Home Loan EMI Calculator
Determine the EMI on your home loan using Piramal Finance Home Loan EMI Calculator
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Your home loan EMI is
Principal amount
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Interest amount
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Features & Benefits of Home Loan EMI Calculator
The features and benefits of using the Piramal Finance home EMI calculator are as follows:
Save time
The home loan EMI calculator can give results instantly after you enter all the details accurately. It ensures that time-consuming manual calculations are avoided.
Accurate results
You are more likely to make mistakes if you try to calculate the housing loan EMI manually. But the tool will always offer accurate results as long as you give all the required information correctly.
No need to reveal personal information
While using a home loan EMI calculator, you don't have to provide your personal details like name and contact information. Therefore, it is a safe way of calculating your home loan EMIs.
Use it anytime, anywhere
The best part about the Piramal Finance home loan calculator India is that you can use it anywhere, anytime. You can use the EMI calculator as many times as you want, free of cost. Therefore, it is useful for comparing the affordability of home loans from different lenders.
Easy calculation
Calculating home loan EMIs is a tedious process, but it's a necessary step before applying for home loans. A house loan calculator makes life easy by helping you get rid of manual calculations. You will only have to enter the details accurately, and the tool will do it all for you.
Factors That Affect Your Home Loan EMI
Principal Amount:
Prepayment is permitted by all home loan providers. This reduces the outstanding principal balance as well as the interest burden. As a prepayment penalty, most lenders typically charge a percentage of the outstanding principal amount. When you make a prepayment, the outstanding amount decreases, and as a result, your EMI decreases.
Rate of Interest:
Interest rate fluctuations are one of the most important factors that can affect housing loan EMIs. This is mostly applicable to floating interest rates, which fluctuate according to market conditions. These fluctuations can have an impact on your home loan EMI in both positive and negative ways. To determine the impact on your home loan, use a housing loan interest calculator.
Tenure:
Even a minor change in the term of your home loan can affect your EMI. Basically, the longer your loan term, the lower your EMI, and vice versa. However, most people overlook the fact that a longer-term always entails a higher interest payment. This will eventually cost you money. This means that, while higher loan tenures may result in lower EMIs, the borrower will end up paying more in interest in the long run.
Frequently asked questions
What is EMI?
EMI or Equated Monthly Instalment refers to the amount that you need to repay the bank or financial institution every month during the tenure of the loan. The principal amount, rate of interest, as well as loan tenure has an impact on loan EMIs.
What are the benefits of using an EMI calculator for a home loan?
Using an EMI calculator for home loans will mean that you can get accurate results instantly. When you know the amount that you need to repay every month, you can manage your finances accordingly to smoothly repay the loan.
What effect do part-prepayments have on your EMIs?
Part payments can lower your EMI amounts and the total interest paid despite the frequency of payments. Even if your lender charges you extra for prepayment, you will still benefit from paying back a considerable amount regularly.
How does your home loan repayment work?
After taking a home loan, the amount that you need to repay comprises your principal amount and interest accumulated on it. The amount that you need to repay gets divided across each month throughout the tenure of the loan and is known as EMI. You need to pay the EMI to your lender on a fixed date every month.
What documents are necessary to apply for a home loan?
The documents to be submitted to apply for a home loan are as follows:
Identity proof (Aadhaar card, Voter's ID card, Driving license, Passport, etc.) Address proof (Aadhaar card, Voter's ID card, Driving license, Passport, Utility bills like electricity bill, telephone bill, and more) Property documents (stamped agreement of the sale, NOC front the builder, Detailed construction cost estimation, Possession certificate, bank account statement, occupancy certificate in case of constructed apartment) Income proof for salaried professionals (salary slips from the last three months, banks statements from the last six months, Form 16, collateralized property document) Income proof for self-employed individuals (ITR with computation for the last two years, primary bank statement of last six months, CA audited financials wherever necessary) Passport-size photographs
What is a home loan, and how does it work?
A home loan provides you with the capital required to purchase your dream home. With affordable interest rates and a long repayment tenure, a home loan is an economical way of acquiring funds for purchasing a home. At Piramal Finance, you will come across a smooth and easy home loan application process. The documentation requirements for a home loan are minimal, but you must add a co-applicant.
What is the maximum home loan that I can obtain?
At Piramal Finance, your home loans can go up to a maximum of Rs 75 lakhs. The exact amount that you qualify for will depend on your income, the cost of the property, and more.
How can I reduce my home loan EMI?
You should consider applying for a lower loan amount to reduce your EMI. Remember that extending your home loan tenure can reduce your EMIs considerably. Moreover, you will also have to find a lender charging affordable interest rates to reduce your home loan EMIs. Additionally, you can make partial prepayments whenever possible to reduce the EMIs.
What are the tax benefits of paying home loan EMIs?
Section 80C of the Income Tax Act declares that you are entitled to tax benefits on a home loan. You are allowed to claim up to Rs 1.5 lakhs on the principal amount, stamp duty charges, and registration cost of the housing loan.
How do I repay a home loan?
To repay a home loan, you will have to make monthly payments to your lender for a specific period. The EMI that you need to pay every month depends on the loan tenure, principal amount, and rate of interest.
How can I get an estimate of the loan amount?
If you want an estimate of the loan amount, you can use the Piramal Finance home loan calculator. It's easy to use, and you only need to enter a few specific details to receive accurate results instantly.
Can I get a home loan for the entire amount?
According to RBI guidelines, you cannot get the entire home loan amount from a bank. Depending on your lender, you can get up to 80% to 90% of the price of the property. You will have to make the down payment on the remaining amount from your own pocket.
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Piramal Capital & Housing Finance Limited, formerly known as Dewan Housing Finance Corporation Ltd.
CIN: U65910MH1984PLC032639
Registered Address: 601, 6th Floor, Amiti Building, Agastya Corporate Park, Kamani Junction, Opp. Fire Station, LBS Marg, Kurla (W) Mumbai MH 400070
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