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Home is a place that gives you a sense of belonging. However, a single thought that alarms every home loan seeker is “how much the loan will cost me every month?”
An Equated Monthly Installment (EMI) is the monthly payment made to the lender as repayment of the loan over a period of time by the borrower. The emi calculation for home loan depends on the rate of interest, the loan amount, and the tenure for which one availed the loan. EMI of the bank loan in india comprises of an interest component and a principal component.
MoneyLaxmi, provides a simple and automated tool called emi calculator that gives you the ease of evaluating your affordable EMI amount while sitting in office or home without any hassle. You can compute your Home Loan EMI with this loan emi calculator and quickly get an idea of the optimum loan amount you can afford.
Keep on re-calculating till you reach your reasonable EMI. This time enter either less loan amount or longer loan tenure in the calculator.
Ensure that you do a comprehensive study on the rate of interest for Home Loans as offered by all the leading banks. The research would help you to compare the interest rates offered by different banks, and assist you in your calculation. Match the EMI amount you arrive at, using the tool and discover your affordable EMI.
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