In short
- Banks usually want all your EMIs together under about half of your take-home pay.
- Check your credit report yourself before the bank does; fixing errors takes weeks.
- Stamp duty and registration are not financed. Plan cash for them on top of the down payment.
The three numbers
Income to EMI. Most lenders want the new EMI plus any existing EMIs to stay under roughly half of your monthly take-home. Try the EMI calculator below with the price you have in mind.
Credit score. You can get your credit report free once a year from each credit bureau. Read it before you apply; anything wrong on it takes weeks to correct.
Loan to value. Banks lend a share of the property's value, usually up to 75 to 90 percent depending on the loan size, under RBI rules. The rest is your down payment. Stamp duty and registration are not part of the loan.
Papers to keep ready
PAN and Aadhaar, six months of bank statements, salary slips (or three years of returns if self-employed), and the property's papers: the agreement, approved plan, the 7/12 extract or society share certificate, and for an under-construction flat, the builder's permissions and MahaRERA registration.
Where we can help
We can introduce you to banks and housing-finance companies and sit with you for the property side of the file, free. The rate and fees are between you and the lender; we never add to them.
General information for Maharashtra, written for buyers in Ahilyanagar. Not legal or financial advice; rules change, so check with the source or a professional before you act.