Indians, Do you Know the Secret of Your Home Loan Calculation?
7,686,369,774,870 × 2,465,099,745,779 =?????
Shakuntala Devi, the human calculator solved the above 13 digits random equation within 28 seconds. But we get confused with any simple home loan calculation, right. Well, we want “YOU” to solve the complex math of home loan within few seconds. And the secret of that calculation is our Home Loan EMI Calculator.
You have several questions in your mind -
How much home loan I am eligible for?
What is the time period for home loan repayment?
What will be my EMI for a home loan?
How much of the total property value can be financed?
The answers to all these questions can be found with few clicks on EMI calculator.
Before going to the advantages of EMI calculator, let us first comprehend EMI. It stands for equated monthly installment. EMI =Principle + Interest. The interest is paid till the full outstanding loan amount is settled with the lender. With the passage of tenure, the borrower pays more towards principle and less towards the interest.
Advantages of EMI Home Loan Calculator
- EMI home loan Calculator calculates your monthly installment.
- You can know how much home loan you are eligible for.
- Sophisticated EMI calculator makes accurate calculations and produces the data with graphical charts. You will know where your money is going.
- You don’t need to register with the lender for making use of this EMI calculator.
- The EMI calculator that asks for more information shows more accurate results.
Case Study
Ms. Mala wants a home loan of Rs 25 lakh for the tenure of 20 years. The lender charges 9.4% interest rate for the loan. She clicks on home loan EMI calculator and calculates Rs 23,000 as home loan EMI.
Ms. Mala earns Rs 50,000 a month and she wants to purchase a flat worth Rs 35 lakh. Though she wants to avail home loan of Rs 25 lakh, but her home loan eligibility is somewhat around Rs 29 lakh 75 thousand*.
As illustrated in the above diagram, home loan EMI calculator asks for your personal professional and loan details. As personal details, you need to enter your name, mail ID, mobile no, PAN Card no, qualification etc. Loan details include loan amount, tenure, property value, current residence etc. Professional/employment details include monthly income, other running loans, total work experience etc.
You can also leverage different online aggregators’ website, where you can compare the EMI and interest rate of varied lenders at one place. You can get a fair idea about the varied lender’s offering at one place. However, the math of home loan differs from applicant to applicant. To obtain more accurate results, you have to make use of home loan EMI Calculator.
So, still, if you have not been able to comprehend your mortgage calculation, now it’s the time to use home loan EMI calculator and know the secret.
*Disclaimer: The eligible amount, EMI, Rate of interest may be different from the actual depending on the correct documents submitted.Disclaimer: The information contained in this post is for general information purposes only. IIFL Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness or of the results etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. Given the changing nature of laws, rules and regulations, there may be delays, omissions or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Gold/ Personal/ Business) loan product specifications and information that maybe stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Gold/ Personal/ Business) loan.
