Money9 Home Loan calculator allows you to conveniently calculate the equated monthly instalments of your home loan. This home loan calculator will give you the break-up between the principal amount and interest you will pay on your home loan till the end of the tenure. This tool helps prospective homebuyers to access their home loan liability and make an informed decision. To find out your EMI, you just need to enter the home loan amount, interest rate being offered and the tenure. Home loan interest rates start from 6.5-7% and vary from lender to lender. Your home loan eligibility is determined by your income and repayment capacity. If you have higher CIBIL credit score, you are likely to be offered a lower home loan interest rate. So, if you are looking to take a home loan and not sure about the EMI that you have to pay, use Money9 home loan calculator.
Buying your own home is one of the most cherished dreams. With the easy availability of credit and high competition in the BFSI space, home loan borrowers get competitive rates. From the type of interest rate to credit score and your job profile - there are various factors that can affect your home loan EMI. Borrowers can chose from two types of interest rates – fixed and floating. Floating interest rates are linked to the repo rate i.e. the interest rate at which commercial banks borrow money by selling their securities to the Reserve Bank of India (RBI). If RBI lowers repo rate, home loan interest rates are reduced and vice versa. With a fixed interest rate, you get the same rate of interest throughout the tenure of your loan. Credit score too is extremely crucial for home loan borrowers. Credit score reflects your creditworthiness. A low credit score means high credit risk and in this case the lender charges a higher rate of interest from the borrower.