Aadhar Housing Finance Home Loan EMI Calculator
The Aadhar Housing Finance EMI calculator helps you figure out how much EMI you will have to pay for your home loan. To calculate your EMI, just enter the loan amount you want to take out, the desired loan duration for which you intend to obtain the loan, and the interest rate.
Aadhar Housing Finance
Aadhar Housing Finance Ltd. Is a non-banking finance company(NBFC) in India. Aadhar Housing Finance specializes in housing loan solutions for people belonging to the low-income group of society. Aadhar Housing Finance was established in 2010. As of now, they primarily provide service to customers with a monthly income of 5000 - 50000 INR.
Aadhar Housing Finance Home Loan
Aadhar Housing Finance was established with a view to providing financial support for people belonging to the lower-income group of society. Aadhar Housing Finance provides loans for purposes like the purchase of a house, plot of land, or construction of property. Loan against property is also provided, as well as balance transfer and top-up loans. Aadhar Housing Finance Home Loan also provides loans for extension or repair of property.
Features of Aadhar Housing Finance Home Loan
Aadhar Housing Finance offers a variety of home loan products for different individuals. Aadhar Housing Finance caters mainly to the people from the lower-income group of society to help them finance their dream houses. Aadhar Housing Finance provides home loans and high tenures and low Interest rates to encourage people to avail themselves of home loans. Below are some features of the Aadhar Housing Finance home loans.
| Product Name | Home Loan Amount | Rate of Interest | Tenure | Processing Charges | Ideal for |
|---|---|---|---|---|---|
| Home Loan | Up to 1 Cr can be availed. However, the amount should not exceed 80% of property value. | Starts from 11% | Up to 30 years | Up to 2% of home loan amount | Individuals who want to purchase a property. |
| Loan for plot purchase or construction | Up to 1 Cr is permitted, provided the amount is up to 80% of construction cost | Starts from 11% | Up to 20 years for plot purchase and up to 30 years for plot+construction | Up to 2% of home loan amount | Individuals who want to purchase a plot of land or want to construct their own property or both. |
| Home improvement Loan | Up to 1 Cr can be availed. | Starts from 11% | Up to 20 years | Up to 2% of home loan amount | Individuals who want to add rooms to their house or carry major structural changes to it. |
| Loan against property | Up to 1 Cr home loan amount permitted | Starts from 10.25% | Up to 15 years in case of residential property and 10 years for commercial property | Up to 2% of home loan amount | Individuals who are in urgent need of finances and don't wish to sell their property |
Aadhar Housing Finance Home Loan EMI
Aadhar Housing Finance provides customized home loan products for different customer needs. The lowest home loan rate of interest offered is 11%, which will change depending on the purpose, eligibility, and other criteria of the home loan application. The home loan EMI is calculated using the home loan amount, tenure, and rate of interest. Since your EMI depends on these 3 factors, you will have to do proper research so that you can finalize the loan amount and tenure that would give you the most convenient EMI to pay long-term. Below is a table showing how the loan amount and tenure can impact your EMI.
| Loan amount | Tenure | |||
| 5 years | 10 years | 20 years | 30 years | |
| 10,00,000 | 21,742 | 13,775 | 10,322 | 9,523 |
| 25,00,000 | 54,356 | 34,438 | 25,805 | 23,808 |
| 50,00,000 | 1,08,712 | 68,875 | 51,609 | 41,616 |
| 1,00,00,000 | 2,17,424 | 1,37,750 | 1,03,219 | 95,232 |
As you can see from the above table, the EMI amount decreases as the tenure as the total amount is divided by the tenure in months. Also, the EMI amount increase with increases with the increase in total loan amount. You can figure out the ideal EMI amount for your needs by checking with different combinations of amount and tenure.
What is the EMI Calculator
EMI amount calculation is done using the loan amount, rate of interest, and tenure. The Interest on your loan is calculated based on the principal loan amount. Your EMI amount is a combination of both the Interest and the principal on your home loan. The EMI amount is important for your home loan application, as the bank decides your eligibility on the basis of whether you will be able to repay your home loan on time. Below is the formula to calculate the EMI amount.
E = P*r* (1+r)^n/([(1+r)^n]-1)
Where E = EMI amount
- p = Total amount of loan availed can be up to 5 Cr
- r = Rate of Interest
- n = Tenure in months (can be up to 240 months)
The calculation process shows that calculating EMI is not an easy process, particularly if you are not a finance person. For this reason, a tool called the EMI calculator was introduced. An EMI calculator takes the loan amount, rate of Interest and tenure from the applicant and returns the EMI amount instantaneously. It is pre-programmed with the EMI calculation formula.
Benefits of using an EMI calculator before taking a home loan
As discussed above, calculating your EMI amount helps you to determine the amount that you have to pay without fail every month. The EMI amount can be one of the biggest obligations on the individual's income. The bank also needs the EMI amount to fit into your income after you have satisfied all your liabilities and dependents. On the other hand, calculating your EMI amount will also help you determine the perfect tenure-amount ratio for your long-term goals.
Below are some benefits of using the EMI calculator:
- Basic and easy-to-use service/tool available to everyone.
- Figure out the EMI amount to ensure that it falls within your income level.
- Quick Calculation response to user-entered details
- Change the tenure and rate of Interest and re-calculate until you find the most appropriate interest-tenure ratio.
Before applying for a home loan, it is important to figure out the perfect loan amount, tenure and rate of Interest so that you are confident in your application and can prove to the bank that you will be able to pay the EMI comfortably. An EMI calculator helps you do all this in a very short time and at no extra cost.
FAQs
The EMI calculator is available on the internet on thecompany’s website or any other third party vendor's website like MyMoneyMantra. The EMI calculator is free to use by anyone and only needs a cellphone/laptop and a running Internet connection.
The EMI calculator calculates the EMI amount in a split second. As soon as you enter the loan amount, the rate of Interest, and tenure in the input fields and click on the calculate button, the EMI amount is displayed on the screen.
The rate of interest depends on a lot of factors, like age, eligibility, etc. Even the purpose of your home loan can affect your rate of Interest. The rate of Interest is lower for purposes like the purchase of property and construction, and is higher for other purposes. A good credit score and history can also mean a better rate of interest.
Reshma Rawat is a passionate writer with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra and writes blogs & webpages on financial products (loans, credit cards, insurance, government financial policies, mutual funds, etc.).
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