{"id":12358,"date":"2023-08-29T03:37:21","date_gmt":"2023-08-29T03:37:21","guid":{"rendered":"\/blog\/?p=12358"},"modified":"2024-06-20T20:08:03","modified_gmt":"2024-06-20T14:38:03","slug":"top-5-things-to-know-about-home-loan-emi-calculator","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-home\/top-5-things-to-know-about-home-loan-emi-calculator\/","title":{"rendered":"Top 5 Things to Know About Home Loan EMI Calculator"},"content":{"rendered":"\n

Are you at a point in life where you are ready to buy the house of\nyour dreams? Is your exhilaration about this realisation coupled with anxiety\nabout home loan EMIs? If your hesitation stems from the fear of being unable to\nmeet monthly EMI payments, there is a simple solution \u2013 a home loan EMI\ncalculator! Such a calculator will remove all uncertainty surrounding the\nbreakup of the interest and principal amounts.<\/p>\n\n\n\n

Here are the top 5 things to know about an EMI calculator.<\/strong><\/p>\n\n\n\n

1. Allows you to plan ahead<\/strong><\/h2>\n\n\n\n

A housing loan EMI calculator will tell you everything about your home loan<\/a>, allowing you\nto make an informed decision. All you need to feed into the calculator is the\namount that you want to borrow, the interest rate and the tenure (the period\nover which you would like to repay). The calculator will then calculate the\ntotal EMI amount, the monthly instalment, as well as the principal amount and\ninterest breakup for you. <\/p>\n\n\n\n

2. EMI calculation formula<\/strong><\/h2>\n\n\n\n

The calculator uses one simple formula to calculate your home loan\nEMI:<\/p>\n\n\n\n

Equated Monthly Instalment= [P x R x (1 + R) N] \/ [(1+R) N<\/sup>\n– 1] <\/p>\n\n\n\n

Here,          <\/p>\n\n\n\n

P is the Principal Amount (The amount you are borrowing);<\/p>\n\n\n\n

R is the Rate of Interest charged by the bank;<\/p>\n\n\n\n

And N is the Tenure. <\/p>\n\n\n\n

Additional\nRead:<\/strong> Understanding\nthe Benefits of a Home Loan EMI Calculator<\/a><\/p>\n\n\n\n

3. Amortisation schedule<\/strong><\/h2>\n\n\n\n

Every month a part of your EMI gets credited to the principal amount\nto be repaid and the rest to the interest amount to be paid. Hence, even though\nthe EMI more or less remains constant throughout the tenure, the amount\ncontributed to both the respective balances (principal and interest) can vary.\nAn EMI calculator shows you the amortisation schedule which reflects this\nbreakup of your EMI along with the principal amount and interest balance on a\nhalf-yearly or a yearly basis. Thus, the entire payment schedule is transparent\nand available for your understanding at the click of a button.<\/p>\n\n\n\n

4. Prepayment<\/strong><\/h2>\n\n\n\n

If you feel that you can make a prepayment, but are unsure of the\nimpact that it would make on your EMI, the calculator can help you ascertain\nthe same. All you have to do is specify if you would like to make a prepayment\nand your EMI will be calculated accordingly.<\/p>\n\n\n\n

Additional\nRead:<\/strong> How\nCan A Home Loan Calculator Help You Plan Your Finances Better?<\/a><\/p>\n\n\n\n

5. Helps you understand options <\/strong><\/h2>\n\n\n\n

You no longer have to go through the hassle of calling an agent or going to the bank just to know your options while taking a loan. You can feed in different combinations of the principal amount, home loan interest rate and tenure and see what works the best for you. The best part – it’s free and you can do this as many times until you are sure about the loan. <\/p>\n\n\n\n

Head over to Tata Capital today for a free home loan EMI calculator<\/a> and determine the best loan product for yourself. Explore a range of loan options and start inching towards your dream home! <\/p>\n\n\n\n

Apply For House Loan<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Are you at a point in life where you are ready to buy the house of your dreams? Is your exhilaration about this realisation coupled with anxiety about home loan EMIs? <\/p>\n

Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":12359,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[25],"tags":[],"class_list":["post-12358","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-for-home"],"yoast_head":"\nTop 5 Things to Know About Home Loan EMI Calculator - Tata Capital Blog<\/title>\n<meta name=\"description\" content=\"Home Loan EMI Calculator is to calculate your home loan EMI online easily! 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