Housing Loan EMI Calculator
Housing Loan EMI Calculator. Calculate Housing Loan Interest and Principal Payment of All Banks in India. Compare and Calculate the EMI paid on home loan provided by different banks i.e. SBI, Canara Bank, Bank of India, Bank of Baroda, HDFC, ICICI and other NBFCs.
What is Home Loan EMI Calculator?
Home Loan EMI Calculator assists in calculation of the loan installment i.e. EMI towards your home loan. It an easy to use calculator and acts as a financial planning tool for a home buyer.
What is Home Loan EMI?
EMI stands for Equated Monthly Installment. It includes repayment of the principal amount and payment of the interest on the outstanding amount of your home loan. A longer loan tenure (for a maximum period of 30 years) helps in reducing the EMI.
How does EMI calculation help in planning the home purchase?
Home Loan EMI calculator gives a clear understanding of the amount that needs to be paid towards the EMIs and helps make an informed decision about the outflow towards the housing loan every month. This helps estimate the loan amount that can be availed and helps in assessing the own contribution requirements and cost of the property. Therefore knowing the EMI is crucial for calculation of home loan eligibility.
How to use AskBanking’s Home Loan EMI Calculator?
All you need to do is to provide the following details to arrive at your EMI:
- Loan Amount: Input the desired loan amount that you wish to avail
- Loan Tenure (In Years): Input the desired loan term for which you wish to avail the housing loan. A longer tenure helps in enhancing the eligibility
- Interest Rate (% P.A.): Input interest rate.
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What is Home Loan Amortization Schedule?
Loan amortization is the process of reducing the debt with regular payments over the loan period. A home loan amortization schedule is a table giving the details of the repayment amount, principal and interest component.
EMI calculators give a fair understanding about the ratio of the principal amount to the interest due, based on the loan tenure and interest rates. EMI calculator also provides an amortization table elucidating the repayment schedule. This Home loan calculator provides a complete break-up of the interest and principal amount.