Akme Star Housing Finance Home Loan

About Akme Star Housing Finance Home Loan

Akme Star Housing Finance Limited, incorporated in 2005, is engaged in the business of providing home loan for the purchase of buying flats, construction of a home, renovation of a house, etc. At a time when many still struggle to meet the eligibility criteria set by lenders for a home loan, here comes the company that provides finance to weaker section, finance group housing societies and Non-government Organizations (NGOs), in addition to all other individuals and organizations that get a loan from other financing institutions. In this article, we will brief you on the features & benefits of home loan for each of the purposes stated above. So, read below the information and take a call on a home loan from the housing finance company.

Home Loan

Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure

    Almost done, few more details required.

    Home Loan Purchase of Flats or Houses/Plot for Home Construction/ Home Renovation/Home Extension

    Interested to know the features and benefits of Akme Star home loan that can be availed for the purpose of buying flats or homes or plots for construction of a home, home renovation or home extension? Read the table below.

    Features & Benefits

    ParticularsDetails
    Maximum loan amount70%-80% of the overall property cost
    Loan tenure5-15 years with a provision of extension as well
    AccessibilityEasy to access
    Loan ProcessingFast
    Tax BenefitsApplicable
    Prepayment ChargesNIL for those paying off the loan by own source

    Akme Star Home Loan Eligibility Calculator

    At Akme Star Housing Finance, you can get a home loan sanctioned on the following factors-

    • Monthly Income
    • Savings
    • Property Value
    • Credit History
    • Employment Status for Salaried
    • Business Stability for Self-employed
    • Others

    You can understand the working methodology of Akme Star Home Loan Eligibility Calculator with the help of an example. Suppose you are employed at a firm with a monthly salary of say ₹25,000. If you spend 40% of your monthly income, then you will come up with a savings of ₹15,000. So, while calculating the loan amount eligibility, Akme Star will take the aforesaid savings amount into consideration. Akme Star will first compute the per lakh EMI based on the prevailing rate of interest and loan tenure, followed by putting the eligible loan amount on the table.

    Amount- ₹1 lakh

    Loan Tenure-20 years

    Rate of Interest-10%-15% per annum

    Per Lac EMI-₹965-1317

    Home Loan Eligibility Amount-₹1 Lakh x 15,000/965= ₹15.54 Lakhs

    – ₹1 Lakh x 15,000/1,317= ₹11.38 Lakhs

    So, the eligibility amount falls in the range of ₹11.38 Lakhs-15.54 Lakhs

    Akme Star Home Loan EMI Calculator

    Equated Monthly Installment (EMI), as we know, is a sum of interest and principal amount payable on the loan each month towards the loan. Since the EMI goes out of your pocket each month, you must be acquainted with the functioning of the calculator that computes the same. All you need is to feed loan amount, the tenure of loan and interest rate in the calculator, which will then display the EMI.

    Here is an example for the loan amount ₹15,00,000 at the interest rate of 10% per annum for the tenure of 15 years:

    Table Showing EMI, Interest Outgo, and Total Repayment Amount

    Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 15,00,00010%1₹ 1,31,874₹ 82,486₹ 15,82,486
    ₹ 15,00,00010%2₹ 69,217₹ 1,61,217₹ 16,61,217
    ₹ 15,00,00010%3₹ 48,401₹ 2,42,428₹ 17,42,428
    ₹ 15,00,00010%4₹ 38,044₹ 3,26,106₹ 18,26,106
    ₹ 15,00,00010%5₹ 31,871₹ 4,12,234₹ 19,12,234
    ₹ 15,00,00010%6₹ 27,789₹ 5,00,790₹ 20,00,790
    ₹ 15,00,00010%7₹ 24,902₹ 5,91,749₹ 20,91,749
    ₹ 15,00,00010%8₹ 22,761₹ 6,85,080₹ 21,85,080
    ₹ 15,00,00010%9₹ 21,118₹ 7,80,747₹ 22,80,747
    ₹ 15,00,00010%10₹ 19,823₹ 8,78,713₹ 23,78,713
    ₹ 15,00,00010%11₹ 18,780₹ 9,78,936₹ 24,78,936
    ₹ 15,00,00010%12₹ 17,926₹ 10,81,369₹ 25,81,369
    ₹ 15,00,00010%13₹ 17,218₹ 11,85,965₹ 26,85,965
    ₹ 15,00,00010%14₹ 16,623₹ 12,92,671₹ 27,92,671
    ₹ 15,00,00010%15₹ 16,119₹ 14,01,434₹ 29,01,434

    EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

    YearPrincipalInterestBalance Amount
    1₹ 45,475₹ 1,47,953₹ 14,54,524
    2₹ 50,237₹ 1,43,191₹ 14,04,286
    3₹ 55,498₹ 1,37,931₹ 13,48,788
    4₹ 61,309₹ 1,32,119₹ 12,87,478
    5₹ 67,729₹ 1,25,699₹ 12,19,749
    6₹ 74,821₹ 1,18,607₹ 11,44,927
    7₹ 82,656₹ 1,10,772₹ 10,62,271
    8₹ 91,311₹ 1,02,117₹ 9,70,959
    9₹ 1,00,873₹ 92,556₹ 8,70,086
    10₹ 1,11,435₹ 81,993₹ 7,58,650
    11₹ 1,23,104₹ 70,324₹ 6,35,545
    12₹ 1,35,995₹ 57,433₹ 4,99,550
    13₹ 1,50,235₹ 43,193₹ 3,49,314
    14₹ 1,65,967₹ 27,461₹ 1,83,346
    15₹ 1,83,479₹ 10,082₹ 0

    Documentation for Akme Star Home Loan

    DocumentsSalariedSelf-employed
    Photo ID ProofVoter ID/Passport/Aadhar Card/PAN Card/Driving LicenseVoter ID/Passport/Aadhar Card/PAN Card/Driving License
    Address ProofTelephone Bill/Electricity Bill/Passport/Pass Book with Address/Ration Card/Bank StatementTelephone Bill/Electricity Bill/Passport/Pass Book with Address/Ration Card/Bank Statement
    Income ProofLast 3-month Salary Slip, Bank Statement/Pass Book for the Past 6 MonthsITR for Last 3 Years along with Balance Sheet and Profit & Loss Account for the Last 3 Years Attested by a CA, Last 1-year Bank Statement, Tax Deduction Certificate (If Applicable), Partnership Deed Copy (If Applicable), Tax Paid/Self-Assessment Tax Challan
    Company ProfileIn case you are working in a less known organizationN.A.

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    EMI Calculator