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Benefits of Calculating Loan EMI

Here are some of the benefits of using a Home Loan calculator: 

Compare Loans

Enter a specific loan amount and your loan tenure and there will be changes in the Interest rate and processing fee as per the fixed rates maintained by the bank. You will get a great idea of ​​your loan amount, and from that you can choose your personal loan.
Saves time

It takes less than a minute to calculate in a single touch when you use the calculator. Also, EMI calculators are extremely easy to use and 100% accurate.
Choose your preferred tenure

Loans are vary in tenure and you can compare EMIs to see which one is more suitable for your financial health. If you are fine with paying higher interest and want to close your loan early, the tenure will be shorter. Otherwise, you can always opt for a longer tenure.
Your repayment schedule Our personal loan calculator also provides you a complete breakdown of your repayment schedule. This way you will have an idea that ​​how much you will have to contribute and how much the principal balance will be.

Factors that Affect Your Home Loan EMI

Your Home Loan EMI mainly depends on 3 important factors:

  1. Interest Rate
  2. Loan Amount
  3. Loan Term

Interest rate: Even in this case, the interest rate is directly proportional to equal monthly payments. The higher the interest, the higher your EMI. The bank will charge the interest rate on your loan based on several factors, such as your income, credit history, ability to repay, etc.

Loan Amount: as much as higher the loan amount, higher will be the EMI payable. The maximum loan amount that you can avail is only depends on the lenders which will be based on your capacity of repayment, relationship with the bank and some other factors.

Loan term: The loan term you have chosen is inversely proportional to the equal monthly installments. The longer the term, the lower the monthly premium rate (EMI). However, in the long run, you may end up paying more as interest. Loan term options typically range from 12 months to 84 months.

Charges on Non/Late Payment of EMI

Penalty on late payment of EMIs (defaults): When a person opts for a loan, he needs to repay the loan amount in the form of EMIs or equated monthly installments. It is the borrower's responsibility to ensure that EMIs are paid on time to time. Default in payment of EMIs will attract penalty.

 That is why it is necessary to calculate the amount of your EMI in advance and decide the finances according to your tenure.

 

Penalties - for individuals who miss their EMI payments the banks and financial institutions may charge late fees as a penalty . The amount charged may vary but it is usually around 1%-2% of the EMI payable.

How to calculate your interest rates & EMIs on your loan

There are 2 ways to calculate your interest rates & EMIs:-

 

  1. EMI calculator- You can check your interest rate with the help of EMI calculator, which is provided by banks on every site you wish to visit. With the help of this calculator you will be applicable to calculate your whole interest rate of your loan amount with EMI. You just only need to fill some of your information regarding the loan, like:-

    Loan amount, Loan tenure & Interest rates

 

After filling these details you have to click on calculate button to get all details regarding to your loan. This calculator will not only tell your interest rates even it calculates your monthly repayment schedules also.

 

  1. EMI calculation formula- Alternatively, you can also use the formula below to calculate your EMI liability for your loan-

EMI = [P x r x (1+r)^n]/[(1+r)^n-1]

With the help of this formula you may able to calculate you interest on you principal amount.

EMI Calculator & Schedule

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Loan EMI

24,959

Total Interest Payable

34,90,279

Total Payment
(Principal + Interest)

59,90,279

Loan Eligibility Calculator

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%

Home Loan EMI Calculator Comparison Chart

LenderInterest RateProcessing FeeEMI / LakhLoan Tenure
8.25 %Upto 0.50 (Max Rs 15000)Rs 76230 Years Max
8.45 %Min Rs 3000Rs 74130 Years Max
8.45 %Up to 1% (Min Rs 5000 Max Rs 10000)Rs 72730 Years Max
8.55 %Up to .25 % (Min Rs 3540 Max Rs 1,25,000)Rs 77630 Years Max
8.60 %Min Rs 10000Rs 85220 Years Max
8.60 %Min Rs 10030Rs 76530 Years Max
8.65 %Upto 0.70 (Min Rs 5000 Max 25000)Rs 75530 Years Max
8.65 %upto 0.25Rs 75530 Years Max
8.65 %Up to .50 % (Min Rs 5000 Max Rs 25000)Rs 86220 Years Max
8.65 %Upto 0.35 (Min Rs 2500 Max 15000)Rs 76930 Years Max
8.75 %NILRs 76130 Years Max
8.75 %Up to .05 % (Min Rs 5000 Max Rs 25000)Rs 86220 Years Max
8.75 %Min Rs 10000Rs 74130 Years Max
8.75 %Min Rs 10000Rs 76230 Years Max
8.75 %Min Rs 2500Rs 76930 Years Max
8.75 %Upto 0.50 (Min Rs 5000 Max 40000)Rs75530 Years Max
8.95 %Up to 1% (Min Rs 5000 Max Rs 50000)Rs 77630 Years Max
9.00 %Min Rs 5000Rs 80925 Years Max
9.10 %Upto 0.50 (Min Rs 50000)Rs 79430 Years Max
9.30 %Upto 1.50 (Max Rs 10000)Rs 80130 Years Max

Related Frequently Asked Questions

Considering the annual interest rate of 6.5%, the monthly EMI for a home loan of Rs 20 lakh will be between Rs 12,641 and Rs 22,710 for various loan repayment tenures.

The lenders consider you as a default and can take action If you fail to pay your EMI for 3 consecutive months. Firstly The lender will  send you a notice of default to remind you about your EMI, & they'll you a period within which you must pay the amount owed or lose possession of the property (home/car) that you have provided as collateral.

The following charges are commonly associated with home loans:

- Processing Fee: The fee payable for processing the loan application. It is either fixed or a percentage of the loan amount.

- Prepayment charges: When you repay the loan before the stipulated period, a penalty may be levied by the bank or the lender.

- Other Fees: Banks and lenders may also charge you for documentation or other consultation fees such as legal fees.

There is no limit on the amount of down payment that the higher the down payment you can make, the lower will be your loan liability and the lower will be your EMI.

In many cases, the bank allows a grace period of a few days during which you can pay the premium. After this grace period, the bank may charge you a late payment fee. If you miss the EMI for three months or 90 days, it will be treated as default.

RELATED BLOGS (39)

News Update on Home Loan EMI Calculator

Home Loan Top Up: Eligibility, key benefits, interest rate – All you need to know

Admin 2022-08-30 12:19:20

A disciplined borrower can use multiple financial products available in the market to make their financial journey smoother. A top-up home loan is one of the easiest ways to borrow money without too much documentation and verification. It also offers more flexibility and better features than other borrowing instruments. One of the main eligibility requirements for a top-up home loan is that you need to be an existing home loan borrower.

A top-up home loan has many benefits. Let’s check out how a top-up home loan works and its key benefits.

Is investment in luxury real estate worth the cost?

Admin 2022-11-15 12:43:04

Luxury has become the most sought after need of every buyer today. Whether it is in the form of residence, services, facilities or any other segment. Owning luxury is a state of comfort and pleasure and a matter of prestige in our society. Real estate by far is the most preferred possession when it comes to status definition; and if it is luxury real estate, the living experience enhances while also adding to the buyer’s value. India has witnessed a massive response in the sale of real estate projects over the past few years, indicating buyers’ incline towards facilities and amenities that come along with the investment in such properties.

Senior Citizen Fixed Deposit Interest Rate is Rising: Check Latest Bank FD Rate Hike Details

Admin 2022-11-26 10:54:29

Latest Bank Fixed Deposit Interest rate for Senior Citizens: Banks have been raising Fixed Deposit rates for senior citizens and other depositors in the last few months. This week, DBS Bank and Union Bank of India raised FD rates.

The Union Bank of India has increased FD rates with effect from November 25. The public sector bank is now offering up to 7.3% interest to regular depositors for FDs of 800 days and 3 years respectively. Senior Citizens can get 7.8% interest for these tenors as the bank provides 0.5% extra interest to them.

 

DBS Bank has raised the FD rate for senior citizens on deposits of 600 days by 0.75%. DBS bank is now offering 7.75% interest to senior citizens on deposits of 600 days. On FDs of 3 to 4 years, 4 to 5 years and 5 years & above, the DBS bank is offering 7% interest to senior citizens. These rates on DBS bank FDs are effective from November 18, 2022.

How can young investors make money from real estate?

Admin 2022-11-26 10:55:59

Investing in real estate at a very young age is a smart way to build wealth, but the entry barriers are often prohibitively high for anyone in their early to mid-20s. For young people, investing in real estate can seem intimidating, if not impossible. Many younger people mistakenly believe that a successful real estate investor must be “old,” especially as the housing market continues to discourage them. As a result, they decide to postpone their interest in real estate investing until later in life. Time, on the other hand, is the most powerful and wealthy asset that young people have, and with the appropriate investment strategy, you can start to make returns.

Traditional property ownership or making an investment without owning any property both are options for real estate investing. Here are the best ways for young people to get started in the real estate investment market and build long-term wealth.

RBI hikes repo rate again – What should home loan borrowers do now?

Admin 2023-02-10 14:09:53

Global economic volatility and uncertainty as well as surging inflation have prompted the RBI to make another policy rate hike by 25 bps, taking the repo rate to 6.5%. When the repo rate is increased by the central bank, the cost of borrowing for banks also goes up. As a result, they may pass on the higher cost to their customers in the form of higher interest rates on home loans and other types of loans.

This means that home loan borrowers may have to pay a higher rate of interest on their loans, which can increase their monthly repayments. The higher repayments can put a strain on their finances, particularly if they have limited income or multiple loans.

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