Since the money borrowed for home loans is high the EMI each month will also be high. To help customers know how much EMI they will pay for any interest rate, tenure and loan amount Tata Capital provides home loan EMI calculator.
As mentioned earlier a home loan tends to be a very large amount that you borrow from the bank. The EMI will also be high and hence you need to decide before hand how much loan amount you want, what interest rate you are comfortable paying and the tenure of the loan.
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After entering the necessary details, the calculator automatically calculates the loan EMI amount to be paid and delivers the result on the same page. It takes less than a minute to check the EMI amount against the home loan to be taken.
You can also view a similar home loan EMI calculator as that of Tata Capital on CreditMantri website and apply for the loan directly. You will find the results of total amount payable with interest and interest payable separately.
Calculating the EMI of the home loan manually is time-consuming. But using the EMI calculator will generate the result in less than a minute and make it easier to compute your housing loan EMIs. This helps you get the details of interest to be paid as per the tenure and loan amount. After having all the information, you will be able to take an informed credit decision on your own. Moreover, it helps in negotiating with the lender and settle for a better interest rate.
Manual calculation carries a risk of mistakes, but the result provided from online EMI calculator is accurate and quick. You can use the tool for various loan amounts, tenure and interest rate and you will get the results accordingly.
Consider the following example, which will give you an idea about how much and how long it will take to settle a home loan, you will notice that when the closing balance comes down to zero, the home loan is considered closed.
With the market as it is the cost of homes are very high compared to the salary people make. There are very few people who can pay for a home in full on their own while others need the help of home loans to buy their dream home.
All details about the home loan that include interest rate, EMI amount, processing fees etc. are informed in advance and you can make up your mind to go for the loan. Once, you have acknowledged, the loan amount will be disbursed to your bank account immediately.
As we have shown in the example above after the tenue has been completed and you have paid back the interest and loan amount in full, you should proceed to obtain a certification of the same from the lender, in this case Tata Capital.
The Tata Capital home loan approval & verification process is simple and much quicker for existing Tata Capital customers. They can apply online and get pre-approved offers on home loans with attractive interest rates. The loan amount is directly credited to their account instantly.
The application process is different for new customers. The borrower needs to either apply online or directly download the application form from the official website or visit the nearest bank branch. They can also call the Tata Capital home loan customer care to proceed with the application process.
In case your home loan application was rejected you will receive Tata Capital loan rejection letter which will receive a status update on the home loan rejection. Let us know see what the eligibility or qualifying criteria are as they are called in banking parlance for a home loan.
One of the first and foremost thing a home loan applicant must do is check their credit score. Any bank, when it gets a loan or credit card application will pull out the individuals credit score which is available with the credit bureaus operating in the country.
The credit score is the accumulated score based on how regular you are in repaying your loan or credit card bill. This is the very first step taken by Tata Capital when screening your application. If your credit score is too low, then your home loan will be rejected. Credit score and credit health go hand in hand and telling on how you have handled loans in the past, it is also important that banks will keenly observe your credit history since the home loan is a long-term loan and the bank knows that a good portion of repayment is dependent on credit history.
Similarly, if there are any discrepancies like your date of birth is different from what is on your application then it is grounds for rejection of Home loan. It is best to rectify any such discrepancies well in advance to avoid your Tata Capital home loan being rejected.
If you are applying for home loan immediately after joining a new job your application might be rejected. Banks expect any home loan applicant to be in a stable job, which will not be the case if you are new to the company which in turn means you are a risk. It is best to wait at least 6 months to a year in the new job before applying for a home loan.
There is also the other scenario where though you have higher income your application might have been rejected. This is because you might have lower disposable income which might not satisfy the loan EMI to salary balance ratio. That is, you do not have enough salary balance after paying your monthly EMI.
You might be working in a company which is not in the list of approved employers by banks. In such cases the banks feel that your job is not secure and not reliable to pay back the loan amount. Look into banks/NBFC that have your company listed to make sure that your application is not rejected and get good terms on your loan.
When applying for a home loan all the original documents pertaining to the property must be submitted to Tata Capital. This is because your property acts as the collateral for the home loan. If there is not proper documentation or if the property is under some legal action, then the loan will be rejected.
Similarly, if the applicant is already acting as a guarantor for another loan then there is a risk that the other person might not pay their loan and will fall on the applicant who will have to pay the dues as a guarantor.This is also a reason for Tata Capital home loan rejection.
You will have to enter the details of your loan amount, interest rate and tenure in the EMI calculator. Do check with the lender for the latest interests before using the equated monthly instalment (EMI) calculator.
Yes, you can apply online for a Tata Capital home loan. Also using the example that we have provided above you can approximately gauge the repayment schedule of your home loan. If you are looking to get the best home loan then we would suggest you create a credit profile, analyse your current borrowings, solve any issues and apply for home loans that would suit your credit profile, we believe taking a credit health led approach to borrowing would benefit you immensely. Yes, all this can be done entirely online or through a mobile app.
Some of the information presented on this website has been collated from publicly available sources. CreditMantri shall not be in any manner whatsoever, be held responsible for any reliance on the same
TATA Capital Housing Finance Ltd. has emerged as a prominent player offering affordable home loans to potential home buyers and existing homeowners. However, when it comes to getting a home loan, the one thing that comes on top priority is how much EMI will be payable per month. So, the easiest way to calculate the EMI on a home loan is by using the online TATA Capital EMI calculator. Using the TATA Capital Home Loan Calculator, one can easily get an estimate of the EMI payable per month based on some inputs like loan amount, tenure, and interest rate. Continue reading to understand all about TATA Capital home loan EMI calculator, factors that might affect your home loan EMI and the benefits of using an online EMI calculator tool.
Feel free to use the TATA Capital EMI calculator to plan your monthly budget. If you calculate home loan EMI, you not only demystify the repayment process but also get a clear roadmap for managing your monthly expenses. To calculate the TATA Home Loan EMI, you just need to use some loan details such as the principal amount, interest rate, and loan tenure in terms of months.
Calculating your monthly expenses with a home loan will be much easier if you use the TATA Capital calculator online. If not using the readymade online EMI calculator, you can also calculate it manually using a simple TATA Capital calculator formula explained below:
A home loan EMI is subject to change from bank to bank and also depends on certain other factors. Although several TATA Capital home loan criteria may impact your overall home loan EMI, we will throw light on the main three factors here:
Interest Rate: The interest rate charged by TATA Capital significantly impacts the EMI. As a matter of rule, the higher the interest rate on a home loan, the higher will be its EMI. Therefore, people look for lenders offering home loans at a cheaper interest rate.
Principal Amount: The principal amount, also known as the loan amount, is the actual money you borrow from the lender. The higher this loan amount, the higher would be its EMI, even if other factors are low.
Tenure: The loan tenure or the duration for which a home loan is availed also plays a crucial role in determining the EMI. Generally, a shorter tenure increases the EMI value but reduces the total interest paid throughout the loan tenure.
Using an online EMI calculator for home loans means opting or better clarity and planning for a home loan. In case, you are still not aware of the benefits of TATA Capital Calculator, here is your chance to get some knowledge:
Time-Saving: Time is money for us in the present busy lifestyle, so why take plains calculating the home loan EMI manually, when the same task can be done online using the home loan EMI calculator available at the official website of the BASIC Home Loan: EMI. 152ee80cbc
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