Home Loan EMI Calculator

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:

1. The Principal amount sanctioned for the loan
2. The Rate of interest on the home loan
3. The tenure of the loan

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:

1. The total amount of the home loan required by you
2. The tenure of the home loan you wish to opt for
3. The applicable home loan interest rate

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:

1. It can help you decide how much to borrow:

   A home loan EMI Calculator can enable you to determine how much to borrow, keeping in mind your ability to repay the loan. You can try various combinations of the amount of the loan and the loan tenure to fetch different EMIs, then choose the combination that is the most feasible for you. This way, you can ensure that you do not take a home loan that is beyond your financial capability to repay.

2. It can help you decide from where to borrow:

   With the help of a home loan EMI Calculator, you can compare the home loans being offered by different banks and decide which one is most suited to your financial requirements and budget. This exercise can help you choose the best home loan for yourself.

3. It can help you determine how to repay the loan:

   The clarity about the home loan EMI you need to repay as well as the tenure over which you need to make the payment can allow you to draft a financial plan to be able to honour these financial commitments. You can assess your other financial obligations and determine a plan to meet them all, including the EMI. Such an approach to your finances can inculcate a high degree of financial discipline in your behaviour.

4. It can help you plan your future finances:

   A home loan EMI Calculator can provide you with a high amount of clarity on your home loan repayment obligations, which can be helpful in planning your future finances. At any point in time, if you expect the inflow of a lump sum amount, you can plan to use it to repay a part of your loan and reduce your interest obligation as well as the overall tenure of your loan.

• What is a Home Loan EMI?

  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.

• How is a Home Loan EMI calculated?

  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.

• How to use Piramal Realty’s Home Loan EMI Calculator?

  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:

  1. The amount of your home loan
  2. The tenure of your home loan
  3. The interest rate of your home loan

• How does the calculation of Home Loan EMI help you plan the purchase of your home?

  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.

• When does the repayment of a Home Loan begin?

  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.

• How is a Home Loan EMI paid?

  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.

• What happens if a PDC bounces?

  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.

• What is Pre-EMI Interest?

  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.

• When do I pay PEMIs?

  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.