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Home Loan Calculator

EMI Calculator

PMAY Calculator

Balance Transfer Top Up Calculator

Eligibility Calculator

Area Conversion Calculator

 What are the different types of Home Loan Calculator ?

EMI Calculator

An EMI calculator is a fast and reliable type of home loan emi calculator used to calculate your loan EMI or Equal Monthly Instalment - a combination of your principal amount as well as the interest amount. Simply input your loan amount, rate of interest and loan tenure to get your monthly EMI.

PMAY Calculator

The Pradhan Mantri Awas Yojana Calculator or PMAY Calculator is a type of housing loan calculator used to calculate the home loan interest subsidy amount your household is eligible for. Simply input your family’s annual income, principal amount and the loan duration to get your subsidy percentage.

Balance Transfer Top-Up Calculator

Balance Transfer Top Up Calculator shows the revised and reduced monthly EMI amount based on the low rate of interest due to previous balance transfers made by the borrower. This EMI calculator gives you the complete picture of your payment history and the earnings you can save by transferring your Home Loan balance to Tata Capital from another financier. Simply input your requested loan amount, requested tenure, net salary, monthly obligation, cost of the property, loan principal outstanding and existing EMI to find out your balance transfer amount.

Eligibility Calculator

This is a kind of online home loan calculator that facilitates checking your eligibility for a home loan and the rate of interest on it. A potential borrower's home loan eligibility depends on various factors such as their annual income, age, credit history and previous financial obligations. Home loan eligibility calculator is very easy to use; simply input your monthly net income, previous EMI obligations, rate of interest and tenure to find out your home loan eligibility.

Area Conversion Calculator 

An area conversion calculator is a type of home loan calculator that allows you to quickly convert the area from one unit to another online. As some of us understand the area better in acres while others prefer square feet or meters, it is a useful online tool. Simply input the area of a property in the unit it is available in, and convert it to the unit of your choice.

FAQ

The home loan calculator is a simple online tool using which you can calculate the home loan amount you are eligible for. For this, the home loan calculator takes into consideration the net monthly income and the fixed monthly obligations that you need to take care of.

Home loan calculators help in determining the loan amount that you are eligible for after considering your Monthly Income, Fixed Monthly Obligations, CIBIL or Credit Score, and Academic Qualifications and Work Experience.

The following is the mathematical formula for calculating home loan EMI - [(P*r)x(1+r)^n]/[(1+r)^n-1]. Here, P is the principal amount, r is the applicable rate of interest and n is the tenure of loan applied for.

Yes, it is possible to reduce your home loan EMI, save under the following scenarios only –

  • Make part pre-payment out of your own funds, in which case, the EMI will naturally reduce due to reduced principal loan amount

  • Increase your home loan tenure. But, keep in mind that increasing tenure will also increase the amount of interest that you need to pay. So, it is important to select tenure carefully

The following are the benefits of knowing your home loan EMI in advance –

  • Manage Your Finances Accordingly 

  • Plan Your Repayment 

  • Calculate the Amount You Can Borrow 

  • Pre-Plan Your Home Loan 

 

  • Manage Your Finances Accordingly 

Once you know the amount you need to pay as EMI, you will be able to work your finances around the repayment and budget accordingly. 

  • Calculate the Amount You Can Borrow

Using a home loan EMI calculator, you can not only get to know your EMI but based on that, you can find out the exact loan amount exposure that you can be eligible for.

  • Plan Your Repayment 

Depending on the EMI, you can plan your loan repayment. Knowing the EMI beforehand grants you peace since you know exactly how much money you need to pay towards your home loan every month.

  • Pre-Plan Your Home Loan 

If ever you have sufficient funds to partly or fully pay off your home loan, knowing the EMI in advance helps in knowing the reduction in the loan tenure.

Amortization is the process of paying off a debt (a loan or a mortgage) over time via regular payments. An amortization schedule is a table that has detailed information about each of the periodic payments (including the principal loan amount and the amount of interest) until the loan is paid off at the end of its term. It can be calculated by subtracting the monthly interested rate from the principal amount of the month and so on, and so forth.

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