All of us wish to buy a house of our own, an abode for our families, and a place that is our constant through the changes of life. However, buying a house is a significant financial decision, one that requires substantial planning and consideration. Not only do you need to ascertain your home loan budget and find the right housing property for yourself and your family, but you also have to determine the source of the funding for the cost of the house. This is where a home loan comes in!
With the availability of structured and simple home loans at feasible rates, it is easier to plan the purchase of a home that fits your budget and requirements. You can assess the feasibility of the various home loan options available for you with the help of a Home Loan EMI Calculator. Since home loans are usually repaid in the form of Equated Monthly Installments (EMIs), the above tool is an excellent way to ascertain how much money you shall have to set aside every month for the repayment of your home loan.
There are two major components of the repayment of a home loan, namely the principal and the interest. During the initial phase of the repayment of your home loan, a major proportion of the EMI is constituted by the interest for the loan, whilst in the later phase, it is the principal that constitutes a majority of the EMI.
Here are factors that have a bearing on the determination of your home loan EMI:
The home loan interest rate you get is dependent upon your age and gender.
You can use Piramal Realty’s Home Loan EMI Calculator to compute the EMI payable for your home loan. You need to enter the following details to arrive at this value:
There are several benefits of using a home loan EMI Calculator. Here is how this tool can help you in the process of the purchase of your house:
A Home Loan EMI is the amount that a home loan borrower is required to pay on a monthly basis towards the repayment of the loan. This amount is determined on the basis of the amount of the loan, the tenure of the loan, and the interest rate of the loan, which is, in turn, affected by the age and gender of the borrower.
You can calculate your home loan EMI by using Piramal Realty’s home loan EMI Calculator. You can ascertain the amount of your home loan EMI by entering your home loan amount, tenure, and interest rate.
It is easy to use Piramal Realty’s Home Loan EMI Calculator. All you need to do is enter the following information into the tool:
With the help of our home loan EMI Calculator, you can get a clear idea of the amount you need to pay as an EMI for your home loan. This can help you determine the quantum and the tenure of your home loan and make the necessary revisions to your house purchase plans. This tool can be extremely useful in helping you plan your future finances.
The repayment of a home loan begins in the month following the month in which the full disbursement of the loan has been done. However, if your home loan has a moratorium period, then the repayment of the loan shall begin after the expiration of this period.
A Home Loan EMI can be paid in several ways. You can either provide the lending bank with the required number of Post-dated cheques in advance to make the EMI payments or have the deduction be in the form of a Standing Instruction based deduction from your bank or salary account.
If a Post-dated cheque issued by you gets dishonoured, you shall be liable to pay the penalties as applicable under the terms and conditions of the lending bank and the laws prevailing in the country.
If your home loan is disbursed in parts, then you need to pay the interest only on the amount that has been disbursed. This interest, due to be paid on a monthly basis after the partial disbursement of the loan, is referred to as Pre-EMI Interest. Once the remainder of your home loan is disbursed, the repayment schedule of the EMIs shall begin.
Pre-EMIs or PEMIs are payable after the partial disbursement of your home loan. Your first Pre-EMI is to be paid at the end of the month in which part of the loan has been disbursed. This schedule of repayment continues till the commencement of your EMIs, which begins after the full disbursement of the loan.
The Home Loan Equated Monthly Instalment (EMI) calculator available on our website uses the interest rate and the tenure of the loan to determine the amount of the EMI for a particular home loan. The EMI Calculator provided on this website is only intended to offer information on the estimated EMI so that individuals/borrowers can ascertain the approximate cost of their home loan and plan their purchase of a house. The estimation of the home loan EMI derived from this calculator may differ from your actual home loan EMI. We bear no responsibility for this variance.
This EMI Calculator has been designed only for the purpose of providing information to potential homebuyers. People who use this home loan EMI Calculator must do so at their own risk and exercise their own discretion in making any associated decision. We bear no responsibility or liability for the decisions taken on the basis of the EMI estimations provided by this home loan EMI Calculator. Any loss or damage of any kind consequent from the decisions taken by individuals based on the information provided by this EMI Calculator is not our responsibility.
Piramal Realty shall only act in the capacity of a facilitator to help potential homebuyers procure loans from Banks. Neither the company nor our employees or affiliates shall be held responsible for the determination of the interest rate of the loan or the procurement of the loan. The individual/borrower shall be solely responsible for the submission of the necessary documents for the procurement of the home loan and the timely payment of the EMI. Furthermore, the individual/borrower shall be solely responsible for the outcome of any consequent decision. Any results of such a decision shall have no bearing on any potential contract between an individual and Piramal Realty.
Disclaimer – This article is based on the information publicly available for general use. We do not claim any responsibility regarding the genuineness of the same. The information provided herein does not, and is not intended to, constitute legal advice; instead, it is for general informational purposes only. We expressly disclaim any liability, which may arise due to any decision taken by any person/s basis the article hereof. Readers should obtain separate advice with respect to any particular information provided herein.