You have taken Smart Decisions to calculate the Loan EMI !
We are here to help you to calculate the amount you need to pay each month for a amount taken as loan.
An important part of your Housing Loan is the (EMI’s) Equated Monthly Installments that you will be required to make, in order to get the best indication amount for this final decision, it is important to use a Housing Loan Calculator.
With our Housing Loan EMI Calculator, you can now get indication amount for the total payments dues. The calculations results given by the Home Loan Calculator are based on the loan amount, tenure of loan, with the interest rates are being levied on the same.
With our latest tool EMI Calculator for Housing Loan, you can get a reasonable understanding about the ratio of the principal amount to the interest due, based on the effect of the Housing Loan tenure and interest rates.
You can also plan your repayment schedule carefully. It should be noted though, that Housing Loan Calculators in Maharashtra give only approximate values and should not be treated as absolute or final calculations.
EMI on Home Loan intrest @ 6.80% amounts and tenures
It's a quick reference loan repayment EMI chart suitable for monthly repayment of loan amount, its a EMI quick reference chart
to figure out the monthly payments based on the borrowed money, time period on the lowest rate of intrest @ 6.80 per anum.
Here You can check how much EMI you have to Pay for Housing or Mortgage Loan. Ready EMI calculated on
Basis of ₹ 5, 10, 15, 20, 25, 30, 35, 40, 45, and 50 Lac for period of 5, 10, 15, 20, and 30 Years.
EMI - Tenure in Years
As you notice in the above EMI chart table, for borrowed money taken as loan at the minimum rate of interest, EMI differs by loan period of 5, 10, 15, 20 and 30 years. EMI is higher when you pick a loan for a shorter period of 5 years, and it is lower when you apply for a higher period of 30 years.
EMI consists interest payment and principal amount, the EMI amount will remain fix for every month the proportion of interest and principal repaid within each EMI is different, with each EMI, the proportion of principal amount in EMI keeps increasing and also the interest amount in EMI keeps reducing.
As under Indian Income Tax Rules, the applicable is exemption u/s 24 B, is
₹ 1.5 Lacs, in case of a self-occupied house for the first time home loan takers If the house is purchased on the joint name with your spouse and yourself (as joint loan), then each one can avail of Amount Paid in a Financial Year and up to ₹ 1 Lac for the Principal Amount Re-paid in the same year.
Thus up to
₹ 2.5 Lacs is Tax Exempted, which helps you to save ₹ 50,000 to ₹ 70,000 Tax Annually.
If you want to know much more about Income Tax benefit on second home loan etc. Consult the professionals in the respective fields.
We always recommend to our valuable users to obtain the proper Legal Advice from the professionals Charted Accountants
or Housing Loan Consultants.