Choose the Best Plan of Mortgage Loan
A mortgage loan is one type of loan; the buyer can mortgage the used property or real estate to the lender and get the loan amount. At the same, the lender gets the pledge from that buyer to repay the loan amount in the certain due period. This type of loan comes under the secured loan. Then the lender gives back the property assets or essential goods to the borrower after the payment completes. All the banks, lenders or other agencies provide the mortgage loan amount to an individual in money needs. This loan can fulfill the borrower small amount or big amount of money needs quick.
Mortgage Loan Eligibility criteria:-
All type of loans includes the eligibility criteria that depend on the terms and conditions. The fundamental eligibility for the mortgage loan is income, property valuation, age, presently working individual, existing liabilities, financial documents, and based on dependents. The formula to calculate the loan amount through the formula; here the formula is. E is EMI. P is the principal for the loan amount. r is a rate of interest depends on your loan amount. The rate of interest calculates on monthly basis. n is a period of the loan amount you have to repay in the due period.
The borrower can also get the benefit of 80% of registered rate for your own property based on the banks scheme as terms and conditions, type of property and estimation. The rate of your property is estimated by the evaluation conducted by the loan provider. There’s no big difference between home loan vs loan against property. Home loan is the use of purchasing a housing property whereas the loan against the property for all needs. The eligibility is separate for the salary and also self-employe individual. The salaried person needs the salary slip, ID proof, form 16, fee cheque, bank documents and application form. Whereas the self-employed needs the application form, ID proof, education qualifications, evidence of business existence, previous 3 years of ITR, balance sheet, and P&L, bank statements and fee cheque.
How to simply calculate Mortgage Loan in excel:-
It is the easier way to calculate the EMI eligibility via excel. The syntax for excel is PMT(rate, per, pv, fv, type). The rate is the interest rate for the borrowed loan. nper is the total amount of payment for a loan. pv is the present value. fv is the final value. type is the number 1 and 0. The number 1 indicates the beginning period and o indicates the end of the period.