbade banks from imposing a penalty on pre-payment of home loans irrespective of whether the loans were being refinanced or repaid. This made it possible for disgruntled borrowers to move away to rivals if their loans were not re-priced when interest rates were falling.

But there are a number of areas RBI could look into as part of its consumer protection initiative. Here are a few.

Compulsory insurance: Banks have an interest in the property mortgaged with them and they need to ensure that it is protected against any eventuality. At the same time banks also gain by selling insurance policies.  But what needs to be insured is the cost of construction and not the cost of land. 

A 1000 square foot house may cost Rs 2 crore in Mumbai but the cost of construction would be around Rs 20 lakh. So there is no need of buying property insurance for the whole loan amount. Yet many banks insist that the buyer pay 15-year insurance premium upfront based on the market value of the property rather than the construction cost. Also in cities like Mumbai, the property is owned by the cooperative society which is required to insure the property. It is therefore not clear whether the bank’s insurance policy will pay a claim when the housing society is also making a claim for the property damage.

Non-intimation of interest rate changes:  Most home loan borrowers focus on the interest rate at the time of availing home loans. But floating rates are dynamic and vary from time to time. The borrower is not aware of this because while rates vary, the equated monthly installment or EMI does not. Banks merely change the tenure of the loan. So in a rising interest rate regime it is not unusual for borrowers to find that their principal loan amount is unchanged even after years of repayment.  Very rarely does a bank communicate to the borrower changes in interest rates.

Notice of intimation of mortgage: In Maharashtra the government has made it compulsory for all mortgage interests to be registered. This is aimed at preventing fraudulent sale of the property even as a loan is outstanding.  While the objective is laudable, the trouble is with the process. Although the law actually protects the bank’s interest lenders have shifted the onus on the borrower.  Rather than use their institutional clout to facilitate smooth registration, borrowers are forced to approach agents and spend a few thousands to complete this process.

No refinancing of existing loans:  Lenders often poach from home loan borrowers of other institutions. But when it comes to their existing customer they do not offer them the benefit of new rates.  If there is a special scheme running in the bank, existing borrowers are not informed of it. Also banks charge customers a processing fee even when their loan is refinanced within by their own bank but under a different scheme.

Complex pricing: Some banks have resorted to complicating the pricing of home loans introducing interest free years in middle of the tenure of the loan. Innovation in financial products are good only as long as they do not obscure pricing. Borrowers need to have the opportunity to compare the cost of one home loan against another.  One way to make the pricing transparent is to disclose the cost in the form of annualised yield to the lender based on prevailing rates.

Source: http://blogs.timesofindia.indiatimes.com/small-change/the-problem-with-home-loans/

Home Loans for Non-Resident Indians

Owning a personal heaven (read home!) of choice is a dream of every human. It is more a necessity than a luxury to have a beautiful and well-furnished place you can call home. Home loans provided by various Banks and Housing Finance Companies (HFC's), providing finance to the citizens have come the rescue of those willing to convert this dream into reality. It's not just the citizens who are availing these, but even NRIs, whose needs are being looked into, as well. Regarding home loans for NRIs, various queries like "what exactly are they, what do they do, who can avail them" may rise in the minds of many.

How the government defines NRIs:

NRI's are Non-Resident Indians, who are the citizens of our country, and who hold a valid document like, say the Indian passport. They stay abroad for employment or for carrying out a business. Every bank follows the RBI guidelines to provide a home loan to the NRI's who are recognized under Foreign Exchange Regulatory Act, 1973.

Specifications for NRIs intending for a home loan:

Home loans for NRI's are available for construction of new houses or flats, purchase of old houses or flats, flat addition, alteration of existing houses, renovation, repairs etc. NRI's should fulfill certain eligibility criteria in order to get the home loans through Emi Calculator Housing Loan. The documents required for resident Indians and NRI's vary in few respects. These include the age of the applicant which should be at least 21, should be a graduate, the income they get which should be a minimum of 2000$ per month. In addition, the numbers of dependents are also considered.

Other important considerations:

• An NRI can get a maximum of 85% of the cost of property.

• Payment options are critical for providing the loan. It should be only through the Equated Monthly Installments (EMI), which also include the interest and principal amount calculated on monthly rests.

• Payment of EMI is by issuing post-dated checks from his/ her Non Resident External (NRE) or Non Resident Ordinary (NRO) or Non Resident (Special) Rupee Accounts (NRSR) in India.

• They are also provided with various facilities like Step up Repayment, Flexible Loan Installments Plan, Trache Based EMI, and Accelerated Repayment Schemes etc., for the repayment of the loan.

[Source: http://ezinearticles.com/?Home-Loans-for-Non-Resident-Indians&id=6132263]

Knowing What an Investment Property Loan Is

Do not get confused, the term investment property loan simply means a loan for investment of properties. These properties to be invested on are deemed to be profitable in the future that is why people loan to buy them. Presently, the real estate industry has become a lucrative business. A lot of realtors have testified on how they have come from rags to riches after getting into the real estate business. Depending on your talent and the circumstances, loaning to invest on a property may provide you with a good chance of building equity while nurturing the potential of capital gains as the value of the property appreciates over time. If you have the ability, it is definitely not a bad endeavor to try.

An investment property loan can be generally classified into two: residential and commercial. A residential loan is associated with investing residential properties like apartments, condos, buildings (with at least 5 units), stores, or warehouses. They are usually bought for expected future appreciation and rental income. On the other hand, a commercial loan is the one associated with investing on business and commercial areas. They are often more costly since bigger income is also expected to come from them.

Individuals are not the only ones loaning to invest on properties though. Quite a number of real estate investors in the U.S. make use of investment property loans in acquiring real estates too. There are two basic advantages on this. They can benefit from capital growth and tax deductions. Another important benefit comes from "negative gearing".

In essence, the word "gearing" means borrowing for investment. A negatively geared investment means it is a property purchased using a Property Loan Emi Calculator where the expected income (after all the expense deductions) from the investment is less than the annual payable interest. This gives the investor a substantial tax benefit since they may deduct the cost of owning an investment property from their income which is taxable.

An investment property loan can come in different shapes and sizes depending on the requirements of the investors. They may be offered as interim, long-term or short-term loans. If you are interested in engaging into this kind of investment, you should make sure that you are knowledgeable of the terms of the loan. Make sure that you understand the interest rate and the time period of it. You must also keep track of the schedule. You want extra profit and not bigger credit.

There are quite a number of reputable investment property loans in the U.S. Most of them do not provide any limit on the number of properties you could own. They also offer adjustable mortgage rates and they have low down payment options. This is a great help because you can simply use the spare money to repair or renovate the property for future profitable use like reselling it or having it rented. A lot of loan providers also offer application online meaning you will not have to waste time setting an appointment with them or going to their office. Their online service allows quick and easy processing of your application for loan.

[Source: http://ezinearticles.com/?Knowing-What-an-Investment-Property-Loan-Is&id=3284349]

How to Calculate the Proceeds of Your Home Sale

Selling a home takes a lot of hard work on the part of the home sellers especially if they are doing it on their own. A major part of the process involves a lot of calculating numbers from setting the home price, taxes and legal fees to the amount of profit the seller is going to get. But of course, even before the sale is completed, every seller would want to know the net proceeds he or she will get.

The money you will have when by the closing of the home sale transaction will be the total sale price of the property. However, you won't be able to keep the entire amount as you may need to pay for debts, liens and other charges against the property. So, your net proceeds will actually be the total sale price minus the charges which mostly make up the closing costs.

Below are several important fees that are normally paid out of the sale proceeds. Knowing these charges as well as setting a fair market value for your home will help you accurately calculate your potential net profit.

Attorney's fees. Every home seller will need the help of a real estate lawyer. The attorney plays a vital role in the financial transaction not only as an advisor but also as an escrow agent when you need a third party to keep the deposit or down payment. The fee is either a flat fee at a minimum of about $350 or by the hour.

Disbursements. These refer to expenses incurred by a lawyer on behalf of the seller such as the mortgage discharge fee paid to land titles, title search fees, couriers and other charges.

Property taxes. These taxes are paid every year. However, this can be negotiated as to who will should the payment.

Transfer taxes. This is a tax that may be implemented by states, counties or municipalities on transferring real estate property within the jurisdiction. Transfer taxes may range from a small of .01% to 2.2%. It is best that before selling your home, you check your area's rates from the Recorder of Deeds, a title company or a realtor.

Mortgage. The balance of your mortgage will be paid out of the sale proceeds. Unless your mortgage is in good standing, you will also have to pay for mortgage penalty and a discharge fee paid to the lender. All mortgage payments due on or before the possession date will have to be paid by the seller.

Home Loan India. If there's a home equity loan or line of credit secured on your home such as via collateral mortgage or caveat, it must be paid out of the sale proceeds. Also, payment for any home renovation loan will have to be taken out of the proceeds.

Home warranty. This guarantees the buyer that all mechanical and electrical appliances in the home are in good working condition on the day of closing up to the first year of ownership. A warranty costs at a minimum of $350.

[Source: http://ezinearticles.com/?How-To-Calculate-The-Proceeds-Of-Your-Home-Sale&id=1208280]