Home loans are one of the most important investments that we make in our lives. Specially when it comes to purchasing property, taking a home loan is a necessity. However, after entering all the necessary details of the loan such as duration, amount and interest rate (if applicable), you will have to calculate your monthly EMI which can be an overwhelming process. For example, if taken for a tenure of 20 years at Rs 2 Lakhs with an interest rate of 10% per annum, the monthly EMI would be Rs 36643 . This number can seem intimidating but with Home Loan EMI Calculator you can find out this figure in just a few taps!
Why use AAVAS Home Loan Calculator?
When it comes to home loans, the EMI (equated monthly installment) is one of the most important factors to consider. It is the amount that you need to pay every month towards your loan, and it includes both the principal amount and the interest.
Your EMI will depend on several factors such as the loan amount, interest rate, tenure, etc. And it can be a difficult task to calculate it manually. That’s where Home Loan EMI Calculator comes in handy.
With our home loan calculator, you can easily find out your monthly EMI with just a few taps. All you need to do is enter your loan details like loan amount, interest rate and tenure, and our calculator will do the rest.
Not only is our calculator simple and easy to use, but it is also highly accurate. So, you can be sure that you’re getting the correct EMI figure that you need to budget for your home loan repayment.
How to use the calculator
If you’re looking for a hassle-free way to calculate your monthly home loan EMI, look no further than the AAVAS Home Loan Calculator. With just a few taps, you can find out exactly how much your EMI will be. Here’s how to use the calculator:
1. Enter the loan amount you’re looking to borrow.
2. Select the tenure of your loan.
3. Enter the interest rate you’re expecting to pay on your loan.
4. Tap ‘Calculate’.
That’s it! The calculator will do the rest and show you your monthly EMI amount. You can then use this information to help you make informed decisions about your home loan.
What will be the monthly EMI?
Assuming an AAVAS Home Loan of Rs. 30 lakhs at an interest rate of 9% per annum for a tenure of 20 years, your monthly EMI will be approximately Rs. 25,490. The calculation of your monthly EMI depends on the interest rate, loan amount and tenure. You can use our home loan calculator to find out your monthly EMI with just a few taps.
Monthly EMI vs. Total Interest Payout
The Home Loan Calculator is a great tool to use when considering a home loan. It allows you to input your loan amount, interest rate, and loan term to calculate your monthly EMI. It also shows you the total interest you will pay over the life of the loan.
When you are considering a home loan, it is important to compare the monthly EMI with the total interest payout. The total interest payout is the amount of interest you will pay over the life of the loan, including any prepayment penalties. The monthly EMI is the amount you will pay each month toward your loan principal and interest.
In general, the longer the loan term, the higher the total interest payout will be. However, the monthly EMI will be lower with a longer loan term. For example, if you take out a 30-year home loan for $200,000 at an interest rate of 5%, your monthly EMI would be $1,073 and your total interest payout would be $386,512. If you took out a 15-year home loan for $200,000 at an interest rate of 4%, your monthly EMI would be $1,479 and your total interest payout would be $264,171.
The AAVAS Home Loan Calculator can help you compare different loans and find one that fits your budget. When you know how much you can afford to pay each month, you can make an informed decision about which
Can I reduce my monthly EMI?
If you’re looking to reduce your monthly EMI, the Home Loan Calculator can help. With just a few taps, you can calculate your monthly EMI and see how much you could save by making extra payments or lengthening your loan term.
To use the calculator, simply enter your loan amount, interest rate, and loan term. Then, tap “Calculate.” You’ll see your monthly EMI as well as how much you could save by making extra payments or lengthening your loan term.
Making extra payments is a great way to reduce your overall interest costs and pay off your loan faster. If you have the financial ability to do so, we recommend making additional principal payments each month. Even an extra $50 per month can make a big difference over the life of your loan!
If you’re not able to make extra payments right now, don’t worry. You can still save money by lengthening your loan term. By extending your loan from 20 years to 30 years, for example, you’ll lower your monthly payment. Just keep in mind that this will also increase the total amount of interest you’ll pay over the life of the loan.
No matter what option you choose, Home Loan Calculator can help you see how much you could save. Try it today and see how easy it is to find your ideal monthly payment!
Conclusion
Home Loan Calculator is a great tool to use if you’re considering taking out a home loan. With just a few taps, you can find out your monthly EMI. The calculator takes into account the loan amount, interest rate, and tenure to give you an accurate estimate. You can also adjust the down payment and repayment period to see how it affects your monthly EMI. So whether you’re looking to buy your first home or invest in property, the AAVAS Home Loan Calculator is a helpful tool to use.
Source: https://bit.ly/3sJQzIW
Comments