The Delta Finserv – Home Loan EMI Calculator
The decision to buy a house is often as emotional as it is financial, with careful considerations. Especially when it comes to choosing an EMI plan. You would to make sure that the money is paid on time every month and that the fixed sum does not cause daily stress.
Calculating EMIs by using manual, mathematical formulas might be difficult and create errors. It is better to rely on EMI Calculators to get an accurate figure.
With the Delta Finserv Home Loan EMI Calculator, you will be able to understand and better prepare your EMI plans.
It is an easy-to-use tool that is as quick to show results as it is accurate. Our calculator can assist you in gaining a clear picture of your monthly payments and will help you plan better and smarter. It’ll let you understand what your ideal EMI amount should be and stretch to what duration.
You can even avail of this calculator’s benefits even if you don’t have a loan yet. This makes it ideal for first-line borrowers.
The detailed calculations will include the
- Monthly Loan EMI
- Principal Amount
- Total Interest Payable
- Total Amount Payable
The Components of the EMI Calculator
To use this calculator, here’s a checklist of details you’ll need:
- Loan Amount: You can enter the total amount of your loan in the text box labeled “LOAN AMOUNT.”
- Tenure: The period of time over which you wish to extend your EMI installments to. The tenure is displayed in years and months.
- Rate of Interest: The interest you pay on a loan. The rate of interest varies from bank to bank and may change over the life of your loan.
How is Home Loan EMI Calculated?
EMI calculator from Delta Finserv will help you calculate the same quickly and easily.
P- Principal loan amount
R- Rate of interest
N- Loan tenure in months
The formula for calculating loan EMI is as follows: P x R x (1+R)^N / [(1+R)^N-1]
Let’s consider, the rate of interest (R) on your loan amount is calculated per month. This means
R= Annual rate of interest/12/ 100
If the rate of interest charges to you is 6.5 per annum then
R= 6.5/12/100= 0.005
Now if you avail a loan of ₹20,00,000 at an annual interest rate of 6.5% for a tenure of 10 years (120 months), then your EMI will be calculated as
EMI= ₹20,00,000 * 0.005 * (1 + 0.005)120 / ((1 + 0.005)120 – 1) = ₹10,000
How does knowing your EMI beforehand help?
Estimate the monthly
cost of your entire loan
With the help of an EMI Calculator, you can get a good idea of how much money you’ll need to pay in each month in order to pay down your loan. This way you can manage your finances accordingly so as not miss any payments or incur additional charges from a late payment.
Maintain a low
debt-to-income ratio
With an EMI (equated monthly installment) calculator, you can determine your debt-to-income ratio. Once you have established this figure, it will help you manage future payments or plan for any adjustments needed to your finances.
Adjust loan amount
or loan tenure
With an EMI (equated monthly installment) calculator, you can determine your debt-to-income ratio. Once you have established this figure, it will help you manage future payments or plan for any adjustments needed to your finances.
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Frequently asked questions
Rate of Interest (ROI) depends on factors such as CIBIL score, income, age etc. If you match all the norms, we can provide the lowest rate available in the market. Currently, the lowest rate prevailing in the Market is 8% per annum, subject to all the conditions being matched.
Loan eligibility primarily depends on the following factors:
- Cumulative net monthly income of the applicant and co-applicant.
- Quantum of loans and credit card outstanding that you already have.
Typically a bank will not give a loan if the total EMI obligation (including the current home loan you are trying to apply for) exceeds 60-70% of your full net take-home salary.
The final decision to grant a loan lies with the credit department of a bank. There are many reasons why a bank may reject your home loan request. Income is one of the eligibility criteria. Other issues include
Pre-closure means a customer wants to close the principal outstanding amount in one go. On the other hand, part payment means a customer wants to repay only a specific portion of the due amount. Please ask our advisor for more details when your loan is processed
Yes, home loan pre-closures are allowed without extra charges as long as the mode of repayment you have chosen is the Floating rate of interest and not a fixed one. In the case of part payment, some banks may restrict the times you can make a part payment per year and the amount you can partly pay in a year. Please connect with our financial advisors or the bank’s loan advisor to clarify all these factors before signing the loan document.