Equated Monthly Installment (EMI) requires a refund of the total amount and the charge of interest on the outstanding amount of your home loan, including the recovery of the principal amount of your loan. The EMI improvement will be supported by the extended loan period (for a fixed duration of 30 years). A home loan emi calculator will allow you to know the amount of the EMIs you have to pay for your home loan.
In addition to the general EMI number, You can calculate the interest rate owed on your house loan in just three simple steps. The EMI home loan calculator often acts as a home loan interest calculator. Type the amount of the loan you want to take first. Then choose the tenure of your loan. Eventually, place the interest rate on the home loan.
How Does EMI Calculator Help?
The EMI Calculator for HDFC loans gives you a clear idea of the amount to be paid to EMIs and helps to make the informed outflow decision on housing loans on a monthly basis. It tends to determine the loan amount to be used and allows to assess the property’s own contribution and expense criteria. Therefore, learning the EMI is necessary to calculate the availability of a home loan and to schedule your home buying trip more effectively.
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How to Calculate Housing Loan EMI Online?
- Use the first slider to pick the loan amount you want. Shift the slider to the correct amount. If it’s simpler, you can also insert the amount in the space.
- Select the loan tenure.
- Type the amount you are charged by your loan. If a quotation of 10.55% p.a., for example, is offered to you, type it here.
- Enter the applicable loan processing fee.
- Select “Yes” if you plan to make prepayments and pick the option “No” if you won’t prepay.
- Type the correct figures and then click on the “Calculate” option.
What is Home Loan Prepayment?
Until finishing your loan period, you will repay your home loan in whole or in part when you have excess money. This reduces your outstanding debt and reduces your EMI’s or the rest of your loan tenure.
You would benefit from interest savings, reducing the major debt, financial stability and the impact of credit rating if you plan to pay the home loan to a full extent. Many banks will not charge for prepayment.
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How Does Home Loan Prepayment Help?
A prepayment home loan calculator helps to learn the effect of your house loan partial payment. Whether you incur a prepayment of the home loan or allow a partial prepayment, the existing housing loan and EMI will save you a lot over a long period of time.
Home Loan Interest Rates of Top Banks:
|Bank||Home Loan Interest Rates|
|Bank of Baroda||8.15%|
|Karur Vysya Bank||8.65%|