Home Loan EMI Calculator in Hindi Home Loan Calculator in Hindi Home loan Calculator India : In this article, we will provide you information about Home Loan EMI Calculator. Full form of EMI (EMI Full form = Equated Monthly Installment) that means there is an equal monthly installment. Before doing home loan EMI calculator, you should know that What is home loan?
Home loan EMI depends on three main factors – loan amount, interest rate and loan tenure. Before applying for a home loan from any lender, you should calculate your loan EMI so that you can get an idea of the amount you will have to pay at the time of loan repayment. In this article, we will know in detail that What is Home Loan EMI Calculator And how can we calculate the EMI of our loan etc., so read this article till the end.
If you don’t know how to take loan from bank So you can read this article of ours.
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Home Loan EMI Calculator
When we take a loan to build, buy or renovate a house or flat, it is a home loan. home loan one secured loan Because to take this loan, you have to give some security or guarantee to the lender. You can take this loan from any bank or Non-Banking Financial Company (NBFC). The government also provides tax benefits on home loans under the Income Tax Act, 1961.
Lender’s customer before giving loan CIBIL Score checks. The higher your CIBIL score, the more attractive you are Home loan interest rate But you can take home loan. There are many banks which Best home loan are providing. of the Government of India Prime Minister’s Housing Scheme Under this, you can get Home Loan Subsidy on Home Loan.
On the official website of each lender, you will see the EMI calculator, in which you have to select the loan amount, interest rate and loan tenure. After selecting the home loan EMI comes in front of you, how much you will have to pay per month. If you apply for that loan without calculating the EMI of the loan, then you may have to face difficulties at the time of repayment of the loan.
Many people have to take a home loan of only Rs.6 lakhs. There is a question in their mind that how to do 6 lakh home loan EMI calculator. Home Loan EMI Calculation You Home Loan Calculator Or you can do through EMI calculation formula. Information about all these methods is given below.
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How does Home Loan Calculator work?
Home Loan EMI Calculator works in the same way as personal loancar loan, business loan Etc.’s calculators work. You have to enter some necessary details in the calculator such as loan amount, interest rate and loan tenure. It tells you exactly how much money you will have to pay. It also helps you in comparing loans from different lenders.
Below is an image of an EMI calculator:
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Home Loan EMI Calculation Formula
The formula for EMI calculation is: EMI = [P x R x (1+R)^N],[(1+R)^N-1]
- E : EMI (Equated Monthly Installment)
- P : Principal or loan amount
- r : interest rate per month (annual interest rate divided by 12 to get monthly interest rate)
- n : Number of monthly installments or loan tenure in months
Let us understand with an example how you can calculate EMI with the help of this formula:
Suppose a person has taken a loan of Rs.3,500,000. The interest rate on this loan is 8.65% per annum and the loan tenure of the loan is for 30 years.
- P : Rs 3,500,000
- r : 8.65%
- n : 30 years or 360 months
- EMI (E) : Monthly Installment : Rs 27,285
- EMI for one year : 12 X 27,285 = Rs 3,27,419.
With the above given formula, you can calculate EMI by hand. But the problem with this is that it takes more time and error is also common. That’s why we recommend you to use the online Home Loan EMI Calculator which shows you the exact figures. Every lender provides the facility of online home loan EMI calculator on their official website.
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Home Loan EMI Calculator Benefits
There are many benefits of home loan EMI calculator which we will get to know about here:
- EMI calculator is a calculator in which you have to enter the loan amount, interest rate and loan tenure.
- After entering all the information, the monthly installment comes in front of you, from which you get to know how much money you will have to pay per month.
- When we take home loan or any other loan, we have to repay it in monthly installments.
- If you do not calculate the EMI before taking the loan, then you may face problems.
- You can compare home loan EMIs from different lenders, which makes it easy for you to know which home loan you need to pay less.
- Home Loan Calculator is easy to calculate.
- You can choose the right loan tenure for your comfortable EMI as the higher the loan tenure of the home loan, the higher will be your EMI.
- Sometimes the customer gets the money to make the prepayment before the loan tenure, in which case the customer Home Loan EMI Calculator can take help of.
- If you calculate EMI by hand then it is common to make mistake in it but Home loan EMI calculator is a machine which shows you accurate results.
- You can compare home loan offers of various banks.
- This tool helps you understand the details of the financial charges associated with your loan.
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Types of Home Loan EMI
Home loan EMI is a fixed amount but it can change in some cases. In this situation, this EMI can be of two types: Fixed Home Loan EMI and Flexible Home Loan EMI. Sometimes there is also a change in the EMI of your loan which can happen if you opt for a step-up or step-down property loan. In step-up the EMI increases with time but in step-down the EMI decreases with time.
Home loan prepayment can affect your EMI. The best part is that you can either choose to reduce the EMI or reduce the tenure of the loan.
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Factors Affecting Home Loan EMI
Home loan EMI depends on a number of factors which are listed here:
- Loan Amount: The amount you borrow under home loan will be your home loan loan amount. The higher the loan amount you take, the higher will be your home loan EMI. Home Loan EMI Calculator Helps you to know how much loan amount you should take so that you do not face any problem at the time of loan repayment.
- Rate of interest: At the time of repayment of the loan, you have to pay an additional fee, which we also call the interest rate. The interest rate is a significant contributor to your home loan EMI. The higher your interest rate, the higher will be the EMI.
- Loan Tenure: Before taking a home loan, you should know that for how long you are taking this loan. The longer the loan tenure of your loan, the higher will be your EMI. Home Loan EMI Calculator helps you to select the tenure of the loan.
- Prepayment: If you prepay your loan then it is very beneficial for you. As it lowers your interest rate as well as your outstanding loan thereby reducing your EMI which helps you to balance your loan tenure.
- Processing Fee: You have to pay a processing fee of some percentage on your loan amount. This is the fee that the lender charges to process the application.
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All Bank Home Loan EMI Calculator
Below is a direct link to home loan EMI calculator of all banks. Calculate the EMI of your loan by visiting the official website of the bank from which you take a home loan.
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How to do 10 Lakh Home Loan EMI Calculator?
Many people need only 10 lakh rupees to build a house or fulfill their dream of home. They have a problem that how to calculate their loan with 10 lakh home loan emi calculator then it is very easy for you. You have to follow the steps given in this article. Apart from this, you can follow the steps given below to do 10 lakh home loan EMI calculator:
- First of all, you have to go to the official website of the bank from which you are taking a home loan of Rs 10 lakh.
- After visiting the website, you have to go to the section of Home Loan EMI Calculator.
- The calculator will open in front of you in which you have to select the loan amount, interest rate and loan tenure.
- After selecting your home loan EMI of Rs 10 lakh will come.
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How to do 15 Lakh Home Loan EMI Calculator?
If you have to take a home loan of only Rs 15 lakh from any bank, then you can easily calculate the EMI of your loan. By calculating the home loan EMI, you can find out how much installment you will have to pay at the time of repayment of the loan. You can easily calculate the EMI of your loan by visiting the official website of the bank or financial company from which you are taking a home loan of Rs 15 lakh.
Conclusion
In this article we have you Home Loan EMI Calculator Provided complete information about. Any person who is taking a home loan should calculate the EMI of his loan before applying for that loan so that you can get an idea of how much money you will have to pay at the time of loan repayment.
House loan calculator also helps you in reducing your EMI. It gives you accurate statistics, which makes it easy for you to know for how long you should take the loan. You can compare loans from different banks with the help of Home Loan Calculator.
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Home Loan Calculator Related Questions:
Ans. EMI calculator is a calculator which provides us accurate information about the monthly installments of our loan irrespective of the type of loan.
Ans. When we take a loan to build a house, buy a house or renovate a house, it is a home loan.
Ans. The main factors that affect EMI are loan amount, interest rate and loan tenure.
Ans. For this read this article completely.