Calculate Your Home Loan EMI Easily with Our Home Loan EMI Calculator
Home Loan EMI Calculator
Use the Home Loan EMI Calculator and know your exact EMI on a home loan. See whether the EMI on the Loan fits into your monthly budget or not.
When planning to buy your dream home, you may have discovered that purchasing a house is more complex than it seems. And it is a more lengthy process with a Home Loan. Crunching the budget numbers is necessary when applying for a home loan. This way, you don’t default on the repayment.
But as an ordinary citizen has little interest in computing EMIs manually, it is an uphill battle for them. And there’s only one tool that can help you. So, here you can see how the calculator for calculating home loan EMIs can be a useful tool for you. A Home Loan calculator is an online tool which calculates EMIs. Banks and NBFCs Home Loan calculator gives you the EMI amount. And along with that, you get the payment breakup component. The results you get from the Home Loan EMI tool are the total payable principal and interest amount.
Fortunately, you can use online EMI calculators on your Smartphone, laptop, tablet or computer if you have an internet connection. This great tool helps you decide the amount and term of your loan. However, before jumping in, let’s figure out what a Home Loan EMI calculator is.
The relations eligible for co-borrower in a Home Loan are –
Note – Check with your home loan provider before submitting the loan application.
Some of the mandatory documents for a Home Loan application are –
- Last six months’ bank statements
- Recent acknowledged income-tax returns
- Identity proof – passport, PAN card, voter id and Aadhaar Card
- Residence proof – passport, property tax receipt, electricity bill, voter id and telephone bill.
- NOC from the builder or society where you are purchasing the property
- Certified copy of the approved proposed construction plan in case of home construction
- House allotment letter
In a floating-rate loan, the interest rate changes over time, but in a fixed-rate loan, it remains constant.
A Home Loan calculator helps you estimate the loan amount you are eligible for and your EMI or equated monthly installments. Generally, a Home Loan EMI calculator has three parameters – loan, rate of interest and loan tenure. As long as the interest rate remains constant, you can change the loan amount and tenure to figure out your EMI in various situations. Typically, a longer loan tenure (for a maximum of 30 years) helps in reducing the EMI amount for your Home Loan. However, the longer the loan tenure, the more you pay interest.
A Home Loan amortization schedule is a comprehensive table showing the full details of your loan.
The schedule consists of –
- Opening principal amount
- Loan balance
- Interest amount