The Repco Home Finance Limited is abbreviated as RHFL which is headquartered in Chennai, Tamil Nadu. It is a popular Home Loan financial institution which has its roots back in the year April 2000. This RHFL is registered with the National Housing Bank and it is currently operating with 106 branches and 36 satellite centers across the south and central India.
Repco Home Finance is committed to provide continual customer services along with products which are unique from other banks. RHFL is different from other banks as it provides various housing loan schemes for its customers designed on the basis of the financial requirements of the customers. Repco has a robust customer support initiative which makes it easier for the applicants to apply for a Home Loan which works best for them.
You can also Apply for 25 Lakh Home Loan
Calculating the equated monthly instalment (EMI) even before applying for a Home Loan is very important since it gives you an idea about the expenses that you are bound to make on a monthly basis. The EMI Calculator helps you to try different combinations of the Home Loan parameter and then gives you results of the calculated EMI which suits your financial requirements to the most.
The EMI is nothing but the function of the property value and the capacity to pay on your own for the Home Loan. The EMI Calculator helps you to ascertain the EMIs and then plan your finances accordingly so that you do not burden yourself with a financial crunch.
The EMI is an internal part of the Home Loan availed. It involves principal as well as interest components to be paid each month till the end of the stipulated tenure. Every month the EMIs are to be paid on a particular date which is fixed in advance till your Home Loan is completely repaid.
Results of RHFL Home Loan EMI Calculator at different tenures and amounts at 8.30% interest rate:
|Loan Amount||15 years||20 years|
|Rs. 25,00,000||Rs. 24,618||Rs. 21,696|
|Rs. 50,00,000||Rs. 49,237||Rs. 43,391|
|Rs. 75,00,000||Rs. 73,855||Rs. 65,087|
|Rs. 1,00,00,000||Rs. 98,474||Rs. 86,782|
The above table shows that with the lowest home loan interest rate, the EMI differs on the basis of the Home Loan period which ranges from 15 years and 20 years. The EMI is higher when the Home Loan tenure is shorter and the EMI is lesser when the Home Loan tenure is higher.
The EMI includes the principal amount and the interest component. Even though the EMI stays constant, the proportion of interest and principal repayment will differ with every payment. With each EMI paid, the proportion of the principal amount repayment in the EMI keeps going higher and the interest component keeps decreasing.
Purpose of Home Loan: The RHFL Home Loans can be utilised for various purposes like constructing or buying a new house, purchasing a plot, repairing/renovation/extension of the existing house.
Processing Fees: The processing fee that is charged is 1% of the loan amount
Special Schemes: There are special schemes for senior citizens, salaried, NRIs, women, and existing borrowers.
Some of the special schemes are:
Additional Info: How to get Pradhan Mantri Awas Yojana
The formula used by the EMI Calculator is:
Here, for RHFL Home Loans:
P = Loan amount
r = Rate of interest/month, which starts at 8.30% at present
n = tenure in months, which can be maximum 240 months for RHFL Home Loans
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Usually a Home Loan EMI remains stable and fixed until the applicant requests for a change in the same. When it is changed, it should be approved from the RHFL loan department which is subject to loan eligibility conditions with some nominal charges applicable.
With the change in the rate of interest
With prepayment of the loan
Additional Info: You can also avail Navi Home Loan
When you wish to borrow a Home Loan from RHFL, the first thing that you should do is to calculate the EMI that you would be paying every month to repay your Home Loan.
Some of the benefits of computing the EMI are:
Additional Info: Also check SBI Home Loan EMI Calculator
There is no cap on the maximum Home Loan amount that can be availed from Repco Home Finance. It depends on the borrower's repaying capacity and property's value.
Yes, the housing loan can be converted from a fixed interest rate to floating interest rate.
Normally, it takes 4 to 7 working days from the date of receiving documents to get the loan sanctioned.
Normally it takes 4 to 7 working days from the date of receiving all the documents at Repco Home Finance for the disbursement process.
There are two types of interest rates, i.e., fixed and floating.