Worried about your loan burden? Calculate your monthly L&T Housing Finance 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 L&T Housing Finance 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 L&T Housing Finance Home Loan EMI Calculator, a vital tool for anyone looking to understand and manage home loan obligations.
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Factors affecting L&T Housing Finance Home Loan EMI
The factors which affect the home loan EMI are:
1.Loan Tenure
The maximum tenure offered by L&T Housing Finance 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.
| Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| SBI Bank | 8.5% p.a. onwards | 8.5% p.a. onwards | 8.5% p.a. onwards |
| HDFC Bank | 8.7% p.a. onwards | 8.7% p.a. onwards | 8.7% p.a. onwards |
| LIC Bank | 8.50% – 10.35% p.a. | 8.50% – 10.55% p.a. | 8.50% – 10.75% p.a. |
| ICICI Bank | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards |
| Kotak Mahindra Bank | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards |
| Punjab National Bank | 8.40% – 12.10% p.a. | 8.40% – 12.10% p.a. | 8.40% – 12.10% p.a. |
| Bank Of Baroda | 8.40% – 10.65% p.a. | 8.40% – 10.65% p.a. | 8.40% – 10.90% p.a. |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards |
| Axis Bank | 8.75%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. |
| Bank of India | 8.4% p.a onwards | 8.4% p.a onwards | 8.4% p.a onwards |
| TATA Capital | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% 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.
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 Amount | LTV Ratio |
| Up to Rs. 30 lakhs | Up to 90% of the property’s cost |
| Above Rs. 30 lakhs to Rs. 75 lakhs | Up to 80% of the property’s cost |
| Above Rs. 75 lakhs | Up 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 L&T Housing Finance 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 L&T Housing Finance 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 L&T Housing Finance Home Loan Calculator calculates the EMI as Rs.75,222 demonstrating its efficiency in simplifying complex calculations.
Using the L&T Housing Finance Home Loan EMI Calculator
Using the L&T Housing Finance Home Loan EMI Calculator is simple:
| Step | Action | Description |
| 1 | Input Data | Enter loan details: amount, rate, tenure |
| 2 | Calculation | Automated computation of EMI |
| 3 | Result Display | Immediate display of EMI amount |
| 4 | Iterations | Modify inputs for different outcomes |
Benefits of the L&T Housing Finance 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 L&T Housing Finance 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
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.
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.
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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