A guide for Home Loan Calculator
Pushpanjali • May 4, 2023
Guide to Home Loan Calculators
Homefirst has its own Home Loan Calculators. We have your different needs covered under us with different calculators serving different needs like Home Loan Eligibility Calculator, Home Loan Prepayment Calculator, Home Loan EMI Calculator, etc. Further, all calculators are designed as general self-helping tools to meet financial planning needs based on salary or income and other factors.
Home Loan EMI Calculator Guide
The variables mentioned in the guide are the amount I want to borrow, the period for which I want to borrow, and the interest rate. These are some important factors that determine the Home Loan EMI.
Amount I want to borrow column: Input the amount in Indian Rupees, which represents the money you require to be financed by us. Typically, this is the amount of (home value + loan insurance value – down payment) that you have provided.
For the period for: Specify the tenure in years for the period for which you want to borrow a loan. Ensure that the number entered is in years and not in any other format.
Interest rate column: Enter the specific interest rate at which you have borrowed money in percentage format.
Home Loan Eligibility Calculator Guide
Your net monthly income, existing EMIs, and other factors mentioned in the guide play a crucial role in determining your Home Loan eligibility. This can also be used to calculate joint home loan eligibility. Joint home loan eligibility is calculated by entering the details of a co-applicant along with the applicant.
For the column, Net monthly income, fill in your net income after all deductions, cost associated with your business, taxes, etc.
Existing EMIs, put in any existing EMI which you are paying regularly. In case you do not have any loan, you can put 0 or leave the column blank.
Number of members in the household, fill in the number of members who are dependent on that income and are present in your house.
Who is a co-applicant in a home loan?
The co-applicant is held equally responsible alongside the principal borrower. The loan agreement binds both the principal borrower and the co-applicant, making them individually liable for any repayments. The person is responsible for paying all of the required monthly installments when applying for a home loan. Moreover, Home First Finance allows you to add as many members of the family as co-applicants as you want. Also, it is also not required that all co-applicants also be co-owners of the property in order to get a mortgage. However, applying for a home loan with a co-applicant enhances your eligibility for a home loan. A co-applicant can also help you increase your loan amount as well as provide more flexibility. The inclusion of a co-applicant in the loan application can improve the primary borrower’s chances of successfully satisfying the requirements for the loan with increasing property rates.
For co-applicant(s) net monthly income: Fill in the net monthly income of your co-applicant, if applicable for your home loan. In case of more than one co-applicant, add up everyone’s net monthly income and put in the field.
For co-applicant(s) existing EMIs, fill in any existing EMIs of your co-applicant, if applicable for your home loan. In case of more than one co-applicant, add up everyone’s existing EMIs and put the value in the field.
Rate of interest column, fill in the specific interest rate at which you have borrowed money in percentage format.
Tenure of housing loan (in years): Put in the period for which you want to borrow the money. Make sure the number entered is in years and not in any other format.
Home Loan Prepayment Calculator
Prepayment of your home or construction loan helps you pay off the loan(either in full or part) before the completion of the tenure. Above all, it helps in reducing your loan amount, with a greater advantage on saving interest amount. So, here we are to help you with the home loan EMI prepayment calculator.
For the column, I want to borrow, put the amount in Indian Rupees, the value of money which you require to be financed by us. This is usually the amount of (home value + loan insurance value – down payment) done by you.
For the period of, put the tenure for which you want to borrow the money. Make sure the number entered is in years and not in any other format.
In the rate of interest column, fill in the specific interest rate at which you have borrowed money in percentage format.
For the column auto- prepay (₹) put in the amount you want to prepay each month and the results will be shown with the reduced amount and EMIs.
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