Before taking such an important financial decision, you may want to carefully consider certain factors such as your income and monthly expenses to assess how much EMI you can afford. EMI (Equated Monthly Instalment) is the monthly instalment amount for home loans and repayment, which remains fixed throughout the tenure.
A home loan EMI calculator is a handy tool for finding the right monthly instalment amount. With it, you can easily calculate the EMI payable and total interest amount for a home loan. You can change the interest rate and loan tenure to compare EMIs payable for home loans offered by different financial institutions.
The EMI calculator will display the EMI payable as well as the total loan amount. You can also readjust any of these values to calculate again.
Calculating the home loan EMI on an online calculator is quite easy. You only have to type in the loan amount, tenure and interest rate in relevant fields. The EMI calculator uses the following formula to calculate the EMIs.
EMI = [P x R x (1 + R)^n] / [(1 + R)^n – 1]
Mr. Mehta has availed a ₹ 30 lakh home loan with a 7.5% interest rate and a tenure of 15 years. The monthly rate of interest would be 0.625%.
His EMI for the home loan is given below:
EMI = [Rs. 30,00,000 x 0.625 x (1 + 0.625)^180] / [(1 + 0.625)^180 – 1] = ₹ 27,810.
Thus, he will have to pay a monthly EMI of ₹ 27,810 for 15 years.
The following factors have a direct influence on your home loan EMIs:
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With a home loan of ₹30 lakh, you can construct a new independent house or purchase an apartment. Use the EMI calculator for informed and better financial planning. Navi offers home loans at competitive interest rates starting at 8.74% p.a. You can get financial assistance of up to Rs. 10 crore. These loans come with easy-to-fulfill eligibility criteria. Moreover, you can get approval almost instantly through a completely paperless process.
Ans: Home loan EMIs have different interest and principal components, with initial instalments having more interest and less principal components. The loan amortization schedule is a table detailing the breakup of these amounts along with respective dates.
Ans: Depending on the financial institution, there are several ways in which you can repay your home loan EMIs. You can send post-dated cheques or issue standing instructions to your bank to automatically pay the EMI amount on the due dates.
Ans: Sometimes, financial institutions disburse the home loan in stages. In such cases, you have to make repayments only after the final disbursement is complete. Till the full disbursement, you need to pay only the pre-EMIs, applicable on the partially disbursed loan.
Ans: Yes, the more you pay as a down payment, the less are the home loan EMIs. Financial institutions have requirements for the minimum down payment, but you can pay a higher amount to decrease your monthly burden.
Ans: Most financial institutions require you to furnish the following documents for a home loan:
• Proof of identity
• Proof of residential address
• Bank account statements
• Salary slips
• Form 16
• Latest income tax returns
• Property documents
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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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