Home Loan EMI FAQs

Home Loan EMI FAQs

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What does an EMI Mean?

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.

Inputting the required values will help you find out the accurate amount of EMI. It is recommended to calculate your EMI using a housing loan EMI calculator before you apply for a loan.

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Why should I use an EMI calculator?

Home Loan EMI calculators help you to calculate your EMI amount based on the inputs entered. A house loan calculator is an effective tool.

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What is the benefit of calculating EMIs?

The home loan repayment calculator not only helps you know the EMI amount but also has other benefits you can enjoy if you calculate your EMI beforehand:

● Financial planning

● Make an informed decision

● Helps reduce interest payment

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How do you use the Home 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!

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What are the factors that affect housing loan EMI?

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.

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When will my home loan EMI be due?

With the house loan calculator find out the EMI then decide the date on which you want to avail of the loan.

For loans availed till 15th of a month, EMI is deducted on the 5th of the next month. For the loans taken from 16th to 31st, the EMI is deducted on the 5th of next to next month.

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How can I change my Home Loan EMI Date?

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:

● Calling the Bank’s customer service

● Visiting the nearby branch

● Submitting an application to the branch manager

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How does my home loan eligibility affect EMIs?

Your home loan eligibility depends on some extremely crucial factors like your salary or income, your age,any ongoing debts, age, credit score etc.

These things contribute towards determining your home loan amount and interest rate, thereby impacting your monthly instalment or the EMI.