When one takes a Dena Bank home loan, a natural question that comes to mind is how much the EMI would (Equated Monthly Installment) be that one must pay back to the bank every month.
Hope the following FAQ’s about Dena Bank home loan will answer all your questions
A Dena Bank home loan calculator helps you know the amount of the EMIs that you will need to pay towards your Dena Bank home loan and helps make an informed decision. The EMI-Calculators.com's Dena Bank home loan calculator also functions as a home loan interest calculator, as you will be able to know the interest amount due on your Dena Bank home loan, in addition to the overall EMI amount, in just 3 simple steps. First, enter the loan amount that you wish to take. Then, select your preferred tenor. Finally, put in the Dena Bank home loan interest rate advertised on the website. That's all!
EMI stands for Equated Monthly Instalment. EMI is the monthly repayment that a Dena Bank home loan borrower must make to repay the Dena Bank home loan within the specified loan tenor.
The following table illustrates the EMI on several Dena Bank home loan amounts with different tenures. The applicable rate of interest is 8.60%* onwards.
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Following table shows the EMIs for various loan amount based on different tenures at 8.60%* onwards
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As you decide to take a Dena Bank home loan, always estimate your loan amount eligibility to know the loan amount you will be eligible for and can apply for. Also calculate the monthly EMI that you can comfortably service given your net take personal salary and other existing fixed obligations including rent and EMIs on other existing loans, if any. Your house loan eligibility is calculated based on your age, net income, existing obligations, property type, LTV ratio and other factors. EMI is dependent on the loan amount, interest rate and tenure. Once you understand your minimum loan requirement, your eligibility and monthly EMI you can comfortably service, shortlist the banks which offer you maximum loan amount to meet your requirements.
If you are buying a property from builder, then check for the banks which have approved the projects you have shortlisted. For resale property, check the approved map plans and ensure that all property registration papers for the complete chain from the first owner to current owner are in place. Shortlist the banks which lend on your chosen property.
As you narrow down the list of banks in Step 2 and 3, you need to conduct an interest rate on Dena Bank home loan comparison of the loan offers of various banks. Some of the interest rate offers that needs to be checked are:
Choice between fixed and floating rates – Fixed rates come at a slightly higher rate of interest compared to floating rate loans and interest rate remains constant during the tenure of Dena Bank home loan. In floating rate loan, interest rates are reset at periodic intervals in response to changes in MCLR and PLR rates of banks or NBFCs. Majority of Dena Bank home loans in India today are floating rate loans as it allows the borrowers to get Dena Bank home loan interest rate in line with the current interest rates.
Decide if you need a home saver loan – This is a loan with overdraft facility which allows you to deposit surplus amount in your Dena Bank home loan overdraft account as and when available, allowing you to reduce your overall interest amount. This loan is highly recommended for salaried individuals with high bonuses and self employed business which is seasonal and has fluctuating cash flows. The interest rates on overdraft loan is slightly higher than that of a regular Dena Bank home loan interest rate.
You can also evaluate a mortgage guarantee house loan as it covers any default risk and allows the lender to give you loan at low rate of interest. You will however need to pay a mortgage guarantee fee to the bank.
Check and compare the current Dena Bank home loan interest rates of the banks on various types of loan products and take an informed decision.
In addition to interest rates, banks also charge many other fees on Dena Bank home loans. Along with interest rates, you should check other associated costs with a your loan which include prepayment charges, processing fee, insurance premium and other charges offered by the shortlisted banks. You should calculate all inclusive costs on Dena Bank home loan to be able to further shortlist the banks and reduce your choice to 2-3 banks.
Finally as you decide to take the loan, also consider other service and transparency related parameters of the chosen banks. Some of these factors are turnaround time offered by the banks, quick loan delivery, doorstep services, transparency in the loan process. You also need to understand the trends and changes in MCLR rates over a period. Last but not the least, read reviews of existing customers on banks on their services, interest rates and transparency to take your decision to borrow from a bank.
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