While planning to apply for a Home Loan, it is also very important to stay aware of the repayment procedure. Be informed about the EMI amount that you will have to pay. EMI Calculator on Finserv MARKETS will help you with the same. With the EMI calculator, you will be able to find the EMI amount and plan your monthly budget accordingly.
** The above charges are excluding taxes
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**These are indicative and subject to change at the discretion of lender/ without prior notice.
|Month||Starting Balance||EMI||Interest rate||Principal contribution||Interest contribution||Ending Balance|
EMI on the Home loan can be calculated using the following formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
where P is principal loan amount
R is the interest rate per month
N is the repayment tenure
Home Loan EMI Calculator typically consists of the following 3 components:
Principal Amount: This is the loan amount that you want to avail.
Repayment Tenure: It is the duration over which you can repay the loan.
Interest: It is the amount that the lender charges on the loan amount.
Once you enter the values, you get the EMI amount that needs to be paid, in an instant.
Take a look at the some of the benefits of the Home Loan EMI Calculator:
It helps you calculate and examine the monthly outflow.
It saves a lot of time and manual effort and is very easy to use.
The calculator is an online tool and provides EMI amount in a jiffy.
It helps you plan your monthly budget.
It provides accurate results instantly.
Credit Score plays a major role in determining the Home Loan EMI. A good credit score i.e. above 750 will give the lender the assurance that you will be able to repay the loan on time, without defaulting. A good credit score will also help you get a loan at attractive interest rates.
A steady source of income is also an indicator that you have the ability to repay the loan on time and that your profile is not a risky one. This will greatly reduce your EMI amount.
It is the percentage of the loan amount you wish to borrow to the value of property you want to purchase. Higher LTV is considered risky by the lenders as the chances that the borrower will not be able to pay the loan can be high. A low LTV will help you get a loan at lower interest rates, thus carrying lesser risk.
A longer repayment tenure can significantly reduce the Home Loan EMI. This also means you may need to pay a higher interest rate on the principal outstanding amount.
It is necessary to be certain about the loan amount you wish to borrow, so that you do not face difficulties further. It is important to be well informed about the interest rates that will be charged on your HFFC Home Loan. So, choose the loan amount that you are confident you can afford and will be able to repay without any hassles.
This is perhaps the most important step to determine the right EMI amount. You must review your current obligations, and the EMI amount of current loans, if any. Also, keep a track of your current monthly budget and how you are going to set aside a certain portion of income for the EMI amount, so that your finances are not affected.
Compare the loans offered by various lenders to check which Home Loan is right for you. Check your eligibility beforehand i.e the loan amount that you are eligible for. By checking your eligibility, you can check the repayment tenure that will be suitable for you.
A Home Loan EMI Calculator is an online tool that will help you decide the EMI amount that you will need to pay against the loan.
The EMI formula is EMI = [P x R x (1+R)^N] / [(1+R)^N-1], where P - Principal Amount, R - Rate of Interest, N - Repayment Tenure
Using the EMI Calculator is really simple. Enter the loan amount, repayment tenure and the interest amount. Once you input these values, you will get the EMI amount.
The benefit of Home loan EMI Calculator is that it saves a lot of efforts and provides accurate results in no time.