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Home Loan EMI Calculator
About Home Loan
Everything that you purchase requires you to do a proper financial planning. Decisions taken in haste without looking into financial aspects can land you in a big financial trouble. Hence, you need to have a proper financial plan in place to make a wise decision. Though buying a home in India has become easy with the advent of home loans, you need to do good amount of planning as borrowing the hefty sum is easy but not knowing how to repay it could be troublesome. And this is when a home loan EMI calculator comes into play.
What is Home Loan EMI Calculator?A home loan EMI calculator helps you make an informed decision about the sum of EMI you will have to shell out each month to pay your home loan. It is important to use the Home Loan EMI calculator to understand the EMI i.e. the Equated Monthly Instalment effective on your home loan on the basis of the loan tenure, loan amount and the interest rate. A home loan calculator helps you assess your repayment capability before you actually opt for a home loan from the bank. It thus prevents you from financial crisis by helping you estimate your home loan EMI amount.
You can use the home loan EMI calculator even prior to applying for the home loan to get accurate results and also assess your repayment capacity.
The InvestOnline home loan EMI calculator provides you with an approximate that is to be paid towards your home loan with a complete breakup of the repayment process.
What is Home Loan EMI?Home loan EMI is the sum of the money a borrower has to pay to bank on a fixed date each month as the repayment of the loan taken.
EMI stands for equated monthly installments and is the amount calculated on the basis of the principal amount purchased and the interest applicable on the same.
EMI = Principal amount + Interest on principal amount.
How is the EMI of the home loan calculated?A home loan EMI is calculated on the basis of the below formula:
Here, E stands for EMI, P means for principle, R means rate of interest every month. N indicates the tenure of loan. The monthly EMI amount changes with time and less interest is to be paid towards the principal amount.
The home loan EMI calculator comes to your rescue when you are planning to buy a loan for your dream home as manual calculation of EMI is a tedious process. The home loan EMI calculator gives you instant results, thereby saving your time and effort and also helping you plan your finances in a better way.
Home Loan Eligibility and DocumentsIt is important for the home loan applicant to meet the below eligibility requirements
Documents required for applying for a home loan
Types of Home Loans Available in India
Different types of home loans available in India are:
Key benefits of InvestOnline’s Home Loan EMI Calculator -
Here are a few advantages of using InvestOnline’s home loan EMI calculator:
InvestOnline’s home loan EMI calculator helps you compute your EMI in just a few seconds, thus saving your time from the lengthy, time-consuming process. The moment you enter the required details, you get all the information about your home loan EMI calculation.
Get accurate results:
There are high chances of getting a wrong home loan EMI amount when you do the calculation manually. And this is where the home loan calculator comes to rescue, saving you from wrong calculations that can cause any financial trouble in the future. Hence, it is always a wise idea to use the InvestOnline home loan calculator to get accurate results.
Plan your finances in a better way:
You can easily gauge your financial capacity using the home loan EMI calculator. By just adjusting the required details you can change the principal amount, tenure and even the interest rate. You can calculate your EMI by changing these aspects and then zero down on an amount that meets your requirements. You can use the home loan EMI calculator as many times as you want to find the right home loan for yourself.
Easy to use:
InvestOnline’s home loan calculator is easy to use and does not require you to go through tough steps or any training. All you need to do enter your housing loan amount, interest rate and loan tenure. We have quite a user-friendly interface that does not require too much of back and forth and just by entering the above information, the home loan EMI quotes are displayed instantly.
How to use InvestOnline’s Home Loan EMI Calculator?
InvestOnline’s home loan EMI calculator computes the EMI amount as per the details entered.
It requires a home loan candidate to fulfill the below details.
Loan amount: This is the sum of the money that an individual needs to borrow from the bank to finance the purchase of his dream house. This amount is called the principal amount on which the bank home loan interest rate is levied. This amount is given by the bank depending on the eligibility of the applicant.
Interest rate: This is the rate of interest which is applicable on the amount of the loan taken. The interest rate varies from bank to bank and also depends on the employment and income of the individual. Home loan can be obtained on a fixed or floating interest rate, depending on the individual’s choice.
Tenure: This is a number of years allotted to the loan borrower to make the repayment. It is important to know that home loans are long-term tenure loans and can be purchased forever 20-30 years. You can choose the home loan tenure as per your requirement. However, it is important to remember that longer the tenure, the more the interest you will have to pay.
To use the InvestOnline home loan EMI calculator, you need to do the following:
Note: As a thumb rule, a lending institution will apply up to 65% of monthly earnings for EMI payments towards a housing Loan.
InvestOnline.in does not subscribe to this view and suggests limiting the EMI to a maximum of 40% of the monthly earnings, as a 65% outgo may leave the borrower financially stretched to meet other investment goals as well as run a smooth family life.
FAQs on home loan EMI calculator
Can I enjoy tax benefits on a home loan?
Yes, as per Section 80C of the Income Tax Act, 1961.
Can home loan be availed only for buying a new home?
Home loan can also be availed for construction of an existing property, extension of an existing property or for renovating an existing property.
Is home loan calculator trustworthy?
Yes, home loan calculator is trustworthy.
Which is the best home loan EMI calculator in India?
Every bank and investment portal today offers you with a home loan EMI calculator that functions as per the same formula. You can calculate the EMI of your home loan from the calculator you prefer.