Everybody dreams of having a home of their own. A home loan from Piramal Finance (PCHF) can help you fulfil that dream. But a lot of people seem to be apprehensive about the EMI that they have to pay for their home loan. Keeping that in mind, Piramal Finance has a home loan EMI calculator. This helps you know about your monthly EMI before opting for a loan. Let us know more about Piramal Finance’s EMI calculator.
How can you use the Home Loan EMI Calculator?
Here is how you can calculate your home loan EMI with Piramal Finance.
Step 1: Visit the official website of PCHF
Visit Piramal Finance’s official website. Click on the Calculator tab and select Home Loan EMI Calculator.
Step 2: Enter the loan amount
The next step is to enter the loan amount that you would want to borrow.
Step 3: Enter the tenure
Your loan tenure is the period of time for which you wish to take the loan. Enter your loan tenure in the EMI Calculator.
Step 4: Enter the rate of interest
Finally, you need to enter the rate of interest as mentioned in the Piramal Finance website. It usually starts from 10.5% onwards.
Once you enter all the details, the home loan EMI calculator will show you the EMI that you have to pay monthly.
What affects your home loan EMI
Primarily, there are three factors that can affect your EMI.
- Principle amount – The higher the amount you borrow, the more will your monthly instalment (EMI) be.
- Interest Rate – Your home loan interest rates is directly proportional to the amount you pay for your EMI. The more the rate of interest, the higher the EMI you have to pay.
If the interest rate of your loan is fixed, then you will pay the same amount every month. However, if your loan has a floating rate of interest, you have to pay a low EMI if the rate goes down and a higher EMI if it goes up.
- Repayment tenor – Your monthly EMI is inversely related to your loan tenor. This means that the longer your loan tenor, the lower are your EMIs. However, it is important to remember that a longer tenor also means higher interest rates.
How does a home loan EMI calculator help?
Having a home loan EMI calculator can help you in many ways.
- Helps you choose a home: The EMI of your home loan is very much dependent on the principle amount you borrow. Once you’re going through the catalogue of potential homes, you can use the EMI calculator to have an estimate of the EMIs by entering the value of your potential home. If the EMI amount is too much, you can look for better options. On the other hand, if you find that Piramal Finance’s low interest rates make the monthly EMIs affordable, you can look for bigger and better homes.
Know what you’re signing up for: Once you have a rough estimate of the value of your new house, you can use the EMI calculator to know the monthly EMI you might have to pay. This will help you implement a better financial plan to save up for the EMIs.
Choose a comfortable repayment tenor: Piramal Finance has a flexible loan tenor structure. This means that you can choose the tenor of your loan, depending on what you’re comfortable with. If you want to pay lesser amount on EMIs, you can choose a longer tenor and vice versa.
Why take a home loan from Piramal Finance
A home loan can fulfil your dream of having a home of your own. Here is why Piramal Finance is the best place to get a home loan from.
- Quick and simple application process: The application process to apply for a home loan is the simplest at Piramal Finance. All you need to do is fill in the form with your details, submit the required documents and a dedicated relationship manager will contact you to guide you through the process.
- Minimum documentation: You only need to submit proof of your identity, address and income along with the documents of the property.
- Huge loan amounts: You only need to submit proof of your identity, address and income along with the documents of the property.