Home loan in real estate industry work, without home loan a large portion of people are forced to live in rental apartments. Loan for our own residence without having money to acquire a house. Home loan EMI calculator is one of the tools help you plan your own house.
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What is EMI (Equated Monthly Installment)
Equated Monthly Installment (EMI) is the amount payable every month to the leader by the borrower.
EMI is very popular suggest among employee, which allow them to grab important needs of life.
For instance – House, Car, Child education, family trip, child marriage.
EMI is calculated with the principle and along with interest paid to the bank or any other financial institutes till the loan amount is paid.
EMI is as flexible as per the requirement of the borrower, like period of the loan, amount of loan, payment made (periodically).
Also Read: Want to Buy a House (Top Tips)
The significance of Home Loan
Home loan basically available not only for the purchase of a house but you can also avail it for the purchase of land, house renovation.
The percentage of interest changes time to time depending on the market scenario.
The eligibility of home loan depends upon some fundamental requirements of the borrowers like income as per Form 16 period of current employer, and most important your credit score.
To know your credit score click here
The home loan is repaid over a long period of time unless the borrower finds another way to repay the loan amount.
The repayment terms vary from bank to banks according to the safety norms and customer flexibility.
Download the link below and calculate your own EMI just by inserting amount, time period and rate of interest.