Reduce Your Home Loan EMI Burden with Home Loan EMI Calculator

Home Loan EMI Calculator: How to Reduce Your Home Loan EMI Burden

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Home Loan EMI Calculator

Buying a home is a wish that each of us has in our hearts. But as amazing as owning your own home, it is a solution that requires a large amount of investment. This investment usually includes a home loan that is gradually repaid back to the lender in the form of Home Loan EMI. Availing a home loan requires prior planning because it includes a relatively long tenure. It can weigh on household finances for a long time. An honest idea to calculate your EMI amount before signing on the line. A great tool like the Home Loan EMI Calculator can assist you out with this.

What is Home Loan EMI Calculator?

The Home Loan EMI Calculator is an online tool for calculating monthly EMI. Based on some details about home loans, the calculator will give you the exact amount EWI has to pay. It also includes a chart showing the payment schedule and details of the total payment.

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Advantages of Home Loan EMI Calculator

The Home Loan EMI Calculator is an all-purpose, simple, and seamless calculator that only requires you to enter 3 values. Attaining benefits is like being aware of what you are getting into. You have a clear picture of the amount of the loan that will be given to you, for how many months/years, the interest will generally be compensated. This way you can plan all your finances in advance.

With that in mind, you need to plan in advance where you will start paying the initial amount as well as the monthly EMI, which again is a task in itself.

How to Reduce Your Home Loan EMI Burden?

Home Loan EMI Calculator

In a time when the fragile economy is weighing on the lives of most people, making regular loan payments is a challenge. For those who have taken out home loans where the EMI is very high, this challenge is even more difficult.

Reducing EMI payments seems like an effective way to survive in a bad economy. If, as a borrower, you’re also looking for ways to simplify your home loan by reducing your EMI payments, follow these tips!

  1. Change your lender

When you take out a loan, you may have chosen a lender that offers you high-interest rates on your home loan. Now, when you’ve found a new lender who wants to offer significantly lower interest rates, consider replacing your lender’s middle loan. Even if you can’t find a lender with a lower interest rate on your home loan, you should look for a lender who wants to extend your repayment period. Before switching lenders, use an online home loan EMI calculator to find out how much your EMI could drop.

Changing lenders is very convenient. All you have to do is contact your existing and new lenders and request a loan balance transfer. Refinancing a home loan at a lower interest rate is one of the easiest ways to reduce EMI.

  1. Assistance with advance payments

Previous prepaid loans came with a lot of costs. Recently, however, most banks and NBFC have stopped charging up-front payments so that borrowers can repay large amounts of their home loans before their term expires. If you want to lower your EMI and accrued interest rates, prepaying your home loan online or offline at the start of the repayment period is a good strategy.

  1. Make a larger initial payment

Although this advice does not apply to existing borrowers, it can be of great benefit to potential borrowers. Since home loans only cover 70-90% of the total purchase price of the home, the down payment is used to cover the remaining costs. A higher deposit reduces the amount of the underlying loan, which means that the interest on maturity and accrued EMI is automatically reduced. If you have additional savings or funds to make a significant down payment when applying for a home loan, please do so.

  1. Choose a longer stock

If none of the other options have worked for you, extending the life of your home at the request of your existing lender is a great way to reduce EMI. Keep in mind that a longer loan repayment period will require you to pay more interest, but your EMI will decrease significantly. Negotiate with your lender for an extended repayment period. Before making this decision, determine the exact amount of interest you will be paying using the home loan EMI calculator.

Before choosing a lender, make sure you have read and met the home loan eligibility criteria imposed by your financial institution when extending the term, refinancing, or prepayment. Use smart financial planning and focus on ways to lower interest rates or EMI if possible. However, be careful with EMI reduction methods that require higher home loan interest payments.

With the right planning, you can easily apply for a home loan with lower EMI exposure for home loans and keep your savings safe in a pinch.

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Also read:

Home Loan Eligibility: Tips to Increase Your Home Loan Eligibility?

Check Housing Loan Eligibility with Home Loan Eligibility Calculator

Home Loan EMI Calculator: Know Your Home Loan EMI

Missed Home Loan EMI Payment?

How To Reduce Home Loan EMI?

Benefits of Home Loan EMI Calculator

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Your home loan will be processed in 2 steps:

  1. You receive the approval of your home loan.
  2. You sign the loan agreement papers and complete other necessary documentation. The loan amount is thereafter paid directly to the builder by Home First Finance Company.

Loan decisions are made in less than a week. You will receive an SMS on your registered mobile number as soon as we make a decision.

HomeFirst does not charge any prepayment fees. This applies to both partial and full repayments. In fact, we have a special Auto-Prepay feature to facilitate this process for you.

HomeFirst offers loan tenures between 1 year to 25 years. If you opt for a longer tenure, you can get the advantage of a lower EMI each month.

HomeFirst can provide finance up to 90% of the property value. The balance has to be arranged by you from other sources. Please note: 90% financing is only available for loans amounting to less than Rs. 30 lakhs.

All co-owners of the property have to be co-applicants to the loan. A person who is not a co-owner can also become a co-applicant to the loan.

During the construction phase, HomeFirst will disburse funds to the builder on your behalf. These will be based on payment requests made by the builder as per the construction schedule.

HomeFirst will charge interest only on the amount disbursed as loan during the construction phase. In this period, interest is charged only on the disbursed loan amount. For example, if you have a sanctioned loan of Rs 10 lakhs, but the property is under construction and we have disbursed only Rs 4 lakhs, you will be charged interest only on 4 lakhs. These interest payments are referred to as pre-EMI interest payments.

EMI payments will start only after completion of the project and registration of the property.

All cheques to HomeFirst should be written out in favor of ‘Home First Finance Company India Limited’.

In the event of an unfortunate incident, home loan insurance will help you or your family pay off the home loan. This ensures that the burden does not suddenly fall upon family members at a bad time.

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