Mon, Nov 04, 2024
Reduce Home Loan EMI vs Reduce Loan Tenure Calculator: The question of reducing the equated monthly instalment (EMI) or tenure pops up when a borrower opts for prepayment of a home loan. But which option can help save the borrower more? It can be decided through simple maths.
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Mon, May 06, 2024
SBI Home Loan EMI Calculation: If you want to take a home loan of Rs 30 lakh for 20 years from State Bank of India (SBI), then know from the calculation that what will be your monthly equated instalment (EMI) and how much interest you will have to pay during your loan tenure.
Fri, Apr 26, 2024
Home loans are most likely large amount. Specially in Tier-1 cities; they can exceed the Rs 1 crore mark. When you take a large home loan for a long period of time, you end up paying more in interest than the principal amount. E.g., if you take a Rs 1 crore loan at an 8.50 per cent annual interest rate for 20 years, your interest in those years will be over Rs 1.083 crore, or Rs 8.23 lakh more than your principal amount.
Fri, Nov 24, 2023
You pay hefty amount on the interest of a home loan. In most of the cases, interest rate exceeds principal amount. But with prepaying just one extra EMI every year, or 5 per cent extra amount in prepayment, you can save huge money and reduce many years in the home loan duration. Know the calculation.
Tue, May 23, 2023
While prepayment can be a good choice, there are certain things that one should take into account before considering prepayment of their loan.
Wed, Dec 07, 2022
With the continuous attempt of policy tightening, the overall interest rates, or the tenor on which the consumers have taken loans are scheduled to rise.
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