Home loan amount depends on value of the property. In early years of repayment, interest component is very high and as the tenure comes to an end, interest component reduces and principal component increases. In this case you have to pay an interest of Rs. In this scenario you pay a total interest of Rs. Amortization Schedule for Home loan calculator Loan An Amortization schedule gives the details about the payments made towards a home loan. In early days of repayment, interest component is high and principal component is low. On an average, you repay back only 3 - 4 % of your loan in year 1 of taking a home loan and not more than 20 - 21% of your loan till year 5. So, if you take a loan of Rs. Hence, it is important to understand your Amortization table,before taking a loan. Illustration: How to read an Amortization schedule Suppose you take a house loan of Rs. In the earlier years, you repay a very small amount of your principal component. You repay back only 3. Upto year 5, you cumulatively repay only 20. If you decide to prepay your loan at this stage, you will have to prepay 79. Upto year 15, you have cumulatively repaid 100% of your total loan. You'll get the output immediately as you'll enter the home loan related details. Always go for the amount that won't affect your budget and also not affect your credit score if you are default in payments. The choice between the two options depends on your choice which is also a function of your repayment capacity on a monthly basis. This is how your original loan schedule looks like till Year 5. On loan amount of Rs. By the end of year 5, you have outstanding principal of Rs. The original schedule of you loan till year 5, has been shown in the table below: Original Schedule Loan Amount Rs. At the end of 5 years, when you prepay an amount of Rs. As a result of this change, your total housing loan tenure gets reduced to 93 months compared to 120 months, which was scheduled earlier. However, you still pay higher interest compared to Option 1, in which you decide to reduce your loan tenure after prepayment. Longer the loan tenure, more the amount of interest for same loan amount and interest rate. Hence, the entire principal repayment will be available for rebate under income tax subject to overall cap under Section 80-C. So, borrower carries debt for a home loan calculator period of time. Hence, the entire principal repayment will be available for rebate under income tax subject to overall cap under Section 80-C. In this case, principal repayment starts in the first month itself but is linked to the actual disbursement. While signing a home loan contract we home loan calculator overlook to read such clauses that may overburden later on. To save you a cost, it is always advisable for one to read these clauses carefully while applying for a home loan. The bot allows customers to transact over chat and inquire about various loans like home loans and personal loans and products offered by the bank. The Lowest rate stands at 9. For Unnati home loans, the rate of interest stands at 10. However, there is no change in the processing fee. The revised rates are effective from January 14, 2019. The bank had recorded home loan calculator net profit of Rs 300. In addition to this, the bank has also received a boost across its retail loans segment which includes business loans against property and personal loans. The bank has informed that it will take every precautionary step to offer better banking services to its customers. The bank is also planning to boost up its retail loans segment including home loans, personal loans and gold loans. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender sconsent for such lender s to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.
