You can get solutions and answers to all your calculations for financial aid. Using calculatoremi.com’s Home Loan EMI Calculator, you can get instant results for how much monthly and total expenditure you will incur by purchasing a home via taking a home loan.
Home Loan Details Constitute Single Premium Loan Insurance and Processing Fees:
- Home Value is proportional to the price of the home you bought (i.e., sale deed value).
- Down Payment, or Margin, is the total you paid to the builder or seller from your pocket. This is entered either in Rupees or as the Home Value percentage.
- Loan Insurance is the single premium amount that implicates protection plans for Home Loan OR Term Insurance. These are included in your home loan amount. You can estimate this amount by using the LIC premium Calculator EMI to calculate the yearly premium for the eTerm plan using the loan term, your age, and loan amount for Sum Assured. After that, multiply this number by your loan tenure.
- The loan amount is a sum total of Home Value + Loan Insurance — Down Payment.
- Interest Rate then follows the process based on the policies and guidelines set by RBI.
- Loan Fees & Charges include fees like Processing and Administrative Charges. Further consists service taxes entered either in Rupees or as a percentage of the Loan Amount.
You can enter the homeowner expenses either in Rupees or as the Home Value percentage. You will not pay home insurance premiums and property taxes every month, but it is included in the monthly payment with the presupposition that you are setting aside this amount every month. For that, you can save the deposit through Recurring Deposit or some other means. This will ensure that you will have the money to make the necessary payment once or twice a year. Further, note that your recurring expenses will change over the lifetime of the home loan due to inflation and other economic factors. All of these things should be considered, especially when choosing between renting and buying.
All of These Things Should be Considered, Especially when Choosing Between Renting and Buying.
- One-time expenses include registration fees, stamp duty, the bribe you gave to the intermediaries, and money spent on sprucing up your new home. It further includes money spent on throwing a lavish housewarming party.
- Property taxes are the yearly payment you resentfully give to your local government.
- If your home isn’t already covered by a loan insurance plan, you must pay a yearly premium to have it insured.
- Monthly Maintenance Expenses are the cost of keeping your residence spotless, tidy, and “water-full.” If it’s a standalone home, the estimate of your annual maintenance costs will be close to 1% of the value of your house. To determine how much maintenance is required each month, divide the amount by 12.
Prepayments enable you to pay off your loan more quickly and save money overall on interest. Therefore, you can get a happy home with better financial planning.