Formula for EMI Calculation is -
E = [P x R x (1+R) ^N] / [(1+R) ^N-1]
E = EMI amount
P = Principal loan amount
N = Loan tenure
R = Interest rate
For example, 50 lakh loan for a tenure of 20 years at a 8.5% interest rate, according to the formula- EMI: 50,00,000 x 0.00708333 x (1 + 0.00708333)^240 divided by [(1 + 0.00708333)^240 - 1] So, the EMI per month will be rs.43,391 for 20 years or 240 months.
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Home loan used to buy a new home, under-construction or a ready property. The home loan is given at an interest rate and you can choose a repayment period to pay back the amount through equated monthly installments (EMI). Interest rates can be fixed or floating depending on the bank.
You can get up to 80-90% of the property's value and the remaining 10-20% is a down payment made by you. Your higher credit score 750+ can increase your eligibility for a higher loan amount. If you have other loans like: personal or vehicle loans, it may reduce the loan amount you are eligible for.
EMIs start after the entire home loan is disbursed. Example: If your loan sanction date is 1st of a month and full disbursement date is 15th of a month then first EMI date typically 5th of the next month.
You can get tax benefits on repayment of the principal and interest components of your Home Loan as per sections 80C, 24(b) and 80EEA of the Income Tax Act, 1961. Since the benefits may vary each year, please consult your chartered accountant or tax expert for the latest information.
Yes, you can reduce the tenure of a home loan after taking it by paying higher EMI payments. Most lenders allow adjusting EMI amount during the loan tenure, depending on your repayment capacity.
Yes, you can transfer your loan to another bank offering a lower interest rate and negotiate for a shorter tenure.
No, there is no need to have a guarantor if your profile matches with eligibility criteria. Home Loan Guarantor is required when an applicant has a weak financial standing.
No. Home loan insurance is not mandatory. However, it is advisable that you buy insurance to protect your family from loan liability during unforeseen circumstances.
