Everyone wants to buy their dream home, but it’s a little more difficult with the current market value. As a result, many people seek house loans. Yet, there are several things to remember and understand about housing loans and how they function. So basically, ensure your money and mental well-being are in order before applying for a home loan. GIC Bank house loans serve as a financial framework for all of your demands, whether it is upgrading your home into your ideal abode or purchasing a new home.
Things we covered for you
+
GIC bank is constantly ahead of other banks as GIC provide home loan EMI calculator to make it easier for you as a borrower. If you wish to prevent financial difficulties, you must prepare your expenditures in advance because it will assist you in making selections and keeping you informed throughout the process. You may make the right decision by examining your alternatives and selecting the correct loan using the GIC home loan EMI calculator.
Let us detail the GIC housing finance home loan EMI calculator.
4 Reasons to Use the GIC Housing Finance Home Loan EMI Calculator?
The Home Loan EMI calculator is an easy-to-use tool that you can use to calculate EMI for home loans. Planning is the first step before applying for home loans. There are many other factors to consider, such as your revenue, liabilities, mortgage type, and EMI choices; one of the concerns is how much you can afford and will be able to repay. It is tough to estimate and anticipate, but with a GIC house loan EMI calculator, you can gather information about your affordability and EMI. Let us go into the GIC housing finance house loan EMI calculator in depth.
- You will get the best deal for your money by evaluating your EMI prices to many other renowned Indian banks.
- You may use the tool to calculate the current loan length during the tenure, making the payback procedure easier for customers.
- You can choose multiple loan balances, interest rates, and home loan tenures. This tool allows you to rapidly pick the most suitable plan from the available possibilities.
- GIC home loan EMI formula: p*r*(1+r) n/([1+r) n]-1 to guarantee that you obtain the precise quantity you are obliged to pay.
P = Principal amount
R = Monthly rate of interest
N = Loan tenure
You can rely on the GIC home loan EMI calculator since the results are reliable.
How does EMI Calculation Help in Home Purchase and planning?
A house loan is an immense monetary commitment that often can last years; thus, borrowers should do an extensive budgeting process before taking on such a large responsibility. One of the simplest techniques to organise your house loan journey is to use a Home Loan Calculator. The estimator is a valuable free app provided at no cost through most bank sites. This not only indicates how viable your house loan application is, but it also reduces the risk of human mistakes.
Read: What is MCLR Home Loan & How does It affect Housing Loans?
Book Best Packers & Movers with Best Price, Free Cancellation, Dedicated Move Manager
This is third
This is third
This is fourth
This is fourth
This is fifth
This is fifth
This is six
This is six
This is seven
This is seven
This is eight
This is eight
The mortgage While choosing a house loan, EMI is an essential element. Consequently, determining Instalments in advance with an internet calculator aids you in home loan preparation. Mortgage loan EMI calculation is advantageous in a few ways such as –
- Using the GIC home loan calculator, determine how much to borrow depending on your total expenses.
- Arrange your home loan payback to guarantee EMI payments are done on time, so you don’t miss the deadline and must pay a late charge.
- Using the EMI calculator, you can create a prepayment plan after acquiring a home, giving you an idea of the EMI alternatives, interest rate, amount, etc.
[widget_homeLoan_checkEligibility_form]
How Loan Amortisation Schedule Helps to Pay EMI
As we can see, the amortisation schedule calculator is a valuable tool for reminding you and updating the modifications. Using the amortisation schedule calculator, you may keep records of your instalments and any overdue charges. It may also allow you to alter your projected loan payback schedule. You could pay off an amortised loan faster by boosting the amount owed to the lender every instalment.
Comparison Of Home Loans with SBI, HDFC, ICICI Banks
Acquiring a home loan is a tough procedure nowadays. It is often impossible to evaluate them in a short amount of time. Below we have given a comparison of home loan rates of different banks to give you an idea of the interest rate.
| Bank name | Interest rate |
| SBI | 8.60%-9.50% |
| Union Bank of India | 8.60%-10.50% |
| ICICI BANK | 8.75%9.85% |
| HDFC | 8.65%10.35% |
6 Factors Affecting Home Loan EMI
Several factors affect the home loan EMI, including the amount borrowed, the loan period, and the interest payment. Any change in these elements will affect the EMI amount. When the amount owed is more and the loan term is shorter, your monthly mortgage amount increases instantly and affects the home loan; when rates of interest stay high at the end of the term, the EMI automatically rises and affects the home loan and other factors that impact your monthly mortgage EMI, such:
- Profession or occupation
- Your age
- Your salary
- Other income methods
- Asset and liabilities
- Your saving history
6 Benefits of Using the GIC Housing Finance Home EMI Calculator
A GIC bank home loan calculator will assist you in calculating your instalments based on your financial circumstances. An EMI estimator may be useful in a variety of ways, some of which are included below:
Read: SBI Home Loan Interest Rates – Updated in May 2024
- Ease of access: Our digital home loan calculator is available from any location and platform.
- Accuracy: Using an EMI Calculator is more accurate than manually the data calculation.
- Rate of Interest: As previously indicated, EMI estimates must be completed before you begin your loan request. You may use an EMI Estimator to aid you with this.
- Instant Estimation: quickly, you can input the loan amount, term, and interest rate; the EMI is calculated with a single tap.
- Minimise time: You don’t have to do all the maths yourself, and you don’t have to travel anywhere to find out the EMI sum. It will immediately reveal the EMI.
- EMI Amortisation schedule: It also includes a total amortisation chart that includes the date, principle, tax, and EMI for the whole duration. This will be updated monthly.
Home Loan EMI Calculator for Different Amounts
GIC home loan EMI calculator for 10, 20, 30, 40, 50 lakhs, and 1 crore rupees.
GIC home loan interest rate calculator for:
- A home loan EMI for 10 lakhs repayable after 20 years with an interest rate of 10.25% pa is repaid at INR 8997 per month.
- A home loan EMI for 20 lakhs repayable after 20 years with an interest rate of 8.75% pa is repaid at INR 19,633 per month.
- EMI on 30 lakhs home loan repayable after 20 years with the interest rate of 8.75% pa is INR 29,449 per month.
- A home loan worth INR 40 lakhs repayable after 20 years with an interest rate of 8.75% pa is repaid at INR 39,266 per month.
- An EMI on 50 lakhs home loan repayable after 20 years with an interest rate of 8.75% pa is INR 49,082 per month.
- An EMI on home loan for 1 crore payable after 20 years with an interest rate of 8.75% pa is repaid at INR 98,164 per month.
EMI Calculator
Loan Amount
₹
Rate of Interest (P.A)
%
Loan Tenure
Yr
Principal Amount
Total Amount
How Can NoBroker Help?
NoBroker is a real estate website that provides real estate information and helps finance with its EMI calculator. With their accessible design and easy tools, you can quickly and effortlessly estimate your home mortgage EMI. Applying the loan amount, interest rate, and duration on the site will yield an exact estimate of your mortgage repayments. A GIC housing finance home loan emi calculator will help you in planning monthly repayments
Read: Union Bank of India Home Loan EMI Calculator
If you require help securing a house loan, NoBroker can help you get the best interest rate in the industry. Begin by confirming your qualification on the NoBroker website; NoBroker can help you compare loan options from numerous banks to make a knowledgeable choice. With expert, experienced guidance and assistance, you can be confident that you will obtain the best home mortgage deal. Furthermore, NoBroker can assist you in saving time and effort. If you have any questions, please leave a remark or email.
EMI Calculator
Loan Amount
₹
Rate of Interest (P.A)
%
Loan Tenure
Yr
Principal Amount
Total Amount
FAQs
1. How does an EMI calculator function?
The EMI estimator determines the interest each month you must pay initially, then combines this sum with the loan’s principle to determine the minimum repayments.
2. What is the suitable baseline for a home loan?
The prime lending rate is the qualifying baseline for GIC Home Financing.
3. Is it true that GIC Home Finance provides tax benefits on house loans?
According to the Indian Income Tax Act of 1961, only Indian citizens are entitled to tax advantages on both components and principal sums under section 24.
4. Can I combine my partner’s earnings and seek a house loan?
Yes, you can avail of a home loan by submitting you and your partner/spouse/parent’s earning proofs to get a larger loan amount approved.
5. Does GIC have a late fee penalty?
Yes, it is applicable if you miss the due date.
6. What is the formula to calculate EMI for a home loan?
[P x R x (1+R) ^N]/[(1+R) ^N-1].
