Home Loan EMI Calculator

You can apply for a home loan with co-applicants. However, it is not mandatory to do so. You can choose to apply for such a loan alone as well. If the property in question has a co-owner, he/she must also be a co-applicant for the housing loan as well.

In some cases, you can avail your home loan in portions. Pre EMI refers to the repayment on such partial loans, on which the lender charges simple interest. Therefore, the payment of simple interest on part payment of home loan is known as pre EMI interest.

In some cases, you can avail your home loan in portions. Pre EMI refers to the repayment on such partial loans, on which the lender charges simple interest.

Therefore, the payment of simple interest on part payment of home loan is known as pre EMI interest.

You can only apply for a joint home loan with members of your immediate family. For instance, your spouse, children and parents can be co-applicants for your housing loan. Unfortunately, friends do not qualify as co-applicants.

You can only apply for a joint home loan with members of your immediate family.

For instance, your spouse, children and parents can be co-applicants for your housing loan. Unfortunately, friends do not qualify as co-applicants.

Floating rates denote that the interest rate on the home loan can change at any time during its repayment tenure. Directives from the RBI may cause the rates to fluctuate, leading to an increase or decrease of your home loan EMIs, midway through repayment.

Floating rates denote that the interest rate on the home loan can change at any time during its repayment tenure.

Directives from the RBI may cause the rates to fluctuate, leading to an increase or decrease of your home loan EMIs, midway through repayment.

Any home loan where the rate of interest remains unchanged throughout the tenure is known as a fixed interest rate loan. In these cases, changes in RBI’s repo rate do not affect your existing home loan EMIs in any way.

Any home loan where the rate of interest remains unchanged throughout the tenure is known as a fixed interest rate loan.

In these cases, changes in RBI’s repo rate do not affect your existing home loan EMIs in any way.

While servicing your existing home loan EMI, you may come across a better offer from a different lender. In such a case, you can shift your outstanding dues from your current financer to another. Doing so may allow you to save on interest payments and avail additional benefits, such as a top-up loan.

While servicing your existing home loan EMI, you may come across a better offer from a different lender.

In such a case, you can shift your outstanding dues from your current financer to another. Doing so may allow you to save on interest payments and avail additional benefits, such as a top-up loan.

Top up loan is available to home loan borrowers as additional loan amounts, above and beyond the existing home loan principal. You can use the same to finance other aspects of property purchase, such as buying furnishings, painting the home and more. 

Top up loan is available to home loan borrowers as additional loan amounts, above and beyond the existing home loan principal.

You can use the same to finance other aspects of property purchase, such as buying furnishings, painting the home and more. 

You can prepay home loan EMI if you experience a sudden inflow of cash or receive bonus payments. Prepayments can reduce tenure of a home loan and, in turn, interest payments associated with the same. However, banks will levy a prepayment fee to the tune of around 2% of the loan’s outstanding principal amount.

You can prepay home loan EMI if you experience a sudden inflow of cash or receive bonus payments. Prepayments can reduce tenure of a home loan and, in turn, interest payments associated with the same.

However, banks will levy a prepayment fee to the tune of around 2% of the loan’s outstanding principal amount.

Your credit history is a reflection of your creditworthiness, i.e., how good you are at repaying loans or dues on time. Banks and lenders will keep a close track of your credit rating when you apply for a home loan. Scores beyond 750 in this scale is a necessity to avail the best home loans on offer.

Your credit history is a reflection of your creditworthiness, i.e., how good you are at repaying loans or dues on time.

Banks and lenders will keep a close track of your credit rating when you apply for a home loan. Scores beyond 750 in this scale is a necessity to avail the best home loans on offer.

The margin on a home loan refers to the proportion at which the property’s cost is divided between you and your lender. In most cases, lenders provide around 80% of the home’s cost as a loan, while the homeowner must pay the remaining 20% as a down payment on the property in question.

The margin on a home loan refers to the proportion at which the property’s cost is divided between you and your lender.

In most cases, lenders provide around 80% of the home’s cost as a loan, while the homeowner must pay the remaining 20% as a down payment on the property in question.

Apart from the 20% margin, you must bear the registration charges, stamp duty charges and more by yourself. You cannot use proceeds from a home loan to cover these costs of a property purchase.

Apart from the 20% margin, you must bear the registration charges, stamp duty charges and more by yourself.

You cannot use proceeds from a home loan to cover these costs of a property purchase.

To use a home loan calculator effectively, you need to enter the details regarding your loan. The loan principal, interest rate and tenure are the three factors without which calculation of your EMIs is impossible.

If your CIBIL is too low for a home loan, you can take some time to improve the rating. Avail small loans and repay them on time. You can also repay credit card bills in full before their due date to bolster your credit score. Alternatively, you can avail housing loans along with a co-applicant whose credit ratings are sufficient.

If your CIBIL is too low for a home loan, you can take some time to improve the rating. Avail small loans and repay them on time. You can also repay credit card bills in full before their due date to bolster your credit score.

Alternatively, you can avail housing loans along with a co-applicant whose credit ratings are sufficient.

Home loan eligibility criteria tend to differ from one lender to another. Therefore, you must inquire about the same with your home loan provider. In general, stable income, impressive credit scores and proper documentation of the property you are about to purchase are necessary to avail these loans.

Home loan eligibility criteria tend to differ from one lender to another. Therefore, you must inquire about the same with your home loan provider.

In general, stable income, impressive credit scores and proper documentation of the property you are about to purchase are necessary to avail these loans.

Some lenders may allow you to shift from floating to fixed home loans, and vice versa. Nevertheless, you will need to bear certain charges when opting for such shifts. Keep in mind that only a few banks or NBFCs have the provision for such changes during repayment tenure.  

Some lenders may allow you to shift from floating to fixed home loans, and vice versa. Nevertheless, you will need to bear certain charges when opting for such shifts.

Keep in mind that only a few banks or NBFCs have the provision for such changes during repayment tenure.