Aadhar Housing Finance Home Loan EMI Calculator

Aadhar Housing Finance Ltd. Is a non-banking finance company(NBFC) in India. Aadhar Housing Finance specializes in housing loan solutions for people belonging to the low-income group of the society. Aadhar Housing Finance was established first in 2010. As of now, they primarily provide service to customers with a monthly income of 5000 - 50000 INR.

Additional Info: Also check Rs. 1 Crore Home Loan EMI

Aadhar Housing Finance was established with a view of providing financial support for people belonging to the lower-incomegroup of society. Aadhar Housing finance provides loans for purposes like purchase of a house, plot of land or construction of property. Loan against property is also provided as well as balance transfer and top-up loans. Aadhar Housing Finance Home Loan also provides loans for extension or repair of property.

The amount of money that you will provide to the bank every month is called the EMI (Equated Monthly Instalment). The EMI amount is calculated by using your home loan amount, rate of interest and tenure. The EMI has to be paid to the company on a fixed date every month, failure of which can incite penalties and other issues. Failure to pay the EMI can also invite legal action by the company. This is why the EMI is an absolutely crucial part of your application.

Additional Info: Best Home Loan Interest Rates @8.50%

Aadhar Housing Finance offers a variety of home loan products for different individuals. Aadhar Housing Finance caters mainly to the people from the lower-income group of society to help them finance their dream houses. Aadhar Housing Finance provides home loans and high tenures and low Interest rates to encourage the people to avail the home loans. Below are some features of the Aadhar Housing Finance home loans.

Additional Info: Also check HDFC Home Loan EMI Calculator

Aadhar Housing Finance provides customized home loan products for different customer needs. The Lowest Home Loan Rate of Interest offered is 11%, which will change depending on the purpose, eligibility and other criteria of the home loan application. The home loan EMI is calculated using the home loan amount, tenure and rate of interest. Since your EMI depends on these 3 factors, you will have to do proper research so that you can finalize the loan amount and tenure that would give you the most convenient EMI to pay long term. Below is a table showing how loan amount and tenure can impact your EMI.

As you can see from the above table, the EMI amount decreases as per the tenure as the total amount is divided by the tenure in months. Also, the EMI amount increase with increase with the increases in total loan amount. You can figure out the ideal EMI amount for your needs by checking with different combinations of amount and tenure.

Additional Info: Looking for 1 Crore Home Loan? Check EMI & Apply

EMI amount calculation is done using the loan amount, rate of interest and tenure. The Interest on your loan is calculated based on the principal loan amount. Your EMI amount is a combination of both the Interest and the principal on your home loan. The EMI amount is important for your home loan application as the bank decides your eligibility on the basis of whether you will be able to repay your home loan on time. Below is the formula to calculate the EMI amount.

E = P*r* (1+r)^n/([(1+r)^n]-1)

Where E = EMI amount

p = Total amount of loan availed can be up to 5 Cr

r = Rate of Interest

n = Tenure in months (can be up to 240 months)

The calculation process shows that calculating EMI is not an easy process, particularly if you are not a finance person. For this reason, a tool called EMI calculator was introduced. An EMI calculator takes the loan amount, rate of Interest and tenure from the applicant and returns the EMI amount instantaneously. It is pre-programmed with the EMI calculation formula.

Additional Info: Also check ICICI Home Loan EMI Calculator

Because of the vast number of finance companies and banks providing financial services, individuals can often be confused as to the best product for them. Third-party vendors like MyMoneyMantra help to make this process easier by providing professional and all-time support. MyMoneyMantra provides you advice for home loans and helps to determine your financial soundness and accordingly decide the home loan product that would be most suitable for you. MyMoneyMantra also provides an EMI calculator to help you with the EMI calculation part of the process. Please find below the steps you need to follow to use the EMI calculator.

• Go to the MyMoneyMantra website and click on the home loan icon, which takes you to the home loan section of the website.
• You will have to enter some details like your gender, your location, purpose of your loan and you're the city where you want to purchase a property
• After entering the above details, you can scroll down and click on the EMI calculator tab at the bottom of the page. This will open up the EMI calculator tool.
• Just enter the rate of interest, loan amount and tenure in the input fields and click on calculate. The calculated EMI amount will be returned immediately.
• If the EMI amount is not comfortable, you can change the tenure and rate of Interest and check if the EMI becomes suitable

You can also Apply for 20 Lakh Home Loan

As discussed above, calculating your EMI amount helps yoh to determine the amount that you have to pay without fail every month. The EMI amount can be one of the biggest obligations on the individual's income. The bank also needs the EMI amount to fit into your income after you have satisfied all your liabilities and dependents. On the other hand, calculating your EMI amount will also help you determine the perfect tenure-amount ratio for your long term goals.

Below are some benefits of using EMI calculator:

• Basic and easy to use service/tool available to everyone.
• Figure out the EMI amount to ensure that it falls within your income level.
• Quick Calculation response to user-entered details
• Change the tenure and rate of Interest and re-calculate until you find the most appropriate interest-tenure ratio.

Before applying for a home loan, it is important to figure of the perfect loan amount, tenure and rate of Interest so that you are confident in your applicant and can prove to the bank that you will be able yo pay the EMI about comfortably. An EMI calculator helps you do all this in a very short time and at no extra cost.

Additional Info: Also check SBI Home Loan EMI Calculator

Home loans are offered with a fixed rate of Interest it with a floating rate of interest. In floating rate home loans, the rate of Interest changes with a change in the market lending rates. In this case, the company will increase your tenure so that your EMI amount remains the same. However, in cases where the tenure can’t be increased anymore, your EMI will have to be changed.

Additional Info: Also check Banglarbhumi West Bengal Land Record

Your EMI amount is calculated using the home loan amount, rate of interest and tenure. That is why any factor that influences these three components of your home loan will impact your EMI amount as well. Find some factors that can affect your EMI amount below.

Downpayment :

Your home loan amount is the biggest factor for your EMI as your Interest is also calculated using the loan amount and this total amount divided by gone tenure is your EMI. The loan amount depends on the property value excluding the downpayment. For this reason, the more downpayment you are able to provide, the lower is your home loan amount and the lower your EMI.

Credit score :

Your credit score is a very important measure for your home loan application. Your credit score and history can determine the rate of interest on your home loan application. A higher credit score and a good credit history can mean a lower rate of interest. The bank increases the rate of Interest if they find any issues with your credits.

Age :

Your age can be a deciding factor for your EMI because the company generally has an age limit for the loan. That is, if you're past your 50', s and applying for a home loan, you will not be able to avail a high tenure as the applicant needs to be 70 at the end of the loan tenure. A low tenure increases your EMI in turn.

Additional Info: Also check AnyRoR Gujarat Land Record

As you can see, there are many factors that can affect your home loan application and in turn, your EMI amount as well. That is why it is important to do some research and plan your home loan well before you submit your application to the company. Figuring out your EMI is part of this planning process. Below are some tips to ensure that you pick the right amount of EMI for you.

Additional Info: Also check Pan Number for Banks

Calculate your liabilities and dependencies :

The EMI that you pay should be the amount that you can pay from your income easily withoutburdening your finances. For this, you need to determine all your liabilities and analyze how much you would need to take care of your dependents so that you can figure out how much income you are left with.

Leave a Little Room for emergencies :

Once you have established how much disposable income you will have every month, make sure to leave a little room for emergencies or savings. It isn't prudent to leave all your disposable income for your EMI without leaving a little leftover for any other unexpected expenses. Plan your finances well with a finance professional if required.

Decide the right by checking against different tenures :

Your EMI amount will likely decrease with an increase in tenure. However, it is not always necessary to avail the lowest EMI only to end up paying it for a really long time. You have to figure out the EMI amount that is best suited for long term repayment.

Additional Info: Looking for 50 Lakh Home Loan? Check EMI & Apply