Owning your home in this fast-paced world seems like a mammoth-sized task but with home loans, easy EMIs and more, it becomes just a little easier. But, there are instances when we do not have complete knowledge about loans and EMI, which may lead to a collapse or loss. It would be best to verify that your finances and well-being are in order before applying for a house loan. You can now calculate your monthly instalments with the help of the Sundaram finance home loan EMI calculator.
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To avoid any financial troubles, you must plan your spending. Home loans have a lot of benefits, but as you should know, it requires a lot of commitment and research to purchase your dream home. It is a challenging undertaking that demands meticulous planning and execution. Home loan EMI calculation has been modernised, so you can calculate EMI in a couple of seconds using a calculator. The home loan EMI calculator must enter basic information such as loan amount, interest rate, and duration into the EMI calculator.
Let us understand the details about the EMI calculator for home loan Sundaram Finance.
7 Reasons to Use the Sundaram Home Loan EMI Calculator
When it comes to house loans, the first thing that comes to mind is the loan’s affordability, which may sometimes be difficult to calculate. Nevertheless, with the aid of the Sundaram finance home loan calculator, you can calculate in a matter of seconds. Let us see the benefits:
- You will be able to get a budget and clarity of your EMI plans with the aid of the Sundaram house loan calculator, which will help you pick the loan best suited to you.
- You will receive experienced legal and technical advice to help you make the best decision.
- Schedule home loan repayment to guarantee EMI payments are done on time so that you do not miss the deadline and are forced to pay the penalty.
- The Sundaram capital EMI calculator eliminates the need for manual estimations. It is a real-time tool that offers correct results without laborious calculations.
- 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.
- You may determine if you are getting the best deal for your money by comparing your EMI rates to those offered by other renowned Indian banks.
- It uses the home loan EMI formula:
p*r*(1+r)n/([1+r)n]-1
to guarantee that you receive the exact amount due. You can rely on the Sundaram home loans EMI calculator since the results are credible.
How does EMI Calculation Help in Purchasing a Home?
A precise assessment of the amount that must be charged towards the Instalments is provided by the Sundaram Finance Home Loan EMI Calculator, which also helps the user conclude the amount to be paid each month towards the debts. This aids in evaluating the personal payment requirements and asset cost and predicting the loan balance that may be achieved. It is essential to grasp the EMI to calculate house loan applications and successfully plan your home-buying process.
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3 Benefits of Calculating Mortgage Loan EMIs When Buying a Property
Home loan EMI calculator aids in knowing how the EMIs being paid can be used more efficiently to pay off the loan quickly.
Calculating the mortgage payments in advance is one of the most impactful ways of lowering the interest payments.
- Calculate how much you should borrow with the home loan EMI calculator Sundaram Finance based on your overall costs.
- Plan your mortgage repayment to ensure that the EMI payments are made on time so that you don’t extend the due date.
- A clear understanding of housing loans and interest rates.
How Does the Amortisation Schedule Calculator Help Pay EMI Quicker?
You may monitor your instalments and unpaid charges using the amortisation schedule calculator. It could give you a chance to modify your desired loan payback schedule. With an amortisation mortgage, you may pay the debt off more quickly by raising the sum paid to the lender each month. Each EMI payment includes information on the principle, interest, and outstanding amount. The EMI amortisation schedule is a crucial tool for calculating EMI payments.
Read: What is a Home Loan in India?
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Comparison of Home Loans with IDFC First, Kotak Mahindra and other Banks
Below is a home loan EMI comparison of Sundaram Finance having interest rate of 7.85% onwards with other banks:
| Bank name | Interest rate |
| IDFC first bank | 8.6o% onwards |
| Kotak mahindra bank | 8.65% onwards |
| ICICI BANK | 8.75% onwards |
| Punjab national bank | 8.55% onwards |
| Union Bank of India | 8.60% onwards |
| LIC | 8.65% onwards |
Factors that Affect the Home Loan EMI
To qualify for a house loan, you must be an Indian citizen and have a job. A variety of elements impact your home loan. You may then make plans to arrange house financing after you are certain that you qualify for a home loan. However, keep in mind the following elements that can impact your house loan EMI:
1. Your credit score: This is a crucial consideration since lenders use it to determine whether or not to lend to you.
2. Your income: Your income impacts your loan eligibility and affordability and influences the amount of credit you will be granted.
3. Your age: As you age, it becomes harder for you to qualify for a house loan since the lender worries about how long you will still be employed.
4. Home loan tenure: Lenders are also interested in the estate for which you are applying for a home loan. It’s because the collateral for the loan you receive is your home. So, you will receive a bigger loan if your home is worth more, and vice-versa. Your home loan tenure will determine the amount to be paid.
So be aware of these factors before applying for a home loan.
3 Benefits of Using Sundaram Home EMI Calculator
Our online home loan calculator is simple to use and accessible from any location or device.
1. Accuracy: Calculating data using an EMI calculator is more accurate than manually.
Read: Axis Bank Home Loan Calculator: The Tool You Need to Get the Best Deal
Rate of Interest: you must complete your EMI estimations well before you start your loan application. An EMI Estimator might be useful to you in this as you can calculate your interest.
2. Quick Estimation: With only one tap, the EMI is instantly estimated once you enter the loan amount, length, and interest rate. Save time by not having to perform all the maths yourself and not having to drive anywhere to acquire the EMI amount. With the help of the Sundaram EMI calculator, you will get the numbers in a matter of seconds.
3. Amortisation Table: It also includes a total amortisation chart that includes the date, principle, tax, and EMI for the whole duration. This will be updated monthly.
Sundaram Loan EMI Calculator for Different Amounts
- A home loan EMI for 10 lakhs repayable after 20 years at an interest rate of 7.85% pa is repaid at INR 8271 per month.
- A home loan EMI for 20 lakhs repayable after 20 years at an interest rate of 7.85% pa is repaid at INR 16543 per month.
- An emi on a home loan of 30 lakhs repayable after 20 years at an interest rate of 7.85% pa is INR 24814 per month.
- -A home loan worth INR 40 lakhs repayable after 20 years at an interest rate of 7.85% pa is repaid at an EMI of INR 33085 per month.
- An EMI on a 50 lakhs home loan repayable after 20 years at an interest rate of 7.85% pa is INR 41356 per month.
- An EMI on a home loan of 1 crore payable after 20 years at an interest rate of 7.85% pa is repaid at an EMI of INR 82713 per month.
EMI Calculator
Loan Amount
₹
Rate of Interest (P.A)
%
Loan Tenure
Yr
Principal Amount
Total Amount
How Can NoBroker Help?
If you want assistance obtaining a mortgage loan, NoBroker can assist you in obtaining the best interest rate available. They also help in determining housing loan principal repayment.
Begin by reviewing your home loan EMI information.
Calculating your home loan EMI is simple due to its straightforward structure and features. You may obtain an accurate estimate of your monthly payments by inputting the loan amount, interest rate, and term length into the platform. Furthermore, NoBroker can help you compare various loan offers from lending organisations so that you can choose wisely.
EMI Calculator
Loan Amount
₹
Rate of Interest (P.A)
%
Loan Tenure
Yr
Principal Amount
Total Amount
FAQs
1. What is the schedule for amortising a home loan?
Loan amortisation is paying off debt throughout the loan in regular instalments. An amortisation schedule for a mortgage is a table that includes information on the principal, interest, and payback amount.
2. What exactly is a pre-approved mortgage?
A pre-approved house loan is an in-principle loan acceptance determined by your earnings, reputation, and financial situation.
3. What aspects of a house loan impact them?
● Your age
● Your current job title
● Your credit rating.
4. What occurs if I don’t pay my EMI when I’m supposed to?
If the borrower misses three consecutive EMI payments, the bank will keep reminding them.
5. What is the formula to calculate EMI for a home loan?
Home loan EMI formula: p*r*(1+r)n/([1+r)n]-1
