Total Payment (Principle + Interest)
A clear knowledge of the EMIs that you will need to pay towards your home loan will help you make an informed decision. With Bajaj Finserv’s home loan EMI calculator you will know what is the ratio of the principal amount to the interest due. You will get a fair approximate based on the home loan tenure and interest rates.
EMI stands for Equated Monthly Instalment. Home Loan EMI is the monthly repayment that the home loan borrower should make for repaying the home loan based on the amortization schedule.
The formula to be used for calculating EMI is EMI = [P x R x (1+R)^N]/[(1+R)^N-1] where P represents the loan amount or principal, N is the number of monthly instalments and R is the interest rate per month, i.e. suppose the rate of interest per annum is 11% then the value of R will be 11/(12 x 100).
The Housing Loan EMI Calculator works on three main criteria – The loan amount availed, tenure of the loan and the rate of interest being charged by the lender.
Using the Home Loan EMI Calculator is a very simple process. It works through the following steps-
1. Click to go the EMI Calculator Page
2. Choose the Loan Amount, Rate of Interest & Tenor (in months)
3. Your EMI will appear below
The Home Loan Amortization Schedule is the table/record which details all periodic payments on your loan and this is generated through an amortization calculator. Amortization is basically the procedure of repaying a debt from a loan through regular payments over time. The 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 till it ends.
EMIs have both principal and interest components. In the early period of the loan, the interest portion is higher for every EMI while the principal component is higher than the interest portion in the later part of the home loan tenor. EMIs can be repaid through paying instalments through ECS (Electronic Clearing System) which directly deducts monthly instalments from your account. EMIs can also be paid by issuing post dated cheques from your salary account.
Part payment brings down the principal amount which in turn lowers your EMIs and the interest that you have to pay.
You can claim tax deductions under Section 80C up to Rs.1.5 lakhs on the principal amount repaid through your EMIs annually. You can also get tax deductions under Section 24 up to Rs. 2 lakhs on the interest component of the loan that you repay annually through your EMIs."
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