An EMI (equated monthly installment) is a monthly payment paid by the borrower to the creditor. It can be calculated using a housing loan EMI calculator.
The Home Loan EMI Calculator uses an algorithm that takes into account variables, such as your home loan amount, the interest rate, and the tenure of your loan. The intricacies of the amortization schedule - yearly or monthly, can be understood by simply contacting us.
The home loan calculator uses the following parameters:
● The amount of the home loan you have applied for
● The rate of interest required to be paid on the home loan amount
● The tenure of repayment of the home loan, the maximum being 20 years
The Home Loan EMI Calculator will instantly discern the EMI for you!
The home loan EMI depends on various factors including loan amount, interest rate, tenure, prepayment and down payment.
● Loan amount: The higher the amount borrowed, the higher will be the EMI and vice versa
● Interest rate: The rate at which the bank is providing the loan. Home loan Interest rate is determined based on your CIBIL score.
● Loan tenure: The longer the tenure, lesser is the home loan EMI and vice versa
● Down payment: This amount is payable by you at the time of property purchase. The higher the amount payable, lesser the amount borrowed which further leads to low EMI payable and vice versa.
With the house loan calculator find out the EMI then decide the date on which you want to avail of the loan.
Calculate your EMI, interest rate, and tenure using the home EMI calculator before you decide to apply for a loan. Once you avail of the loan, the date for your EMI deduction is fixed. However, you can change your home loan EMI date by:
Your home loan eligibility depends on some extremely crucial factors like your salary or income, your age,any ongoing debts, age, credit score etc.