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Here is an overview of the information you will get access to through your home loan amortisation schedule.
- Instalment number: Every EMI will have a serial number with payment details in corresponding rows.
- Due date: This is the date on which each loan payment will be due.
- Opening principal: This is the principal amount at the start of each month on which interest will be charged.
- Instalment amount: This is the EMI or monthly repayment amount which can change with interest rate fluctuations.
- The principal amount repayment: This is the EMI component that goes into repaying the principal borrowed.
- The interest component of instalment: This is the EMI component allocated for repaying interest on the opening principal amount. Initially, the interest component makes up a greater portion of the total EMI amount. Steadily, this reduces, and more of the principal gets repaid.
- Closing principal: This is the principal amount that remains to be paid off after the previous EMI payment.
- Interest rate per annum - This is the interest rate per annum or yearly and may vary based on the lender. Home loan interest rate impacts the EMI that you have to pay each month.
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