Home Loan EMI Calculator
Home Loan EMI Calculator
Buying a house is an imperative decision of a lifetime and the money involved in it is huge. Because of this, it becomes all the more important for all of us to seriously think upon varied aspects before taking a home loan. In reality, however, you can take the correct decision only when you know how much you have to repay every month in the form of EMI. EMI is a fixed payment amount, structured by bank and paid by borrower on month basis to pay off both interest as well as principal components of loan. Because of so many issues involves, it becomes virtually impossible for individuals calculating manually. Hence, home loan EMI calculator comes to your help in estimating the amount required to be paid per month and total money paid to the bank in the form of interest.
Gone are the days when one had to approach every lending institutions to get an idea of EMI structure of that bank for a given loan amount. Today, EMI calculator does this work for you in a very short span of time. The home loan calculator helps in checking the EMIs for a given loan amount, rate of interest and loan tenure. The EMI calculator for home loan provides a helping hand for all loan seekers by facilitating them to select best deals with the help of EMI calculations. The EMI calculator here will help in determining which loan will offer you the best value, by comparing different interest rates and loan amounts. Borrower can choose the type of loan, which is best suited to his monetary background and payment capacity.
While computing EMI, the calculator will take varied factors into consideration. These factors include loan amount, tenure and rate of interest. Different processing & other charges, which may be applicable as per the rules of lending institutions are not taken into consideration. You are required to enter the total loan amount, interest rate & the number of years for which you thinking of taking the loan and the calculator will give you results in few seconds. If you are not comfortable with the figures you get, you can always adjust the loan amount and tenure, till the time you come up with EMI that suits you best.
- The interest rate remains fixed during the loan tenure.
- Interest rate is compounded monthly.
- Processing & other charges which may applicable as per the rules of banks and other lending institutions are not taken into account.
Other calculators you may find useful
Articles you may find useful:Longer tenure or higher emi on personal loan take your pick
Jyoti is looking for a personal loan. Out of the five banks considered a couple look good to her and hence she is thinking of choosing between these two offerings. One factor that has been at the back of her mind is the time period for the repayment of the loan. She would prefer...
How to avoid penalty on your home loan emi when you change your savings bank account
We cannot think of repaying a loan without Equated Monthly Instalments (EMIs). By depositing the required sum every month, EMIs ensure that the loan repayment is regular, systematic and timely. It is done in two ways: through post-dated cheques (pdcs) and electronic clearing system (ECS). Let us consider the first method here. Anuj has taken ...
Why your EMI dont change
SHILPA had taken a housing loan in December 2007. With an 11 per cent floating interest rate, she pays an EMI of Rs 9,100 and has Rs 8 lakh outstanding. Shilpa's bank declared a 50 basis point reduction in rates in the first week of April. However, when she checked out the details of...
Impact of increase in home loan interest rates on home loan emi in India
Housing loans are long-term loans that continue over a number of years, hence implications of even a small change here can be quite big, especially when it is related to interest rates. Arjun had taken a housing loan of Rs 10 lakh for 15 years at an interest rate of 7.5 per cent a...
Looking for Home Loans: Compare and Get Home Loan Offers from different BanksComments on this Article