Home Loan EMI Calculator
Result
- Your EMI (₹)13,215
- Principal(₹)10,00,000
- Total Interest(₹)5,85,800
- Total Amount(₹)15,85,800
A Home Loan EMI Calculator helps compute the EMI or monthly installments a potential home loan is likely to attract based on certain inputs provided by the user. The logic governing this online tool takes into account the inputs provided to deduce the desired projection.
The user can manipulate outcomes by shuffling between permutations and combinations to arrive at a pocket-friendly installment plan, based on which he or she can run home loan comparisons, and consequently make well-informed financial decisions.
The EMI payable against a home loan is one of the deciding factors behind shortlisting loan offers. An advance estimation of this upcoming monthly liability helps homebuyers make the financial arrangements needed. This is where a Housing Loan EMI Calculator comes in handy.
This online tool helps potential homebuyers compute the liability availing a home loan is likely to attract and the finances needed for it. Based on the estimations provided, homebuyers can compare the loan offers extended by banks to arrive at a repayment plan that suits their needs and financial constraints.
"Herein, the right question to be asked is, “How much can one afford ?” Usually, banks make sure that the EMI payable against the loan availed does not exceed 40% of the borrower’s monthly income. Borrowers should also take note that their total outgo towards outstanding loans should not go beyond 50% of their monthly income. Besides this, the loan should be availed for the shortest possible tenure.
The longer the tenure of a loan is, the lesser the monthly installment amounts to. This proposition makes opting for longer loan tenures very tempting. Borrowers should, however, avoid falling into this trap, as longer tenures attract higher interest rates.
Simply put, the longer the tenure of your home loan is, the more compound interest you will end up paying the banks, this is the universal logic governing the relationship between loans and tenure."
The logic governing Home Loan EMI Calculators takes into account certain factors to deduce the EMI payable post disbursement. These include the amount the user is looking to borrow for purchasing the house of his choice, the tenure he is looking to repay the loan in, and the rate of interest the outstanding is likely to attract.
The potential borrower needs to hit the “Calculate” button after entering these values, following which the estimated installment amount or the EMI payable against the loan shall start reflecting. The user can shuffle between permutations and combinations to arrive at an acceptable outcome.
