Planning to buy a new house? Here's something to help you. Buying a house in cities, amid skyrocketing prices, was probably never as easy as now. With banks readily handing out loans, and government schemes like the Pradhan Mantri Awas Yojana (PMAY) helping new buyers' save over Rs 2.5 lakh, your dream house is closer to become a reality than ever before. But then there a few things to know, about how much monthly instalments you will have to pay back to your lender every month and what would the interest.

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Here's a comparison of interest rates and expected EMIs a customer will have to pay on a loan of Rs 30 lakh spread across a 20-year tenure. On an average, an affordable 2BHK house costs around Rs 30 lakh at urban centres these days.

While applying for a home loan, you need to have the following to support your eligibility for a home loan.

1. Income and tenure: You monthly income shouldn't be lower than the EMI you have to pay. 

2. No existing debt position: Ensure you have closed all your previous debts before applying for a home loan. This helps improve your eligibility to qualify for a higher loan. 

3. Apply along with a co-borrower: This helps in saving you from loan rejection. 

4. Consider step loan: For those who expect their incomes to increase in near future, banks allow them to pay lower EMI in starting years.

5. Add an additional source of income in your application, if you fall short of EMI eligibility.