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Understanding the Benefits of a Home Loan EMI Calculator

Investment

oi-Sneha Kulkarni

Through Staff

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The best way to prepare for a mortgage-sized financial commitment is to know exactly how much you’ll need to repay, over the life of your loan. To enable you to do this, there are many EMI home loan calculators online that help you set up a realistic repayment plan, allowing you to prepare financially for your future with foresight.

The online calculator tools are designed for maximum usability and even allow you to switch between your desired interest rate, loan amount and term – showing you many possible repayment schedules, depending on what you want. choose.

EMI for different mortgage loan amounts

There are many attractive home loan options available in the market today, including the one offered by Bajaj Housing Finance Limited, where interest rates start at 6.70% * per annum for salaried professionals, with a term loan of up to 30 years. In addition to having access to a large loan amount of Rs.5 Crore * and even more, IMEs start from Rs.645 / Lakh * for applicants who meet the eligibility criteria. If you are interested in applying for this loan and want to check out the EMI interim forecast, all you need to do is use their home loan EMI calculator.

To give you a better idea, the following table shows different amounts of EMI, depending on the evolution of the principal amount and the duration of the loan. The interest rate considered here is 6.8% pa

Details Repayment content of the mortgage
5 years 10 years 15 years old 20 years
NDE by lakh on home loan Rs. 1,971 1 151 rupees 888 rupees Rs. 763
Total interest payable Rs.18,241 38,087 rupees 59 737 rupees 83,298 rupees
Total amount to pay Rs. 1,18,241 Rs. 1,38,087 1 509 737 rupees Rs. 1,83,298

Benefits of using the online home loan EMI calculator

We strongly recommend that you use the online EMI mortgage calculator before you start making formal mortgage applications. Here are the benefits of using this handy tool.

1. Realistic EMI forecasts

The most important feature of the online home loan EMI calculator is that it gives you an accurate representation of the IMEs you will need to pay, depending on the loan amount, interest rate and the length of the loan you choose. to seize.

It also offers a breakdown of your loan amount – telling you how much you will need to pay as the principal amount of the loan and how much you will need to repay as interest on your loan.

2. Error free calculations

When we do our own calculations manually, there is always room for human error. Why leave it to chance, when you can take advantage of the free online mortgage EMI calculator services to provide you with accurate and error-free data based on the information you provided. This approach also gives you an idea of ​​how you should plan your finances if you plan to apply for a home loan in the future.

How to calculate the EMI of a mortgage

Using an online mortgage calculator:

The online home loan EMI calculator also uses the same formula to display your EMI schedule, saving you the effort of manual calculations. While this provides an overview of the mortgage repayment plan, it is essential to remember that the actual numbers change in case a borrower opts for a partial prepayment.

Partial mortgage payments and changes to the EMI

A borrower can make partial repayments as many times as he wants, within the term of his loan and his EMI will change accordingly. The amount paid serves to reduce the amount of the outstanding home loan, thereby reducing the net mortgage interest payable. In such case, you can use Bajaj Housing Finance Partial Payment Calculator for EMI and tenor savings estimate.

Final thoughts

Applicants can access a range of benefits with the Bajaj Housing Finance home loan, including personalized repayment facilities, fast processing and approval, and loans linked to external referrals (repo rates). Home loans are designed for ultimate convenience; a user can complete the process while taking calls or responding to emails. The only time a user is required to meet someone is at the last step of the process, where they have to sign the mortgage contract and the mandatory registration formalities. With a plethora of benefits, a user can now make their dream home a reality.


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