Home Loan EMI Calculator
Home loan / housing loan is an amount of money borrowed by an individual, from a financial institution such as a housing finance company, (HFCs) to purchase a house. While taking a home loan, it is important to consider a few factors on priority such as interest rate, loan amount, loan tenure and credit score.
Basic Questions
1. What does EMI mean?
EMI stands for equated monthly instalment. It relates to payments made regularly to repay an outstanding loan within a certain time frame. As the name implies, these instalments are always of the same amount.
2. How does EMI Calculation helps you in planning?
EMI calculation gives a clear assessment of the amount that has to be put aside for paying EMIs which enables you to make an informed decision about the outflow for the loan every month. It provides an estimate of the loan amount that is available and see how much more needs to be contributed with respect to the cost of property.
3. Is the EMI calculated by this EMI Calculator accurate?
The calculator provides an estimate. The actual EMI might vary depending on the lender's terms and additional charges.
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