Tata Capital Home Loan EMI Calculator

The Home Loan EMI Calculator is of great use to determine the Home Loan equated monthly instalment (EMI) amount. This estimation of payable EMI every month against the Home Loan taken helps the borrower to plan the finances as per the monthly budget. The borrower can plan the monthly expenses and finances based on the EMI amount they are liable to pay against the Home Loan. It helps to reduce the financial stress and prepares the borrower for the upcoming financial obligation.

The important parameters, such as loan amount, loan tenure, and rate of interest, are to be provided by the borrower for calculating the Home Loan EMI. The online Home Loan EMI Calculator is very easy to use and provides accurate results. The calculator can also be used a number of times to arrive at the affordable EMI as per the budgetary constraints of the borrower.

The EMI is the amount payable by the borrower against the Home Loan taken. The EMI is paid every month on a fixed date by the borrower towards the repayment of the Home Loan.

Tata Capital offers housing loans with a period of up to 30 years, along with the monthly EMI as low as Rs. 776 per lakh in order to make it more convenient to meet your requirements. The lowest rate of interest that is offered by Tata Capital on a housing loan is 7.75%.

Tata Capital Home Loan EMI for Different Amounts and Tenures @8.60% Interest Rate:

• The above table gives all the details of the various home amounts that are taken at a very low interest rate, the EMI also differs on the basis of the tenure at 5, 20, and 30 years. The EMI is more when you take a Home Loan for a shorter period of 5 years, and it is lower when the loan tenure is high, say 30 years.
• The EMI includes both the interest and the principal amount. Even though the EMI amount will remain stable, the interest and principal amounts will vary with each EMI. With every EMI paid, the proportion of the principal repayment in EMI keeps increasing, and the interest component keeps reducing.

Tata Capital EMI for 1 Lakh at 8.60% Interest Rate for Different Tenures

The table above depicts the details of the tenure and the EMI of your Home Loan. The longer your repayment tenure, the lower the EMI that you need to pay on the Home Loan availed. However, the total interest outgo is higher in a longer period Home Loan.

For example, in case you take a 1 Lakh Home Loan for a duration of 30 years, then you tend to pay the lowest EMI, which is Rs. 776, and the interest that you would be paying is Rs. 1,79,364.

Unlikely, in case you take a Home Loan of 1 Lakh from Tata Capital at the lowest loan interest rate, i.e., 8.60% for a duration of 5 years, then you pay a higher EMI at Rs. 2,056 per month. The interest paid is only 23,389, which is lower than the amount that is paid for a tenure of 30 years Home Loan. Hence, it is always better that you choose the loan based on the tenure to control your interest expenses.

The formula used by the EMI Calculator is P*r* (1+r)^n/([(1+r)^n]-1)

Here, for Tata Capital Home Loan:

• P = Loan amount, which ranges between 2 Lakh to 5 Crores
• r = Rate of interest/month, which starts at 8.60% at present
• n = tenure in months, which can be a maximum of 360 months for Tata Capital Home Loans

The following are the benefits of calculating the EMI before applying for the Home Loan at Tata Capital:

• Estimating the EMI before applying for the loan can help the borrower plan the monthly budget. If the EMI amount does not fit in the monthly budget. The borrower can adjust the Home Loan amount to arrive at the desired affordable EMI.
• It is easy to plan the monthly expenses if the borrower has an exact idea of the EMI amount payable against the Home Loan.
• On the basis of the EMI amount, the borrower can decide to make a prepayment of the Home Loan in case of a surplus amount.