First Home Calculator
Calculate to buy your first home at the earliest in the easiest way.
How to Plan for Your First Home Purchase?
1️. Managing Your Finances: Examine your income, spending, and savings
2️. Set a Budget: Plan ahead since inflation will cause house prices to increase over time; a home budget calculator will enable you to estimate the full cost of your perfect property.
3️. Understand Home Loans: Explore various loan options and their eligibility criteria, as most lenders typically require a 20% down payment—so it's wise to start saving early.
What are the Procedure and Documents Required for the First Home Purchase?
The home-buying process starts with finding a house that fits your budget and needs. Once you negotiate and agree on a price with the seller, you apply for a home loan, submitting the necessary documents for bank approval. Once the loan is authorized and the final agreement is signed, you pay the remaining amount, the bank completes the procedure and provides the keys to your new house.
Documents Needed:
1. Identity Proof: Aadhaar card or passport
2. PAN Card: Required for financial transactions
3. Income Proof: Salary certificate from your employer
4. Address Proof: Utility bill, rent agreement, etc.
5. Payment Proof: Banker’s cheque or demand draft for the seller
How Does the First Home Calculator Work and What Formula Does It Use?
A first home calculator helps you estimate your monthly mortgage payment based on:
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P = Monthly Payment
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I = Interest Rate
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N = Loan Tenure (in months)
For Instance, Your monthly payment on a ₹10,00,000 loan obtained at 5% interest for 30 years would be ₹5,830.
What are the Benefits of Using Equirus Wealth's First Home Calculator?
1. Plan Your Budget: Adjust loan amount, interest rate, and tenure to find an EMI that fits your finances.
2. Clear Repayment Breakdown: See how much goes toward interest vs. principal to understand your loan better.
3. Track Interest Costs: Calculate total interest payable and explore ways to save money.
4. Forecast Your Future: Test different scenarios to make informed loan decisions.
