# How many months is a home credit?

Loan period varies but generally it is between 6 – 24 months. Just visit our Products and Promos page for information on these additional services. What if the item purchased was lost/stolen/defective, will Home Credit replace it?

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## Then, can I get two items in home credit?

Can I buy multiple items at the same time? Yes! Most partner stores offer bundling. You can purchase up to three items provided they are not the same item type and subject for approval.

Moreover, how do I know if I am fully paid for home credit? You can visit the My Payment Portal in our website or download My Home Credit App in Google Playstore bit.ly/hcphautoreply for checking of your posted payments. You may check posting of your payments by visiting the MyPayment portal in our website or by downloading My Home Credit app in Google Playstore.

## Besides, how do you calculate loan amount?

Here’s how you would calculate loan interest payments.

1. Divide the interest rate you’re being charged by the number of payments you’ll make each year, usually 12 months.
2. Multiply that figure by the initial balance of your loan, which should start at the full amount you borrowed.

## How is monthly installment calculated?

Equated Monthly Installment (EMI) Formula

The EMI flat-rate formula is calculated by adding together the principal loan amount and the interest on the principal and dividing the result by the number of periods multiplied by the number of months.

## How much do I need to make to buy 500K house?

The Income Needed To Qualify for A \$500k Mortgage

A good rule of thumb is that the maximum cost of your house should be no more than 2.5 to 3 times your total annual income. This means that if you wanted to purchase a \$500K home or qualify for a \$500K mortgage, your minimum salary should fall between \$165K and \$200K.

## How much home loan can I get on 15000 salary?

Here taking a salary as ₹ 30k, & without any fixed monthly obligation, you can pay a maximum of ₹ 15,000 as EMI considering 50% FOIR. If the interest rate is 10% per annum, the loan amount eligibility can be arrived at ₹ 17,09,806 using a home loan eligibility calculator (assuming 3 household members).

## How much home loan can I get on 25000 salary?

25,000, you can avail as much as Rs. 18.64 lakh as a loan to purchase a home worth Rs. 40 lakh (provided you have no existing financial obligations.)

## How much home loan can I get on 50000 salary?

How much home loan can I get on my salary?

Net Monthly income Home Loan Amount
Rs.25,000 Rs.18,64,338
Rs.30,000 Rs.22,37,206
Rs.40,000 Rs.29,82,941
Rs.50,000 Rs.37,28,676

## How much should I pay monthly for a house?

Most financial advisors agree that people should spend no more than 28 percent of their gross monthly income on housing expenses and no more than 36 percent on total debt — that includes housing as well as things like student loans, car expenses and credit card payments.

## What is the interest of 1 lakh in SBI?

Interest Rates on Savings Bank Deposits

Savings Bank deposit slabs Existing Rate of Interest
SB Deposit accounts with balances upto Rs. 1 lakh 2.75% p.a
SB Deposit accounts with balances above Rs. 1 lakh i) 2.75% p.a. for balance upto Rs. 1 lakh ii) 2.75% p.a. for balance above Rs. 1 lakh.

## What is the interest of 3 lakh in SBI?

SBI Personal Loan EMI for ₹ 3 Lakh

Loan Amount Interest Rate Tenure(Year)
₹ 3,00,000 9.60% 1

## What is the interest of 5 lakh in SBI?

State Bank of India Fixed Deposit Returns Based on Investment Amount

Investment Amount For 3 years with interest of 5.3% For 5 years with interest of 5.4%
₹ 50,000 ₹65134 ₹65459
₹ 1 lakh ₹130267 ₹130917
₹ 2 lakh ₹260534 ₹261834
₹ 5 lakh ₹651335 ₹654586

## What will be the EMI for 50000 loan?

Calculated Monthly EMI for 50000 of loan amount for 3 years at various rate of Interest :

Loan Amount Rate of Interest Per Month EMI
50000 14.00% Rs. 1,709
50000 15.00% Rs. 1,733
50000 16.00% Rs. 1,758
50000 18.00% Rs. 1,808

## Why is it good to use a loan?

Here are common reasons to take out a personal loan: Consolidate high-interest debt: Taking a personal loan is one way to consolidate high-interest debt, such as credit card debt, into a single payment. Ideally, the loan has a lower interest rate than your existing debt and allows you to pay it off faster.