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Home > Home Loan > Banking > Fincare Small Finance Bank Home Loan EMI Calculator

Fincare Small Finance Bank Home Loan EMI Calculator

Worried about your loan burden? Calculate your monthly Fincare Small Finance Bank home loan EMI using our online EMI calculator

As India’s real estate sector grows, the dream of owning a home increasingly relies on essential financial aid.

The Fincare Small Finance Bank Home Loan EMI Calculator serves as a crucial aid for potential homebuyers, simplifying the journey of home financing. This blog calculator will delve into the various benefits and uses of the Fincare Small Finance Bank Home Loan EMI Calculator, a vital tool for anyone looking to understand and manage home loan obligations.


Fincare Small Finance Bank home loan EMIs seems too high? We have exclusive offers for you!

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Factors affecting Fincare Small Finance Bank Home Loan EMI

The factors which affect the home loan EMI are:

1.Loan Tenure

The maximum tenure offered by Fincare Small Finance Bank is 30 years. You can increase your tenure, which would lead to a lower EMI but this will lead to a higher total amount to be repaid and also will require more interest charges.

2.Rate

You can compare the home loan rates of different banks here. For detailed comparison between top banks you can visit our compare banks page.

BankUp to Rs. 30 LakhAbove Rs. 30 Lakh to Rs. 75 LakhAbove Rs. 75 Lakh
SBI Bank8.00% p.a. onwards8.00% p.a. onwards8.00% p.a. onwards
HDFC Bank8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
LIC Bank8.50% – 10.35% p.a.8.50% – 10.55% p.a.8.50% – 10.75% p.a.
ICICI Bank8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
Kotak Mahindra Bank8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
Punjab National Bank8.50% – 11.05% p.a.8.50% – 11.05% p.a.8.50% – 11.05% p.a.
Bank Of Baroda8.40% onwards8.40% – 10.65% p.a.8.40% – 10.90% p.a.
Bajaj Housing Finance8.50% p.a. onwards8.50% p.a. onwards8.50% p.a. onwards
Axis Bank8.75%-10.30% p.a.8.75%-10.30% p.a.8.75%-10.30% p.a.
Bank of India8.40% p.a onwards8.40% p.a onwards8.40% p.a onwards
TATA Capital8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
The interest rates, maximum tenures, and other charges are subject to change, and it’s advisable to check with our experts for the most current information.

The interest rates, maximum tenures, and other charges are subject to change, and it’s advisable to check with our experts for the most current information.

3.Loan amount

A higher loan amount will attract higher EMI. The loan amount however depends on the LTV ratio. Here is a breakdown:

Home Loan AmountLTV Ratio
Up to Rs. 30 lakhsUp to 90% of the property’s cost
Above Rs. 30 lakhs to Rs. 75 lakhsUp to 80% of the property’s cost
Above Rs. 75 lakhsUp to 75% of the property’s cost

The interest rates, maximum tenures, and other charges are subject to change, and it’s advisable to check with our experts for the most current information


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Significance of the Home Loan EMI Calculator

Manual EMI calculation can be complex and intimidating, especially for those unfamiliar with financial planning. The Fincare Small Finance Bank Home Loan EMI Calculator is a game-changer, offering an easy and accurate way to compute EMIs, thereby saving time and avoiding mistakes.


The Formula Used in EMI Calculation

The Fincare Small Finance Bank Home Loan EMI Calculator uses the following formula to ensure precise calculations:

E = (P x R x (1+R) ^N) / ((1+R) ^N-1)

Where, ‘E’ is for EMI amount ‘P’ is for Principal amount ‘R’ is for Rate of interest ‘N’ is for Loan tenure

A Practical Example

Consider a home loan of Rs. 70 Lakhs for a period of 15 years at an interest rate of 10%. The Fincare Small Finance Bank Home Loan Calculator calculates the EMI as Rs.75,222 demonstrating its efficiency in simplifying complex calculations.


Using the Fincare Small Finance Bank Home Loan EMI Calculator

Using the Fincare Small Finance Bank Home Loan EMI Calculator is simple:

StepActionDescription
1Input DataEnter loan details: amount, rate, tenure
2CalculationAutomated computation of EMI
3Result DisplayImmediate display of EMI amount
4IterationsModify inputs for different outcomes

Benefits of the Fincare Small Finance Bank Home Loan EMI Calculator

1.User-Friendly: Easy navigation and usage.

2.No Cost: Freely accessible to all users.

3.Multiple Uses: Experiment with various loan parameters.

4.Instant and Accurate: Essential for financial planning.


Conclusion

The Fincare Small Finance Bank Home Loan Calculator is an essential tool for managing home loan commitments, providing an easy, accurate, and free method for understanding your financial responsibilities.


FAQs

What is EMI?

EMI, or Equated Monthly Instalment, refers to the fixed payment amount that a borrower is required to pay to the lender each month until the loan period concludes.

Is the EMI amount fixed ?

The EMI amount remains constant if the home loan is obtained at a fixed interest rate. However, for loans with a floating interest rate, the EMI can fluctuate over the loan tenure. Regardless of the interest type, making partial prepayments can result in lower EMI amounts.

Why use the online EMI calculator?

Utilizing an online EMI calculator is beneficial as it offers precise estimations of your monthly payments swiftly, thereby saving you valuable time in financial planning.

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