Swagat Housing Finance Home Loan
Last Updated : March 22, 2017, 1:08 p.m.
Swagat Housing Finance offers the most suitable fixed interest rate home loans in the range of Rs. 1- 20 Lacs that can be repaid over long tenures of 5 to 20 years. The company offers customized home loans for new purchases as well as repairs on easy terms at attractive interest rates.
Swagat Finance Home Loan
Swagat Housing Finance Company Limited ventured in the housing segment with a purpose of extending affordable housing loans to low and middle-income class of the society who cannot be granted Bank assistance for any reason, whatsoever. The company provides hassle-free loans with quick disposal and less paperwork.
Swagat Housing Finance Eligibility Criteria
| Particulars | Description |
|---|---|
| Interest Rates | As per reducing fixed rate of interest decided by the company time-to-time |
| Loan Amount | From Rs. 1 lakh-Rs. 20 lakhs |
| Tenure | 5 to 20 years |
| Age Limit | > 21 years and < 65 years at the time of loan maturity |
| Processing Fees | NIL |
| Pre-payment or Foreclosure | NIL |
| Loan to Value | 80% of the property value |
| Applicable to | Salaried employees/Self-employed professional(businessmen) |
Swagat Home Finance Eligibility Calculator
Now let us understand the loan amount eligibility with the help of an example below.
Suppose you are an IT professional earning Rs. 70,000 p.m. You have saved Rs. 10,000 for repaying it towards your EMI. Normally, EMIs fall in the range of 50%-60% of your net salary for disbursing higher loan amounts. In general, the calculation of income-savings pattern is done by Swagat Home Loan Eligibility calculator , by taking into consideration per lac EMI. The expected loan amount calculated is based on the formula stated below:
Amount- Rs. 100,000
Rate of Interest-10.5%p.a.
Loan Tenure-20 Years
Per Lac EMI- Rs. 998
Loan Amount Eligibility- Rs. 100,000 x savings/per lac EMI
– Rs. 100,000 x 10,000/998 =Rs. 10.02 lacs(approx.)
So, the expected home loan amount from Swagat Home Finance would be Rs. 10.02 lacs(approx.)
Swagat Housing Finance EMI Calculator
EMI Calculator is easy to use and quick to calculate. By using Swagat Home Finance EMI Calculator , one can relatively estimate the monthly EMI payable against the home loan applied for. Just enter the following details in the EMI Calculator as:
- Loan Amount (in Rs. Lakh)
- Number of Months
- Interest Rate (in %)
You may derive the calculated EMI value to be payable on your home loan.
For example : You are a grocery retailer having a business income of Rs. 10 lakhs per annum. You want to construct your house on the top of your shop costing you Rs. 55 lakhs. You have applied for a home loan of Rs. 25 lakhs as against Rs. 30 lakhs payable through your accumulated savings. The allotted loan tenure for your home loan is 20 years with an interest rate being 10.5%. The following table shows you the calculated EMI along with interest and the total amount that costs you against your sanctioned 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.) |
|---|---|---|---|---|---|
| 2500000 | 1 | 10.5% | 220372 | 144458 | 26,44,458 |
| 2500000 | 2 | 10.5% | 115940 | 2,82,562 | 27,82,562 |
| 2500000 | 3 | 10.5% | 81,256 | 4,25,220 | 29,25,220 |
| 2500000 | 4 | 10.5% | 64,008 | 5,72,406 | 30,72,406 |
| 2500000 | 5 | 10.5% | 53,735 | 7,24,085 | 32,24,085 |
| 2500000 | 6 | 10.5% | 46,947 | 8,80,215 | 33,80,215 |
| 2500000 | 7 | 10.5% | 42,152 | 10,40,741 | 35,40,741 |
| 2500000 | 8 | 10.5% | 38,600 | 12,05,604 | 37,05,604 |
| 2500000 | 9 | 10.5% | 35,877 | 13,74,733 | 38,74,733 |
| 2500000 | 10 | 10.5% | 33,734 | 15,48,050 | 40,48,050 |
| 2500000 | 11 | 10.5% | 32,011 | 17,25,472 | 42,25,472 |
| 2500000 | 12 | 10.5% | 30,604 | 19,06,906 | 44,06,906 |
| 2500000 | 13 | 10.5% | 29,438 | 20,92,258 | 45,92,258 |
| 2500000 | 14 | 10.5% | 28,461 | 22,81,423 | 47,81,423 |
| 2500000 | 15 | 10.5% | 27,635 | 24,74,295 | 49,74,295 |
| 2500000 | 16 | 10.5% | 26,931 | 26,70,764 | 51,70,764 |
| 2500000 | 17 | 10.5% | 26,327 | 28,70,714 | 53,70,714 |
| 2500000 | 18 | 10.5% | 25,806 | 30,74,030 | 55,74,030 |
| 2500000 | 19 | 10.5% | 25,353 | 32,80,592 | 57,80,592 |
| 2500000 | 20 | 10.5% | 24,959 | 34,90,279 | 59,90,279 |
Amortization Table
| Year | Principal(in Rs.) | Interest(in Rs.) | Balance Amount(in Rs.) |
|---|---|---|---|
| 1 | 38,842 | 260,666 | 2,461,158 |
| 2 | 43,123 | 256,385 | 2,418,035 |
| 3 | 47,873 | 251,635 | 2,370,162 |
| 4 | 53,151 | 246,357 | 2,317,011 |
| 5 | 59,007 | 240,501 | 2,258,004 |
| 6 | 65,512 | 233,996 | 2,192,492 |
| 7 | 72,731 | 226,777 | 2,119,761 |
| 8 | 80,746 | 218,762 | 2,039,015 |
| 9 | 89,645 | 209,863 | 1,949,370 |
| 10 | 99,523 | 199,985 | 1,849,847 |
| 11 | 110,490 | 189,018 | 1,739,357 |
| 12 | 122,668 | 176,840 | 1,616,689 |
| 13 | 136,184 | 163,324 | 1,480,505 |
| 14 | 151,194 | 148,314 | 1,329,311 |
| 15 | 167,858 | 131,650 | 1,161,453 |
| 16 | 186,353 | 113,155 | 975,100 |
| 17 | 206,892 | 92,616 | 768,208 |
| 18 | 229,692 | 69,816 | 538,516 |
| 19 | 255,002 | 44,506 | 283,514 |
| 20 | 283,734 | 16,403 | 0 |
Documentation for Swagat Home Finance
| Salaried Employees | Self-Employed Professionals/ Businessmen |
|---|---|
| -Application Form - KYC Documents Photo ID Proof Residence Address Proof Signature proof Date of Birth/Age proof -Updated Bank Statement for last 6 months -Existing Loan details along with documents like Sanction Letter and State of Account(SOA) | |
| Salary Slip or Salary Certificate for 3 months | Professional Qualification Certificate(if any) |
| Form 16 (last two years) | Office address proof |
| Qualification Proof | Last two years Income Tax Returns along with Computation of Income, Profit & Loss A/c and Balance Sheet Statement |
Features and Benefits of Swagat Home Finance
- Attractive Housing Finance Rates
- No prepayment charges
- Balance transfer facility
- Quick and transparent processing
- Doorstep Services
- Tax Benefits
Swagat Home Finance Customer Care Contact Number
In case of knowing about prevailing rate of interest, changes in any processing fees from time to time, sanctioned limit or discussing the eligibility criteria or unavailability of producing any document for evidence, reach out to an experienced customer care representative of Swagat Home Finance on : 022-26248565 / 4255-1414
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