![]() Here are three good reasons for using a home loan eligibility calculator: What is the advantage of using a home loan eligibility calculator? Your Amortisation Table for this particular loan will look like this. The outstanding balance after payment of each EMIĪs an illustration, let us say you took a home loan of Rs 10 lakhs, at an interest rate of 9.5%, for a period of 10 years.The actual amount to be paid as EMI every month.The outstanding balance before the payment of each EMI.The starting balance or the principal amount that you owe the bank.An Amortisation Table gives a comprehensive view of the entire repayment schedule of the loan and will list the following: It enables both the lender and borrower to know the outstanding amount to be paid at any given point in time during the loan period. An Amortisation Table is your debt repayment schedule over the entire duration of your loan. The Home Loan Calculator will also provide you with an Amortisation Table which gives you a clear financial and chronological idea of the payment structure of your housing loan. Your EMI calculator can also double up as an interest calculator if you only want to know how much your interest payment will be. When the principal is reduced at the early stages of the loan, the large interest component during this period is proportionally reduced. That is why if you plan to make a prepayment on your housing loan, it is a good idea to do so early on during your loan tenure. As the loan matures, the interest component decreases and the principal amount forms a higher percentage of the monthly payment. In the early stages of the loan, the interest component forms a higher proportion of the EMI payment. An EMI calculator for a home loan allows you to determine how much money you need to pay your lender every month combining both principal and interest repayments. Each EMI consists of two components: repayment towards the principal (the actual amount borrowed) and repayment towards the interest charged on the principal. Simply put, a home loan EMI calculator calculates how much you need to pay each month as your EMI. How does a home loan EMI Calculator work? ![]() If you are looking researching multiple loan products, you can use this tool as an interest calculator to compare the costs of the various loan offers – and do it all for free.Īlternatively, if you have already applied for a loan, you can use the Home Loan EMI Calculator to see exactly how much you owe your lender after factoring in processing fees and the possibility of prepayment of the loan. You can use it anytime and as many times as you like.
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