Home Loan Rates 2018 619 views
Table of Contents
- 1 About SEWA Housing Finance
- 1.1 SEWA Housing Finance Eligibility Criteria
- 1.2 SEWA Housing Finance Eligibility Calculator
- 1.3 SEWA Housing Finance EMI Calculator
- 1.4 Documentation for SEWA Housing Finance
- 1.5 Features and Benefits of SEWA Housing Finance
- 1.6 SEWA Housing Finance Customer Care Contact Number
About SEWA Housing Finance
SEWA Grih Rin Limited has emerged itself for the sake of extending the support to social-welfare groups, aiming to bridge the gap in availing housing loans among the poor. SEWA Housing Finance focuses towards fulfilling the housing need of low-income families by offering suitable loan products, keeping in view the various housing financial needs of the poor women and their families involved in the informal sector.
Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure
Rural masses opt for SEWA Housing Finance loans for the following purposes:
- For Purchasing a new house
- For Constructing a new house on an acquired plot
- For doing expansion (incremental upgrade) in their existing house
- For making improvement & Renovation of their existing house.
SEWA Housing Finance Eligibility Criteria
|Interest Rates||18% p.a.|
|Loan Amount||Rs. 50,000-8,00,000|
|Age Limit||>18 years for obtaining loan and < 60 years at the time of loan maturity|
|Pre-payment or Foreclosure||Nil|
|Loan to Value||Collaterals accepted as a security on the basis of informal tenure, formal tenure or progressive tenure on land rights|
|Applicable to||Salaried employees and self-employed professionals|
SEWA Housing Finance Eligibility Calculator
Assess your eligibility online by using the eligibility calculator. The eligibility calculator reveals your worthiness for availing home loans which depends on the specified criteria. The underlying criteria as discussed below :
- Your monthly income
- Expected interest rate
- Existing Liabilities
Suppose you are working in a reputed export house company and earning a monthly salary of Rs. 50,000. Out of which, you have decided to save Rs. 10,000 for repaying it towards your EMI. Ideally, EMIs fall in the range of 50%-60% of your net salary for disseminating the higher amount of loan.
Get to know your EMIs by submitting the specified criteria details listed above. In this manner, ascertained EMI every month will help you repaying your loan amount that you are eligible for.
Amount- Rs. 1,00,000
Rate of Interest-18% p.a.
Loan Tenure-20 Years
Per Lac EMI- Rs.1,543
Loan Amount Eligibility- Rs. 100,000 x savings/per lac EMI
– Rs. 100,000 x 10,000/1543= Rs.6.48 lacs(approx.)
So, the expected home loan amount from SEWA Home Loan amounts to Rs. 6.48 lacs (approx.)
SEWA Housing Finance EMI Calculator
Home loan decisions are very critical. They are usually based on estimated Equated Monthly Installments(EMI’s) payable on your home loan each year. In order to know the best approximation for this financial decision, use a Home loan calculator.
With Home loan EMI calculator, you will be able to know about approximate figures for the total payments due along with a break-up of the Home Loan repayment process. The calculations made is based on the loan tenure as well as the interest rates that are applicable on the same.
Moreover, you can also derive an accurate result about the ratio of the principal amount to the interest due, subject to the effect of the Home Loan tenure and interest rates.
You can also analyze an amortization table with the help of EMI Calculator to plan your repayment schedule carefully.
For example : You are an IIT Professor based out in Delhi, earning Rs. 1,00,000 p.m. You have applied for a home loan of Rs. 8 lakhs to be payable at an interest rate 18% after 20 years. The following table describes your monthly EMI along with interest and the total amount going each year as your settlement done against your home loan.
Table showing EMI, interest outgo and total amount payable on your home loan
|Loan Amount (in Rs.)||Loan Tenure (in years)||Interest Rate (% p.a.)||EMI (in Rs.)||Total Interest Outgo (in Rs.)||Total Amount (EMI+Interest) (in Rs.)|
|Year||Principal (in Rs.)||Interest (in Rs.)||Balance Amount (in Rs.)|
Documentation for SEWA Housing Finance
|Application form duly filled-up with photograph affixed on the space provided for the purpose.|
|Identity Proof (Aadhaar Card, PAN Card or Election Identity Card), age proof, residence proof.|
|Copies of the Bank Account Statements for the last six months of all the Bank Accounts including loan accounts/OD Accounts, if any.|
|Salary slips for the latest three months along with CTC letter.||Copies of the Income-tax Returns for the last 3 years along with financial statements, such as P&L Account and the Balance Sheet for the last three years with tax audit compliance report (wherever applicable) duly certified by the Chartered Accountants.|
|Form No 16 along with IT returns and computation for total income for the last three years.||Business Profile.|
Features and Benefits of SEWA Housing Finance
- Attractive Interest Rates
- Credit assessment to be done on the basis of documented as well as non-documented incomes.
- Borrowers have the provision of including guarantors.
- Quick Approval
- No hidden costs
SEWA Housing Finance Customer Care Contact Number
Facing a lack of clarity in knowing about the availability of home loans? Just speak to an experienced customer care representative on : 1800-11-3909(Toll-free number)/011-45793909/011-25714572 and clear all your doubts and queries. Moreover, you can also bring your queries in immediate action by writing an email at the email address mentioned on the website.