123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Investing---Finance >> View Article

Home Loan Emi Calculations With Taxes, Insurance, Repayment Options And More

By Author: Aishwarya Mahurkar
Total Articles: 291

We often come across the abbreviation EMI during daily conversation – for home loans, home appliances, cars, mobile phones, and the list could go on and on. EMI, as we all know stands for Equated Monthly Instalments. In simpler words, it is a certain sum of money one is required to pay every month for a pre-decided number of months.

In the 21st century, we are surrounded by so many products and services that one would want to avail the EMI option for most of the purchases. It helps one to distribute the payment burden over the years while paying interest amount as a premium. Every housing finance company in India has been an avid user of this mode of payment.

Home loans in India are available at an EMI of one’sown choice. One decides on the EMI amount as per the home loan EMI calculation. These calculated options are the result of the EMI calculator of home loans which takes into account the figures one fills in as per the details asked for.

Understanding EMI calculations with taxes, insurance, repayment options and more:

Importance of EMI:

EMI is basically calculated on the total amount one is due to pay by the end of the loan tenure. Thus the calculation holds a lot of importance. The EMI amount should be such that it allows one the financial freedom to cater to other financial needs as well. It should not affect the daily life of a person especially during financially constrained months.

Calculating the EMI:

Almost every housing finance company offers their clients home loan EMI calculator to pre-calculate and post-calculate EMIs, before and after deciding on the loan amount and tenure. This calculation showcases the amount one needs to duly pay against the home loan borrowed.

Calculating the EMI with taxes and other add-ons:

Calculating the right home loan EMI is a crucial task and one must be careful while providing information. One may wish to calculate the EMI inclusive of insurance amount, taxes andconsider different repayment options for the housing loan amount. Here, the housing loan principal amount, interest rate, tax amount, insurance amount and all other desired amounts are fed in and the home loan EMI calculator generates a figure. This figure indicates the amount one would have to pay each month taking into account the various other payments one is expected to make.

Housing loan EMI calculator gets one off the hook of making huge payments at once. It even relieves the lender from the high risk involved in the home loan process.

Author Bio :

The author is a seasoned writer on finance topics and through her writing; she articulates aspects of home loan that are important to people availing the home loans in India facility. She writes about a variety of topics covering the home loan documents, rates, home loan EMI calculator that help to make the best decision.

Total Views: 111Word Count: 477See All articles From Author

Investing / Finance Articles

1. Gift Card – Who Offers Them And Smartest Ways To Use It
Author: neha sharma

2. Best Taxi Booking Apps In Mumbai
Author: neha sharma

3. 5 Points To Remember Before Shopping Grocery Online
Author: neha sharma

4. Top 4 Dth Recharge Portals
Author: neha sharma

5. Best Mobile Recharge Offers For June 2018
Author: neha sharma

6. 6 Tips To Secured Mobile Banking
Author: neha sharma

7. 4 Best Mobile Banking Apps In India
Author: neha sharma

8. Advantages Of Making A Bill Payment Online
Author: neha sharma

9. Different Modes To Pay Utility Bills
Author: neha sharma

10. What Is Internet Banking? 8 Reasons For Its Rise
Author: neha sharma

11. Two-wheeler Loan – All You Need To Know
Author: neha sharma

12. 6 Tips Before Applying For An Education Loan
Author: neha sharma

13. 5 Best Gold Loans India
Author: neha sharma

14. What Are Car Loans? 5 Tips For First-time Buyers
Author: neha sharma

15. Business Loans For Women: Eligibility Criteria And Various Schemes
Author: neha sharma

Login To Account
Login Email:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: