How the EMI Calculator Helps You
Using this calculator before taking a loan can save time and guide your decisions. Here’s why it’s useful:
Decide the loan amount: Determine how much you can borrow based on your monthly budget.
Choose the right tenure: Understand how long your repayment should be based on the EMI you can comfortably pay.
Plan your down payment: Figure out how much down payment will help reduce interest while keeping EMIs manageable.
How it Works
Grah Sankalp’s Home Loan EMI Calculator is simple and intuitive. Whether you are planning to take a home loan or already have one, this tool helps you estimate your monthly installments quickly. Follow these steps:
Step 1: Enter the loan amount you wish to borrow.
Step 2: Enter the tenure (in years) for your loan.
Step 3: Enter the annual interest rate (%).
Step 4: Click on “Calculate EMI” to view your monthly installment.
Once completed, the calculator will display your EMI, helping you plan your finances better
Factors Affecting Your EMI
Several factors influence your monthly installment:
Loan Amount: A higher loan amount increases your EMI.
Tenure: Longer tenure reduces EMI but increases total interest paid.
Interest Rate: Floating rates may change your EMI over time; higher rates mean higher EMIs.
Illustration of EMI
Here’s an example of estimated EMIs (assuming 7% annual interest rate) for different loan amounts and tenures:
| Tenure | Loan ₹30 Lakhs | Loan ₹60 Lakhs | Loan ₹1 Crore |
|---|---|---|---|
| 5 Years | ₹59,403 | ₹1,18,806 | ₹1,98,011 |
| 10 Years | ₹34,832 | ₹69,665 | ₹1,16,108 |
| 20 Years | ₹23,259 | ₹46,518 | ₹77,530 |
| 30 Years | ₹19,959 | ₹39,918 | ₹66,530 |
Tips to Reduce Your EMI
Compare offers from multiple lenders to find the best deal.
Borrow only what you can comfortably repay.
Make a higher down payment to lower the EMI.
Opt for a longer tenure if needed (but remember, total interest will be higher).
Prepay your loan whenever possible.
Consider a balance transfer to get a better rate.
