﻿ Home Loan Calculator | Fin Gizmo

# Home Loan Calculator

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### EMI Calculation

 Loan Amount EMI Amount Duration Total Interest Interest Rate Total Payment(Principle + Interest)

Loan Amount - Total loan money borrower has to pay. This amount could be higher from the actual disbursement amount or required loan amount due to addition of fees, administrative charges and applicable government duties to be paid by borrower. These additional charges are either paid with 1st payment or added into loan amount.

Down Payment - A portion of the property values to be paid by customer from his own assets at the time of purchase with the promise to make full payments later. Banks are mandated to lend only up to a certain percent e.g. 80% of the property purchase value, the balance e.g. 20%, referred as down payment has to be arranged by the borrower.

Loan Eligibility - A criterion that is used by lenders to evaluate ability of a borrower to re-pay loan amount. This includes monthly salary of borrower and down payment that the borrower would pay for the property.

Interest Rate - Interest rate is the amount charged by a lender to a borrower for the use of money. Interest rates are typically expressed as percent of principal amount on an annual basis.

Disbursement Date - Date when loan amount will be disbursed / transferred from lender to borrower /seller.

Installment Start Date - Date when borrower wants to pay first installment or start EMI schedule. Generally, banks provide one-month grace period to start EMI but if borrower wants more delay to start EMI then loan amount increases with interest amount for the delay.

EMI & Pre EMI - EMI refers to an equated monthly installment,a fixed amount which borrower pays every month. It comprises of principal repayment and interest payment for the month. Increment in loan amount and loan interest rate always increase the EMI.Pre EMI option allows to delay in start of EMI payments and during this delay only the interest amount is paid. This interest is amount called pre-EMI interest and is payable monthly till the EMI starts. In other case when pre EMI is NOT availed and EMI starts with delay, interest accrued for this duration is added in to loan amount, which increases effective loan amount.

Total Payment - An amount that comprises all principal, interest and charges. This amount is equal to all payments made by borrower to lender.

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