Aditya Birla Home Loan EMI Calculator

Before opting for any kind of home loan facility, it’s important to have a rough estimate of the Equated Monthly Installments (EMI) that you will have to pay at the time of loan repayment. Not having your EMI calculated beforehand can hurt your overall finances. To save yourself from this, you can use the Aditya Birla EMI calculator.

It takes less than one second to get the exact EMI amount according to the details you put in the calculator. The process is so fast and seamless that you won’t even feel anything. Everything will happen in an eye’s blink. It will also give you the total interest outgo and total repayment amount.

This calculator is nothing short of an amazing tool to efficiently manage your overall finances and keep your monthly budget in check. If you’re someone who is planning to opt for a home loan facility of Aditya Birla and looking to have an estimate about the EMI amount, then look nowhere than the Aditya Birla Home Loan EMI Calculator.

How to Use the Wishfin Home Loan EMI Calculator?

When you decide to get an estimate about the monthly installments with the help of the Wishfin EMI calculator, you will need a few basic details so that you don’t face any kind of problems. You can look below to learn about all these details so that you can calculate your EMI amount easily.

Required Loan Amount – You can get the loan amount starting from 75% to 90% of the property value. It can vary from one individual to another.

Aditya Birla Home Loan Rate of Interest – There are a number of factors that can determine your interest rate. These are your age, nature of employment, length of employment with the current company or the running period of your business, property type, and CIBIL score . Your credit score significantly influences the interest rate you receive.

Desired number of Months – With Aditya Birla's home loan options, you can choose a loan term of up to 30 years.

Once you enter all the details, click on ‘Calculate EMI’. The EMI calculation will be on your screen in just a few seconds. Also, you can drag the sliders to input your desired loan amount, tenure, and interest rate.

Along with this, an amortization table will also be shown to you, to help you know how your loan will progress over time.

Example of Aditya Birla Home Loan Calculation

Let me give you an example. Suppose that you want to take the loan amount of INR 20,00,000 for a period of 15 years (180 months) at an interest rate of 10% per annum. You can see all the calculations in the below table.

Home Loan EMI Calculation Formula

In order to calculate an EMI, the calculator uses the below formula:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

where,

EMI = Equated Monthly Installment

P = Principal Loan Amount

R = Monthly Interest Rate

N = Number of Monthly Installments

For example, let’s assume that a person avails a home loan worth ₹50,00,000 for a tenure of 10 years at an agreed-upon interest rate of 12%. So, as per the formula:

• Principal Amount (P): ₹50,00,000
• Interest Rate (R): 12% per annum (which is 12/12/100 = 0.01 per month)
• Loan Tenure (n): 10 years, or 120 months

Let’s see how it works:

[50,00,000 x 0.01 x (1 + 0.01) ^ 120]/[(1+0.01) ^120 -1] = 71,735.

Aditya Birla Home Loan Amortisation Schedule

Here is the amortization schedule for the example provided above, to assist you further:

The Lowest Rate EMI Offered by Aditya Birla on Home Loans

Here are the EMIs for different home loan amounts under Aditya Birla Home Loan, calculated at interest rates of 8.60% and 14% over a period of 10 years:

Features and Benefits of Aditya Birla Home Loan EMI Calculator

The Aditya Birla Home Loan EMI Calculator offers several useful features and benefits for potential borrowers:

• Easy to use: The calculator has a simple interface where users can input the loan amount, tenure, and interest rate to calculate their EMI quickly.
  
• Detailed breakup: The calculator offers a detailed breakup of the EMI, showing how much goes towards principal repayment and interest.
  
• Informed decision-making : By comparing different loan options, borrowers can choose the best one that suits their needs and financial situation.
  
• Time-saving: The online calculator eliminates the need for manual calculations or visiting bank branches, saving time and effort.
  
• Transparency: It provides clear information about the total cost of the loan, including the interest component.
  
• Flexibility: Users can experiment with different loan amounts, tenures, and interest rates to find the most suitable option.

Eligibility to Apply for Aditya Birla Home Loan

Aditya Birla Housing Finance Ltd. provides home loans for various needs, each with specific eligibility requirements. Here are the common eligibility criteria for Aditya Birla Home Loans:

Factors that Influence Aditya Birla's Home Loan EMI

Let’s delve into the main factors that affect the EMIs of your Aditya Birla home loan:

• Loan amount: The total amount borrowed directly impacts the EMI. Higher loan amounts result in higher EMIs.
  
• Interest rate: The interest rate charged by the lender affects the EMI. If you get a loan at a higher interest rate, the EMI will increase automatically. However, a lower interest rate will mean that you need to pay a lower amount as EMIs.
  
• Loan tenure: The duration of the loan repayment period influences the EMI. Longer tenures lower the EMI but increase the total interest paid, whereas shorter tenures raise the EMI but reduce the overall interest cost.
  
• Repayment frequency: The frequency of loan repayments (monthly, bi-monthly, etc.) can affect the EMI calculation.
  
• Processing fees and other charges: Additional costs such as processing fees, administrative charges, and other miscellaneous expenses can impact the overall loan cost and thereby affect the EMI.
  
• Prepayment Options: The ability to make partial or full prepayments without penalties can reduce the principal amount, thereby lowering the subsequent EMIs.
  
• Credit Score: A higher credit score can result in better loan terms, including a lower interest rate, which in turn affects the EMI.
  
• Income and job stability: Stable employment and higher income levels can influence the eligibility for lower interest rates, thus impacting the EMI.

Fees and Charges Related to Aditya Birla Home Loan EMI

Limitations of Using Aditya Birla Home Loan EMI Calculator

• Estimates only: The EMI calculator provides approximate figures, not exact amounts. The actual EMI may vary based on final loan terms and conditions.
  
• Excludes additional fees: The calculator might not account for all possible fees like processing fees, administrative charges, or prepayment penalties.
  
• Interest rate variability: The calculator uses a static interest rate, which might not reflect personalized rates that vary based on credit score and other factors.
  
• Doesn't factor creditworthiness: It does not consider the applicant's credit score or financial history, which are crucial for loan approval and the terms offered.
  
• Limited customization: The tool might not allow users to fully customize inputs like flexible repayment options, which could impact the actual loan terms offered.
  
• Loan eligibility: The EMI calculator does not assess your loan eligibility. Approval is subject to additional checks and verification by the lender.