Mortgage loan – EMI Calculator

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LTV

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Loan Amount

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Interest Rate

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Tenure

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Loan EMI ₹

Total Interest ₹

Total Amount Payable ₹

Get Best Rates

Loan Start Date

Amortization Chart

Amortization Schedule

Year

Principal (A)

Interest Paid (B)

Total Amount (A+B)

Balance

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Top 10 Banks with best interest rates :

(* Onwards)

Sr no.	Lender	ROI	LTV (in % )	PF
1	HDFC	10.05 % Onwards	60%	1 %
2	Axis Bank	9.7 % Onwards	65%	1 %
3	ICICI	9.75 % Onwards	60%	1 %
4	Federal Bank	9.5 % Onwards	60%	1 %
5	Kotak Mahindra	9.5 % Onwards	65%	1 %
6	IDFC	12.5 % Onwards	60%	1.50 %
7	HSBC	9.5 % Onwards	70%	1 %
8	L&T Finance	9.75 % Onwards	75%	0.50 %
9	Tata Capital	12.5 % Onwards	70%	1.50 %
10	Yes	11.25 % Onwards	75%	1.50 %

(*Rate of Interest depends on your Credit Score*)

Mortgage Loan EMI Calculator:

A Mortgage Loan EMI Calculator is a simple and effective tool designed to help borrowers estimate their monthly mortgage loan payments. It takes into account essential factors like the loan amount, rate of interest, and loan tenure to calculate the equated monthly instalment (EMI). After entering these details into the calculator, you can instantly determine how much you will need to repay every month, which helps in budgeting and planning your finances. Whether you are looking to take out a new mortgage or refinance an existing one, this calculator can provide clarity on what to expect, helping you make more informed decisions.

Benefits of Mortgage Loan EMI Calculator:

Using a Mortgage Loan EMI Calculator offers a range of advantages:

Instant Results: It provides an immediate calculation of your EMI based on the loan amount, rate of interest, and tenure you choose, making it easier to understand your financial commitment.
Budget Planning: By knowing your monthly EMI in advance, you can plan your budget better and ensure that the mortgage payment fits within your monthly income.
Loan Comparison: The calculator allows you to adjust variables like loan tenure or interest rate to compare different mortgage options, helping you find the most suitable one for your needs.
Time-Saving: It eliminates the need for complicated manual calculations, saving you time and effort.
Accurate Estimates: The calculator provides a precise EMI amount, ensuring that you understand your future financial obligations and can make informed decisions.

Eligibility Criteria for Mortgage Loan:

Before applying for a mortgage loan, lenders evaluate various factors to determine your eligibility. While each lender may have specific requirements, the common criteria generally include:

Age: Applicants must be between 21 and 65 years of age (the exact age limit can vary by lender).
Income: A stable and verifiable source of income is important to ensure that you can meet your monthly EMI obligations. Lenders typically require proof of income through salary slips, bank statements, or income tax returns.
Credit Score: A good credit score (650 & above) is important, as it reflects your ability to manage credit responsibly and repay loans.
Property Valuation: The value of the property you plan to mortgage is an essential factor. Lenders typically offer a loan based on a percentage of the property’s appraised value, often between 70% and 80%.
Employment Stability: Lenders may prefer borrowers who have a stable job history or business for at least 2-3 years.
Debt-to-Income Ratio: Lenders assess your existing financial obligations in relation to your income sources to ensure you can comfortably manage additional debt.

Types of Properties Accepted as Collateral in Mortgage Loan:

Mortgage loans are secured by the property you pledge as collateral. The types of properties that are commonly accepted as collateral include:

Residential Properties: This includes houses, flats, and apartments that you own and wish to pledge for the loan.
Commercial Properties: Offices, retail spaces, and many other commercial real estate can also be used as collateral for a mortgage loan.
Land: Vacant plots of land are often accepted by lenders, depending on the property’s location and market value.
Industrial Properties: Factories, warehouses, and other industrial buildings can be used to secure a loan against property, typically for business purposes.
Agricultural Land: In some cases, agricultural land may also be used as collateral, especially for loans aimed at farming or agricultural business purposes.

Lenders evaluate the property based on its market value, location, condition, and potential resale value.

FAQs

What is a mortgage loan/LAP?

A mortgage loan is a type of loan specifically used to purchase a property or real estate. The borrower has to repay the loan over a set period, usually with interest. In case of default, the lender has the right to seize the property (foreclosure) to recover the loan amount. Mortgage loans are typically used for buying homes, land, or commercial properties.

What is the difference between a fixed-rate and an floating-rate mortgage ?

A fixed-rate mortgage has an interest rate that remains same throughout the loan term, providing predictable monthly payments. A floating-rate mortgage, on the other hand, has an interest rate that can change over time based on market conditions. Initially, Floating rate may offer lower interest rates, but they come with the risk of increasing payments if rate of interest rise in the future.

Do I need to pay for using the Mortgage Loan EMI Calculator?

No, using the Mortgage Loan EMI Calculator is completely free. It is a no-cost tool that can be accessed online and used as many times as needed to estimate your mortgage repayments.

How much loan amount can I get against my property?

The loan amount you can get against your property totally depends on the market value of the property, the lender’s policies, and your eligibility criteria. Lenders typically offer LTV (Loan to value) up to 70%-80% of the property’s value as the loan amount, although this percentage can vary depending on the type of property and the lender’s terms.

What is the processing fee for a mortgage loan?

The processing fee for a mortgage loan typically ranges from 0.5% to 2%, though some lenders may charge a flat fee. This fee & charges covers the administrative costs of processing your loan application and is usually non-refundable. Be sure to confirm the exact fee with the lender before applying.

Why is using an EMI Calculator important before applying for a Mortgage Loan?

Using a Mortgage loan EMI calculator before applying is essential because it helps you understand the monthly financial commitment involved. It allows you to assess multiple factors whether the loan is affordable based on your salary, expenses and lets you explore various loan scenarios (loan amount, tenure, interest rates) to find the best fit. By using our calculator, you can make well-informed decisions, avoid surprises, and effectively plan your finances.