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Purchasing a home is a big financial commitment. All aspects, including selecting a property and a lender, are crucial. But in the midst of all the excitement, many forget about one of the most important aspects of buying a home: their monthly Equated Monthly Installment (EMI).
Often, home buyers select the property first and affordability second. This can lead to problems. It’s better to first calculate the EMI with a home loan EMI calculator before you get a loan.
EMI Calculators don’t just help you with loan applications. We also provide you with the right information and advice to help you plan.
The Equated Monthly Instalment (EMI) impacts your monthly cash flow, savings and long-term finances. If you want to take a home loan, refinance your loan or even compare loans, having an idea about your EMI is helpful.
Rather than make an educated guess, you can use EMI Calculator to:
This will give you confidence in the process.
Even before you begin the home loan approval process, your EMI is determined by factors such as:
Firstly, your credit score. This will not only give you a higher chance of approval, but it will also get you the lowest home loan interest rates. You can check your CIBIL score online prior to applying to get an idea.
The second criteria is your current commitments. Your FOIR (Fixed Obligation to Income Ratio) is used to calculate your EMI eligibility. If you have a high EMI, your loan amount could be lower.
So, it’s best to:
Most borrowers tend to opt for the first loan offer they get. However, a slight variation in interest rate can have a big impact on your EMIs and the total interest paid over the loan tenure.
But don’t be in a hurry; check the interest rates of home loans from banks and NBFCs. Through Loan Bazaar, you can check various lenders and the best fit for your requirements.
The EMI calculator and loan comparison enable you to:
Fixed or Floating Interest Rate: Choose Your EMI
Your EMI will vary according to the interest rate you select.
A fixed interest rate ensures that your EMI remains the same and you don’t have to worry about budgeting. However, a floating interest rate varies and is generally lower for a longer loan tenure.
You can play with the options in the EMI calculator before you decide what is best for you.
It’s easy to use the EMI calculator and it only takes a few seconds. Just input your loan amount, interest rate and tenure to view immediate results.
You’ll be able to see:
Once you have this understanding, you can then proceed to apply for an online home loan without any doubt.
Plan Better, Borrow Smarter
A home loan can be a long-term affair, but it needn’t be stressful. By estimating the EMI, shortlisting lenders and knowing your financial history and credit score, you’re not taken by surprise.
Loan Bazaar assists you in every step of the way, from checking your credit score, to comparing the loans and finally applying for the right loan.
Buying a home is more than just buying the right property; it’s buying the right loan.
Before you take the next step:
Get started with EMI Calculator and manage your home loan..
What is EMI in home loan?
EMI stands for Equated Monthly Instalment, which is the amount you pay every month towards your loan – a combination of principal and interest..
What should be my EMI as per my salary?
You should keep your total EMI amount to 40-50% of your take home salary..
How do I know if I am eligible for a loan?
Yes, you can verify your credit score and calculate EMI to get an idea of your loan eligibility..
Should I compare home loan interest rates?
It’s important to ensure you get the lowest possible rate and save on your home loan..
Can I apply for a home loan online?
Yes, applying for a home loan online with the EMI Calculator is easily done with a fast, straightforward process..
