Home Loan EMI
Your EMI comprises an interest component and a principal component. In the initial years of your home loan term, the interest component will far exceed the principal component. Use our Loan Amortization Calculator to find out how much your next EMI is going to contribute towards interest and how much it will contribute towards principal repayment. This could help you in your tax computations.
Paying your home loan EMI on time is an excellent way to build a re-payment track record. Banks love responsible borrowers and are often willing to negotiate on the interest rate if you have a great repayment history. Typically a three year track record of timely repayments could help you secure much lower than market rates on a home loan and if the time is right, you may want to consider switching your home loan. We invite you to use our Should I transfer my Home Loan? calculator to help you find out the exact costs and benefits.
Benefits of Applying Online
When Banks Compete, you win.
Apply for a Home Loan at ApnaPaisa and we will match your requirements with the best offers from our network of over 400 service providers. We will get a maximum of five providers to compete for your business. WHEN BANKS COMPETE YOU WIN. You can then decide which home loan is best for you based on:
- Lowest Interest Rate
- Lowest EMI
- No Pre-payment charges
- Lowest Processing Fees
- Maximum Eligible Loan Amount
- Mandatory Documents Required
- Lowest Processing Fees
Or any other factor that is important to you.
Negotiating Tips
1) If you have a good credit record and your income is sufficient to justify the loan you can negotiate on interest rates. You can also try and get Processing fees or legal or valuation fees reduced or completely waived.
2) If you go for a floating rate loan then pre-payment charges are not payable.
3) When interest rates are high and are expected to go down you should go in for a floating rate loan as it makes no sense to lock into high fixed rates or the so called Dual rate loans where rates remain fixed for a couple of years before shifting to regular floating rate loans. Please review this decision at least once every 6 months
4) Take term insurance and critical illness and accidental disability policy for the full loan amount to make sure you or your loved ones don't have to worry about loan repayment should you die or are disabled due to a critical illness or accident. You cannot be forced to buy this policy from the insurance company chosen by the lender - you should choose your own insurer.