Loan Amount (in lakhs)*Mandatory/Incorrect value
Loan Duration (in months)*Mandatory/Incorrect value
Interest Rate (%)*Mandatory/Incorrect value
Calculated EMI result is indicative only
While planning to buy a house, an essential factor to take in to account is the amount of loan to be availed. After deciding the loan amount, another important consideration is the tenure of the loan. The third important factor is the rate of interest offered. These three important aspects decide the Equated Monthly Instalment (EMI).
An EMI is the amount of money you pay every month towards repaying your outstanding loan. With the EMI facility, repayments become comfortable as you can pay your instalment every month.
EMI is made of three components – interest, principal amount, and tenure.
A Home Loan EMI Calculator is an online tool for computing the EMI of a home loan. Paying off home loans, along with the accrued interest within the stipulated period, requires precise financial planning, and it is essential to assess the repayment capability before opting for the loan to avoid any financial mess.
Based on a few details about the home loan, the calculator gives an estimated amount of the EMI that needs to be paid.
The EMI is paid to the lender until the loan is fully repaid. Calculating the EMI in advance helps to know the amount of money to be kept aside every month. Also, it assists you in managing your finances better. The advantages of knowing your home loan EMI in advance also include:
Shubham Housing Development Finance’s Home Loan EMI calculator gives you a clear understanding of the estimated amount that you will have to pay towards your Home Loan EMI. It helps you to make an informed decision about the outflow towards the housing loan every month in assessing the own contribution requirements and cost of the property. Therefore knowing the EMI is essential and calculating the EMI helps you to plan your monthly budget and makes your home buying journey better.
A home loan amortization schedule is the table or record which details all the periodic payments on your loan. This is generated through an amortization calculator.
Amortization is the procedure of repaying a loan through regular payments over a specified period. An amortization schedule is the total tally of loan payments showing the amount of interest and principal contained in each payment until the loan is repaid in full. You shall receive your amortisation schedule once your loan has been disbursed
Part-prepayment brings down the principal amount, which results in lower EMI amounts overall.
At Shubham, we do not charge any part-prepayment penalty. That means that you can pay back your loan whenever you have excess funds.
There are many advantages of using the EMI calculation tool provided by Shubham Housing Development Finance, and it majorly includes the following benefits:
A housing loan EMI is generally a fixed amount. But there are certain circumstances under which the loan can change. Let’s look at some of these points below:
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