Lot of buyers will not be able to get up to 80% of the cost as the loan being sanctioned as their monthly income may be less. Say if someone is earning Rs 50,000 per month; then eligibility of loan will be up to Rs 25 Lakh.
However one can increase the loan eligibility by asking bank to provide you with step up loan which means that loan eligibility will increase by 5 to 30 percent.
So, in the initial few years, the equated monthly instalments (EMIs) which you need to pay are much lower, and the amount gradually increases with time. The rationale behind this is that every few years, your salary will increase and you will be able to pay a higher amount towards the EMI. So, during the initial few years of the tenor of the loan, you pay a really low EMI, but by the end of the tenure, the loan EMI amount increases.
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