Download the free excel Home Loan EMI Calculator where add loan prepayment at regular (monthly or yearly) or irregular frequencies (lump sum). Also, you can check the outstanding loan balance after a certain period of tenure.
A home loan is one of the longest forms of your commitment. Hence, obviously, borrowers look for the pros and cons of committing to such long-term loans.
Nowadays banks are eager to offer you almost around 90% of the cost of the property as the loan amount. However, if you are rejoicing with such offers, then think twice.
What is EMI?
EMI stands for Equated Monthly Installments. It is a monthly installment that a borrower has to pay to the lender. Your EMI depends upon the principal amount of the loan, tenure and the interest rate offered to you.
EMI basically has two parts. One is the principal part and another is the interest part. It will remain the same throughout the loan tenure (unless there is a change in the interest rate or…
