The DBS Treasures NRI Home Loan EMI calculator helps you understand how much monthly income you would need to be set aside for a potential home loan. The NRI home loan EMI calculator can be used multiple times to plan for different scenarios. The flexibility of repayment is vital as it always ensures your comfort while repaying the loan.
(min Rs. 11,00,000 max Rs. 5,00,00,000)
(min 7%, max 14%)
(min 12, max 300)
EMI stands for Equated Monthly Instalment. Home loan EMI is, therefore, the monthly instalment that a borrower must pay against the home loan. The loan is repaid as per a set amortisation schedule. The home loan EMI consists of the principal amount and (fixed or floating) interest component of the loan, which is repaid each month.
The home loan amortisation schedule is a table that outlines important aspects of the home loan. These aspects are the outstanding balance before each EMI is paid, the EMI to be paid, the amounts contributed towards principal repayment and interest repayment of the outstanding balance after each EMI is paid.
The main advantage of using the NRI home loan EMI calculator is that you can accurately plan and map out your income versus your ability to repay the loan you take. It helps you make an informed decision regarding repayment, which is critical for many first-time and experienced home buyers. The amount and interest rates can also be adjusted at will, opening up new possibilities for you to consider your final loan amount.
Using the NRI home loan EMI calculator is quite simple. Just enter the principal loan amount required, the rate of interest you would prefer to pay and a loan term you are comfortable with in the corresponding tabs in the calculator. Click on calculate and find out the exact EMI amount in the expected results tab. Suppose the EMI amount is above your budget. In that case, you can click on reset and enter different permutations and combinations in the tenure and interest rates sections to find an affordable EMI amount and plan your monthly budget accordingly.
Part-payment helps reduce the loan's outstanding balance amount, which further reduces the interest amount payable against it. If you pay off the loan by opting for part prepayment without reducing the EMI, you end up repaying the loan faster.