Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs SUPPORT
Loans For You
Loans for Business
Investment
Insurance
Apply

Quick Links for loans

Quick Links for Insurance

Investment

Offers Quick Pay
Back

Equipment Finance

Avail Digital Equipment Loans
up to Rs. 1 Crore

  • Attractive ROIs
  • Customizable Loan tenure
Know More
Back

Equipment Leasing

Avail Leasing solutions
for all asset classes

  • Up to 100% financing
  • No additional collateral required
Know More
Back

New Commercial Vehicle Financing

  • First time user
  • Retail and strategic Clients
Know More
Back

Used Commercial Vehicle finance

  • Repurchase
  • Refinance
  • Top up
  • Balance Transfer
Know More
Menu  
 
Apply Now

Tata Capital > Blog > Understanding the Benefits of a Home Loan Calculator

Loan for Home

Understanding the Benefits of a Home Loan Calculator

Understanding the Benefits of a Home Loan Calculator

Have you finally decided to become a homeowner? Well, that’s a milestone almost every person dreams of achieving in life. However, as exciting as this endeavour sounds, it is equally valid to say that purchasing a home with a single payment is quite strenuous for many. But this long-term financial goal is made possible with the help of home loans at competitive home loan interest rates.

Now, a housing loan is made up of two components viz. principal and interest, collectively to be paid in Equal Monthly Instalments or EMIs. The EMI number can be calculated with the help of a simple online home loan calculator such as the home loan EMI calculator. A home loan EMI calculator allows you to try different permutations and combinations until you reach an optimal EMI figure. The simple formula used to calculate EMI payments in correspondence with loan duration is given below. 

EMI = Principal Amount + Interest Payable on Loan

Always remember that the shorter the tenure of your loan, the bigger your EMI. However, a bigger EMI means you pay lower interest on the total loan.

How to Use an EMI Calculator?

A home loan EMI calculator aids prospective home loan borrowers in calculating the exact amount of EMI due per month. This interactive calculator also displays a break up of how much the borrower will need to pay towards principal repayment and how much towards interest payment. A home loan calculator requires you to input the following three values –

· Principal amount

· Interest amount

· Loan tenure

Benefits of a Home Loan Calculator

A home loan EMI calculator helps you plan your finances better by giving you an interactive platform to optimise your monthly instalments.

All you need to do is input the relevant information – principal loan amount, rate of interest, and loan tenure – in their respective slots and the calculator will automatically display the home loan EMI figure. You have the flexibility to generate countless permutations and combinations that help you arrive at the right EMI figure. 

You also have the flexibility to increase or decrease your tenure. This advantage can help you repay your instalment at a comfortable pace.

The results displayed by the calculator can help you take a call on whether you want a home loan with a long tenure or a short tenure. If you can pay higher EMIs, taking a short-tenured loan makes more sense as it reduces your overall rate of interest. Alternatively, if you wish to pay lesser EMI and not cut back on your lifestyle expenses, then take a housing loan with a longer tenure. Doing this will reduce your EMI but increase your overall rate of interest. 

Over to You

So you see, meeting the home loan eligibility criteria is not enough. It is also essential to know in advance the monthly EMI amount to manage your finances for easy home loan repayment. Tata Capital’s home loan EMI calculator is a useful online tool wherein you can input the relevant details with the help of sliders or via manual entry; do this, and the calculator will let you determine your EMI amount within seconds!

Haven’t applied for a home loan with us yet? Then, apply now!  We offer home loans starting at just 6.90%. Avail housing finance from Rs. 2 lakhs up to Rs. 5 crores and enjoy flexible repayment options. Moreover, the experts at Tata Capital can help you with your loan application process with minimal paperwork. Get in touch with us today for all your housing finance needs. 

Apply for Housing Loan

Say Hello to Your New Home with Our Easy Home Loans!

Apply now
Popular Searches
anyror modt charges 712 utara online gujarat pre emi calculator earnest money deposit Goa Land Record earnest money khasra number meebhoomi Assam Land Record
Disclaimer

Most Viewed Blogs

Trending Blogs

Calculator

Personal Loan EMI Calculator

Personal Loan EMI Calculator
Home Loan EMI Calculator

Home Loan EMI Calculator
Business Loan EMI Calculator

Business Loan EMI Calculator
Used Car Loan EMI Calculator

Used Car Loan EMI Calculator
Two Wheeler Loan EMI Calculator

Two Wheeler Loan EMI Calculator
Loan Against Securities Calculator

Loan Against Securities Calculator
Loan Against Property Calculator

Loan Against Property Calculator
More Tools
Our Subsidiaries
Our Other Websites

Useful Links and Resources

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Policies, Codes & Other Documents

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Tata Capital Solutions & Services

Uh oh, something went wrong

Please try again later.