How to Use Home Loan EMI Calculator?
Our home loan calculator makes it simple to calculate your Home Loan Emi. This home loan EMI calculator can assist you in making an informed decision about purchasing a new home. The home loan EMI calculator can help you arrange your cash flows for loan repayment.
With our simple house loan EMI calculator, you can calculate the EMI you need to pay for your home loan. You can use our Home Loan EMI Calculator to see how much monthly and total expense you would incur by acquiring a home with a bank home loan.
Select These Things-
House Cost: The actual cost of the home you purchased (i.e., sale deed value).
Down Payment: The down payment, also known as the margin, is the entire amount paid to the seller or builder out of your pocket, expressed either in rupees or as a percentage of the home’s value.
Loan Tenure: The loan tenure or term is the loan repayment period.
Interest Rate: The interest rate is a % value that is calculated with your monthly repayment amount.
Send a PDF Report: If you wish, you can save a copy of your loan EMI report by entering your email in the related field, and we will send the pdf report in your email.
Home Loan FAQs:
What is Home Loan EMI?
EMIs, or Equated Monthly Installments, are a well-organized and handy method of repaying loans. The repayable amount (the amount borrowed plus the amount payable towards interest) is spread out over the loan term in equal monthly installments.
An EMI is a monthly amount that the borrower can repay. Applicants are given an amortization schedule with corresponding balance amounts every month to distribute the money paid towards the interest and principal.
What is an Amortization Schedule for a Home Loan?
Though the EMIs remain essentially regular during the loan’s term, the amounts repaid are applied to the interest and principal to be returned. Typically, the initial installments contribute more to the interest amount, whereas subsequent installments contribute more to the principal.
An amortization schedule breaks down the amounts repaid towards interest and principal, as well as their relative balances, throughout the loan’s term. So explained, an Amortization schedule is a road map for repaying your house loan that indicates the milestones and ideal places you should be at along the cycle.
Who is eligible to apply for a house loan?
- Individuals who are employed (working in government and private sector)
- Individuals with expertise (i.e., engineers, doctors, dentists, architects, company secretaries, management consultants, chartered accountants, etc.)
- Self-employed and submitting Income Tax Returns
- Individuals over the age of 21 and not older than 65 years