| To check your eligibility for home loan, Home Loan EMI | | | | It’s one of the most important factors that one |
| calculator is the tool that will help in resolving your | | | | should keep in mind while taking loan. It refers to the no. |
| query. | | | | of years for which the loan has to be taken. Longer |
| The Home Loan calculator can help you manage your | | | | the tenure higher will be the interest paid and lower will |
| Home loan better by providing you a detailed insight | | | | be amount of EMI to be paid and vice-a-versa. It is one |
| into your loan EMI. Your loan EMI will be higher in case | | | | of the parameters which helps in comparing the EMIs |
| you decide to pay your loan within a short-period | | | | from different banks keeping it constant for relationship |
| compared to a long-period. | | | | and easing the judgment. |
| Home Loan EMI calculators are easy to use and are | | | | Interest Rate (in percentage) |
| available online. It is advised that a borrower should use | | | | Today there are many lenders in the market. Every |
| these calculators before going for any kind of loan. | | | | bank is offering loans whether it’s a nationalized |
| After using the EMI calculators, you will have a better | | | | bank, private bank or foreign bank each of them is |
| idea whether you will be able to afford the proposed | | | | there in the show. Every bank offers different rate of |
| loan or not. | | | | interest according to the profile of the customer. So, |
| You can include your spouse/parents/children as | | | | before finalizing a deal one should consider deals from |
| co-applicant if you require higher eligibility subject to | | | | various banks and than come to a conclusion. And |
| maximum of three applicants. | | | | aware of the fact that some people might mislead you |
| Monthly Income | | | | by charging high rate of interest at reducing rate and |
| The income that we get in hand on month to month | | | | might inform the same at flat rate of interest. So, its |
| bases is said as Monthly Income. While taking a Home | | | | always advisable to check full detail with the banks |
| Loan the Bank initially calculate on the bases of net | | | | and do better comparison in respect of EMIs , Tenure |
| income that is left in our hand after deduction of all | | | | and Interest Rates and keeping tenure as constant |
| other emi’s. | | | | with all the banks will ease your comparison and will |
| Other EMI | | | | result in better analysis, finally leading to a prudent |
| Other Emi (Equally monthly installment) is the emi that | | | | decision. |
| we are paying to for any other Loan . | | | | EMI |
| Available Income | | | | EMI stands for equally monthly installment; you need to |
| The income that is left in our hand after deduction of | | | | pay a particular amount for the Home loan that you |
| any emi amount that we are paying for any kind of | | | | have taken. |
| loan. Your Home Loan Eligibility Calculator will be | | | | Eligible Loan Amount |
| calculated after deduction of the EMI’s that you are | | | | The net loan amount for which you are eligible for your |
| paying. | | | | Home loan is said as Eligible Loan Amount. The loan |
| Duration of Loan (Years) | | | | amount that a Bank can sanction you. |