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Calculators

Home Loan EMI calculator

The Piramal Capital and Housing Finance ( PCHF) home loan calculator makes determining your home loan EMI simple. The home loan interest calculator can assist you in choosing a wise decision about purchasing a new home. The EMI calculator can also help you plan your finances on a monthly basis. PCHF offers a pleasant home loan EMI for you by offering a low interest rate and a long payback period. With the simple house loan EMI calculator, you can figure out how much you'll have to pay in EMIs for your home loan.

What is an EMI on a home loan?

EMI is the abbreviation for Equated Monthly Installment. It includes repaying the principal as well as paying interest on the outstanding balance of your home loan. The EMI can be reduced by taking out a loan for a longer period of time (up to 30 years).

How To Use PCHF's Home Loan EMI Calculator?

To calculate your EMI, simply enter the following information:
  • Loan Amount: Enter the loan amount you'd want to take out.
  • Input the desired loan duration (in years) for which you intend to obtain a house loan.: A longer tenure improves one's eligibility.
  • Interest Rate (percentage point per annum): Enter the interest rate.
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EMI

What role does EMI calculation have in home purchase planning?

The home loan EMI calculator provides a clear picture of the amount that must be paid in EMIs and assists in making an informed decision regarding the monthly outflow for the housing loan. This aids in estimating the loan amount that can be obtained, as well as determining the required own contribution and the property's cost. As a result, understanding your EMI is critical for determining your home loan eligibility and better planning your home purchase process.

What are the key features and benefits of applying for home loans through PCHF?

  • Purchase of a flat, row house, or bungalow from a private developer in an approved project with a home loan.
  • Development Authorities such as the DDA, MHADA, and others offer home loans for the acquisition of properties.
  • Purchase loans for properties in existing Co-operative Housing Societies, Apartment Owners' Associations, Development Authorities settlements, or privately constructed residences
  • Construction loans for plots that are either freehold or leasehold, or plots that have been assigned by a Development Authority.
  • Expert legal and technical advice to assist you in making the best possible property purchase decision.
  • Home Loans can be obtained and serviced anywhere in India through an integrated branch network.
  • For persons in the Indian Army, there is a special arrangement with AGIF for home loans.

Factors Affecting Housing Loan EMI

  • Principle - The amount you borrow from the lender is referred to as the principle. It is proportionate to your EMIs, i.e., the lower the principal, the lower the EMIs.
    Your monthly payments will be smaller, and vice versa.
  • Interest rate- The interest rate is the amount that the lender charges you for the loan. It is also proportionate to the amount owed on your mortgage.
  • Tenor- The tenor is the length of time you have to repay your mortgage. The tenor of your loan is inversely related to the EMIs, therefore the lower the EMIs, the longer the tenor. Keep in mind that a longer tenor means a greater interest outgo.

What is the Amortization Schedule for a Home Loan?

Loan amortization is the process of lowering debt during the life of the loan by making monthly payments. Based on the loan tenure and interest rates, PCHF's EMI calculators provide a reasonable grasp of the ratio of the principal amount to the interest due. The PCHF home loan calculator breaks down the interest and principal payments in detail.

After using the calculator to estimate your EMI, you can quickly apply for a house loan online from the comfort of your own home using PCHF's online home loans.

What is a Home Loan That Has Been Pre-Approved?

Even if you haven't found your dream house yet, PCHF can help you get a pre-approved home loan. A pre-approved house loan is a loan that has been authorised in principle based on your income, creditworthiness, and financial situation.

Frequently Asked Questions

  • What is an EMI for a home loan?

    The Equated Monthly Instalment, or EMI, is the monthly payment a house loan borrower must make in order to repay the loan within the stated loan term.

  • What are the benefits of using an EMI calculator for a home loan?

    The EMI calculator can help you determine whether you can afford the long-term financial commitment of a house loan. Depending on the amount you're getting and the time period for which you'll be paying the equivalent monthly instalments, you can increase or decrease your EMI amount.

  • What effect do part-prepayments have on your EMIs?

    Part-payment decreases the principal, which lowers the amount of interest you must pay, resulting in cheaper EMIs.

  • How does making EMI payments on a home loan reduce tax obligation?

    You can enjoy taxation advantages around Rs. 1.5 lakh on the principal value returned through EMIs each year under Section 80C. You can also claim a house loan tax benefit on the interest component of the loan that you return annually through your EMIs up to Rs. 2 lakhs under Section 24.

  • What documents are needed to apply for a home loan?

    To complete their application, home loan applicants must provide personal, income, and property-related documents. PAN cards, Aadhar cards, utility bills, paycheck slips, and ITRs are just a few examples.

About Piramal Capital and Housing Finance (PCHF)

PCHF is a wholly-owned subsidiary of Piramal Group Enterprises Limited and is registered with National Housing Bank (NHB). It provides retail funding as well as wholesale opportunities to companies across different industries. PCHF also engaged in several financial services businesses. With the plethora of business loan benefits, many businesses tend to lean towards PCHF for their financial needs.