Below is the table for Manappuram Home Finance EMI at 13% for different tenures and different loan amounts:
|Loan Amount||ROI||5 years Loan||10 years Loan||20 years loan|
|10 Lakhs||13%||Rs. 22,753||Rs. 14,931||Rs. 11,716|
|20 Lakhs||13%||Rs. 45,506||Rs. 29,862||Rs. 23,432|
|50 Lakhs||13%||Rs. 1,13,765||Rs. 74,655||Rs. 58,579|
Additional Info: Also Check LRD Loan
There are several benefits of using an EMI Calculator and hereunder, we preview some of them:
Additional Info: Also check SBI Home Loan EMI Calculator
If you are looking for smart ways to pick a suitable EMI amount, you can follow the tips given below. However, before anything else, you need to use an EMI Calculator to guide your decision. An EMI Calculator will provide you with a clear picture of the actual cost of the loan at any tenure or rate of interest. In conjunction with the calculator, you can adopt any of the following tips:
Loan for home acquisition may not be of the same value as loan for home construction. If you want to buy a plot for construction, the extra cost will drive the financial requirements further up. On the other hand, if you want to only avail a loan for minor home improvements, it will cost a lot less. Before you decide on an EMI, be sure of why you need the loan in the first place.
The financial cost of the loan will influence every other decision moving forward. Once you are sure of the cost, you can then decide how much EMI you can afford to pay on a monthly basis. In most cases, the cost of the property determines the EMI more than anything else, so it is advisable to go for a property that you can afford.
Personal income computation is the first step in picking the right EMI. Do remember that the repayments will be deducted from your monthly income, so you must have a regular income source that is enough to cover the deduction each month. As a rule, make sure the EMI does not cost you your living expenses at the end of each month, even if the lender approves it.
No two lenders offer Home Loans at the same rate and even if they do, their processing fees may not be the same. One way to identify a suitable EMI is to compare the Home Loan Rates of Interest at which different lenders are offering their loans. Why is this vital tip to imbibe? The cost of the loan goes up due to the extra payments as interest and the interest is what the bank earns for taking the risk to issue you the loan. Banks that offer lower rate will charge lower EMI, unlike banks that offer higher rates. Take your time to identify banks and lenders that offer reduced rates.
Take your time to scrutinize the processing cost. Although most lenders demand a nonrefundable fee as processing cost, there may be other charges added to the loan that you may not notice at first glance. Take your time to scrutinize terms like prepayment and foreclosure charges, payment default charges, etc. Also, ask the lender if there are any other hidden charges not clearly stated in the loan contract.
Additional Info: Looking for 25 Lakh Home Loan? Check EMI & Apply.
When it comes to taking up Manappuram Home FinanceHome Loans, the EMI is not the only thing to be concerned about. You also need to understand the factors that may affect EMI during the course of repayment. Even if you are on a hybrid interest rate, certain factors may influence the rise or fall of EMI rates. Many borrowers are often surprised when they see their EMI rise despite an existing agreement with a lender. Below are some of the factors that may impact your equated monthly installment payments.
Additional Info: Looking for 10 Lakh Home Loan? Check EMI & Apply.
MyMoneyMantra's EMI Calculator is an easy to use online tool for your Home Loan cost projections. It has been designed to ensure that even first-time users have no problem calculating their EMI in just a few steps. To get your EMI, just do the following.
Do note that you can always change the tenure, loan amount, or interest rate as many times as you wish or recalculate using the changed estimates until you arrive at a suitable EMI.
Additional Info: Also check HDFC Home Loan EMI Calculator
The following categories that can apply for this loan are:
The maximum repayment tenure for this loan is 20 years. Loan tenure is decided based on your age as at the time of applying, your current income, and the period of loan maturity.
The maximum loan Manappuram offers is up to 80% of the property's market value.
The rate of interest is in the range of 13% to 22%, depending on the type of loan you apply for.
The estimates you should concern yourself with are the loan amount you want to apply for, the repayment tenure, and the interest rate.
The beauty of using MyMoneyMantra's EMI Calculator is that it works for all loans offered by different lenders at different tenures and rates. It is flexible and universal. If the estimates you enter are accurate, the EMI results you get will be error-free.
This EMI is free so it costs you nothing to use it. You can use it as many times and as often as you wish.
Not in all cases, but the difference is not always significant. This is because lenders infuse certain transactional fees into the loans they issue to borrowers. These fees are either charged separately or added to the EMI. Common fees include prepayment fees, fees for foreclosures, processing costs, cheque clearance, etc. For the sake of clarity, always make inquiries about transactional fees you are required to pay.