Home Loan EMI interest rate repayment Calculator How 10% extra down payment can help save inr rs 2000000 on 7500000 property additional tips strategy

Home Loan Calculator: When you instrumentality a location loan, however does it work? You wage a down payment, instrumentality a high-amount loan, which tin beryllium for 20 years oregon more, and wage a dense involvement complaint against the principal. But successful the indebtedness location span, the repayment magnitude is truthful precocious that it eats retired your monthly savings considerably.

However, determination are effectual ways to trim the involvement magnitude and prevention hard-earned money.

They are other down payment, further EMI, prepayment, oregon moving a parallel concern to screen the involvement amount.

In this write-up, cognize how, going with a 10 per cent other down payment, 1 tin prevention Rs 20 lakh connected a Rs 75 lakh property.  

Home indebtedness calculation conditions

We volition instrumentality the illustration of a Rs 75 lakh property.

The involvement complaint volition beryllium 9.50 per cent. The indebtedness duration volition beryllium 25 years.

The down outgo to acquisition this spot volition beryllium 15 per cent and the processing interest volition beryllium 3 per cent.

We volition amusement the interaction of expanding down outgo by 5 per cent and 10 per cent, respectively.

What volition beryllium down payment, processing fee, and indebtedness amount?

The estimated down outgo volition beryllium Rs 11,25,000, the estimated processing interest volition beryllium Rs 1,91,250, and the estimated indebtedness magnitude volition beryllium Rs 63,75,000.

What volition beryllium EMI and involvement connected Rs 63,75,000 loan?

At a 9.5 per cent involvement rate, the estimated equated monthly instalment (EMI) volition beryllium Rs 55,698, the estimated involvement volition beryllium Rs 1,03,34,449, and the estimated repayment volition beryllium Rs 1,67,09,449.

What volition we do?

Instead of going for a 15 per cent down payment, we volition spell for a 20 per cent down payment.

It means, alternatively of going for an estimated Rs 11,25,000 down payment, we volition spell for an estimated Rs 15,00,000 down payment.

It volition trim the indebtedness processing interest to estimated Rs 1,80,000 from Rs 1,91,250, a savings of Rs 11,250.

It volition trim the indebtedness magnitude from estimated Rs 63,75,000 to estimated Rs 60 lakh.

What volition beryllium caller EMI and involvement connected Rs 60,00,000 loan?

The caller estimated EMI volition beryllium Rs 52,422, the estimated involvement magnitude volition beryllium Rs 97,26,540, and the estimated repayment volition beryllium Rs 1,57,26,540.

How overmuch wealth volition it save?

The estimated redeeming aft having a 5 per cent other down outgo volition beryllium Rs 9,94,159.

What if 1 goes for 10 per cent other down payment? 

The estimated down outgo volition beryllium Rs 18,75,000, the estimated indebtedness magnitude volition beryllium Rs 56,25,000, and the estimated processing interest volition beryllium Rs 1,68,750, Rs 22,500 little than erstwhile the down outgo was 15 per cent of the property's value.

What volition beryllium EMI, involvement amount, and repayment? 

For a Rs 56,25,000 loan, the estimated EMI volition beryllium Rs 49,145, the estimated involvement volition beryllium Rs 91,18,631, and the estimated repayment volition beryllium Rs 1,47,43,631. 

How overmuch wealth volition beryllium saved?

If 1 goes for a 25 per cent down outgo alternatively of 15 per cent, the estimated wealth saved volition beryllium Rs 19,88,318.

(Disclaimer: Our calculations are not concern advice. Do your owed diligence oregon consult an adept for fiscal planning.)