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online EMI Calculator

When you apply for a home loan, it is essential to know the home loan interest rate payable beforehand. Compare the services and interest rates offered by various banks and NBFCs to select a convenient rate and tenor. You can then visit an online interest calculator to know the total interest and monthly EMIs you need to pay.

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online EMI Calculator

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  1. Know How to Calculate Home Loan Interest Rate in Simple Steps

  2. STUDIO SHODWE In simple terms, interest or interest rate refers to the amount that has to be paid by a borrower in exchange for using assets provided for a fixed duration by the lender. In the case of institutional loans, the asset is usually cash. The interest is charged as compensation for the time when the lender is unable to use the money. Interest is thus also called the cost of borrowing. Therefore, when applying for a loan, you have to pay the additional interest along with the loan amount at a predetermined home loan interest rate.

  3. YOU CAN CALCULATE HOME LOAN INTEREST AND EMI IN THROUGH ONLINE CALCULATOR: Online calculator method: You can calculate the monthly interest amount you need to pay using an online home loan EMI calculator by following the steps mentioned below: Step 1: Visit an online home loan interest calculator. Step 2: Enter the total loan amount, annual interest rate, and total loan tenor. Step 3: Get the monthly home loan EMI payable directly from the calculator. Apart from the interest payable, most calculators also display other additional information. These may include total interest payable, home loan processing fee, final payable amount, etc.

  4. Factors affecting home loan interest rate: Credit score: Your credit score or CIBIL score is perhaps the greatest factor affecting interest rates. Financial stability:Well-paying and stable professions like those in the government sector are considered low-risk. Self-employed professionals like doctors and accountants are also included in this group. Nature of property:The property you intend to purchase can also impact interest rates on a home loan. Policy rate: Interest rates on loans are fixed by financial institutions based on the RBI issued repo rate. Loan tenor: The total duration of a loan affects the interest rates. Loans with a longer tenor will have lower EMIs, but at higher interest rates. Inflation: Global inflation has a significant impact on interest rates. This happens since inflation reduces the purchasing power of money.

  5. Thank You

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