Sundaram BNP Paribas Home Finance EMI Calculator

This company has a network of 116 branches situated across India. However, it retains a strong presence in the southern state of Tamil Nadu. The company offers Home Loans to meet all requirements of housing such as:

• Purchase or construction of houses/flats/apartments
• Purchase land and construct house thereon
• Balance transfer from other banks and NBFCs
• Top up loans
• Affordable Home Loans under PMAY

The best aspect of Sundaram BNP Paribas Home Finance Home Loans is the attractive rate of interest and easy processing formalities.

The Home Loan EMI calculation can be a complex one. The formula for calculating the Home Loan EMI is as follows:

EMI = [PR(1+R)^N] / [(1+R)^N-1] where:

• P - Loan amount availed by the borrower
• R - Rate of interest applicable on the Home Loan
• N - Number of monthly instalments

The manual calculation of the Home Loan EMI can be tedious. The Home Loan EMI Calculator is the ideal solution. Sundaram BNP Paribas Home Finance offers facilities to calculate Home Loan EMI on their website.

This calculation requires customers to provide the following information.

• The loan amount approved by the company or the amount you are looking for
• The applicable rate of interest
• The loan repayment tenure you can afford

Providing correct information gets you accurate results.

EMI stands for Equated Monthly Instalment. As the name suggests, EMI remains fixed and spreads out through the entire tenure of the loan. EMI depends on three variable factors:

• The Home Loan amount
• The rate of interest
• The loan repayment period

Thus, the EMI remains fixed for a specific loan amount, rate of interest (ROI), and repayment tenure. A variation in any of these figures can change the EMI.

EMI comprises of two constituents, the principal repayment portion and the interest component. In the initial stages of the Home Loan, the interest component is high as compared to the principal repayment portion. As you keep repaying the loan instalments, the principal repayment improves.

EMI commences one month after the date of full disbursement of the loan.

Additional Info: Also check HDFC Home Loan EMI Calculator

Sundaram BNP Paribas Home Finance offers Home Loans for constructing your homes. Under such circumstances, the company does not disburse the investment in a single instalment. It spreads its disbursement schedule according to your requirements. It entails providing a holiday period or moratorium to the borrower. The payment of the EMI will not commence immediately. Hence, the concept of pre-EMI interest comes into the equation. The interest debited to the loan account before the commencement of EMI is pre-EMI interest. Sundaram BNP Paribas Home Finance insists on the servicing of pre-EMI interest every month.

Additional Info: Also Apply Home Renovation Loan

• This calculator helps customers calculate their Home Loan EMIs in advance. It enables borrowers to understand the concept and affordability. Knowing the affordability helps them to determine their home loan eligibility.
• It becomes easy for the customers to manage their budgets when they are aware of their Home Loan repayment obligations.
• Knowing the prospective EMI ensures that the borrowers select the appropriate property depending on their affordability.

Additional Info: Also check ICICI Home Loan EMI Calculator

The Sundaram BNP Paribas Home Finance Home Loan EMI Calculator is a convenient tool to estimate your Home Loan EMI. However, alternatives are available on the internet.

MS Excel formula

Using MS Excel tables to calculate the Home Loan EMI is a popular mode of EMI calculation. The formula is as follows:

EMI = PMT(rate,nper,pv) where,

1. PMT - MS Excel function for EMI
2. Rate - ROI
3. NPER - Number of instalments
4. PV - Principal loan amount

MyMoneyMantra

The EMI Calculator available on the MyMoneyMantra.com website is similar to the Sundaram BNP Paribas Home Finance Home Loan EMI Calculator. Providing the necessary information enables customers to calculate the EMI instantly. Apart from the EMI, this calculator provides information about the interest payable by the customer over the full loan tenure.

Additional Info: Also check SBI Home Loan EMI Calculator

Manual calculation of home loan EMI is cumbersome but not 100% accurate. You can be misled with regard to the EMI that fits your budget and can land you in trouble in the future. Accuracy is as important as the ease with which the calculation can be done. To spare you from the trouble of tedious manual calculations, Axis Bank provides a home loan EMI calculator that does the EMI calculation with great ease while giving 100% accurate results.

Knowing the EMI that fits your budget by balancing the loan amount and the tenure will help you manage your finances prudently. You will be aware of the exact loan amount you will be eligible for so that you can plan to purchase a property within that budget or make arrangements for a higher down payment. Axis Bank home loan EMI Calculator helps you to personalise your loan according to the affordable EMI.

Additional Info: ICICI Bank Home Loan Customer Care Number

The budget for the property you dream of investing in depends on the loan eligibility. How is the loan eligibility assessed? The loan amount you can borrow depends on your income, repayment capacity and credit score. It is not only essential to check your Credit Score before applying for a loan, but also to balance the loan amount and tenure with the affordable EMI is equally essential. For initially arriving at the EMI, the factors to be considered are the loan amount, interest and term. But other factors tend to affect the EMI during the loan tenure. Let us have a look at all the factors that impact the home loan EMI.

• Quantum of the loan: The loan quantum plays a vital role in deciding the EMI. If you opt for a higher loan amount, the EMI will also be higher and vice versa.
• Rate of interest: The rate of interest plays a vital role throughout the loan tenure If as it has a direct impact on the EMI. If you have availed of a home loan at a floating rate, the EMI will change as and when the interest rates vary. It will be lower if the rates are lower and higher if the rates are higher.
• Tenure: A longer tenure means a lower EMI. But you should understand that if you have opted for a long term to balance the loan amount with the EMI that fits your pocket, the overall cost of the loan will also be higher. If you can afford a higher EMI, you choose a shorter tenure and save up on the interest cost.
• Prepayments: For every prepayment made, the principal outstanding will reduce, resulting in a higher portion of the EMI adjustment towards the principal, which will eventually reduce the loan tenure.

Additional Info: You can also Check AnyRoR Gujarat Land Record

Apart from the interest, other charges add to the overall cost of the loan. The home loan EMI calculator does not consider these charges while calculating the overall cost of the loan. The home loan EMI calculator cannot tell you about the following charges.

• Processing charges at 0.5% to 2% of the loan amount that will be charged at the time of granting a new home loan or for the balance transfer of a home loan. 
• Prepayment/part prepayment charges collected between 2% to 4% of the outstanding principal balance or prepaid amount.
• Legal fees at actuals for scrutiny of property documents that will be collected
• Charges for valuation of the property collected at actuals.

Additional Info: How to get Bajaj Finserv Home Loan