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Home Loan EMI Options

How to Decide the Right EMI for You?

A faster and easier way to pay off home loans is EMIs but choosing the right EMI option is vital as it will determine how fast you can repay your loan and aim at other financial goals. Though determining the right EMI amount is a subjective call and will differ for each borrower, you can always check your financial capacity by using a home loan emi calculator. Additionally, answering a couple of important questions can help you determine the right home loan EMI option for yourself. These questions are as follows -

How Soon do You Want to Pay Off Your Home Loan?

The tenure within which you wish to pay off your home loan will play a huge role in deciding the EMI. Do you want to pay it off early or wish to extend the tenure? Here, it is important to consider the period you expect to live in the home you are about to purchase. If you wish to take a home loan for extremely long periods, say, 15 or 30 years, it is important to consider whether or not you plan on staying in the home for that long. If not, it is better to pay off your house loan EMI sooner and enjoy true homeownership. Moreover, you can enjoy lower interest cost.

How Much can You Afford to Pay in a Month?

Another major home loan EMI deciding factor will be your ability to repay in a month. You certainly have other fixed monthly obligations and statutory deductions to attend to. It is important to be certain that the house loan EMI will not cause great disturbances with your other monthly commitments.

How Much of an Interest Rate are You Comfortable with?

Lower interest rates naturally convert to lower interest to be paid on the loan amount. Meaning, lower home loan EMIs. Different banks and financial institutions offer different interest rates. Tata Capital offers lower interest rates on home loans. Compare your options and opt for the interest rate where the EMI will be compatible with your ability to repay. 

Standard EMI Plan

Standard EMI Plan allows you to pay the principal amount along with the interest consistently for your defined period.

  • EMI amount remains the same for the entire home loan period

Ideal if

You have a consistent income

We have made the process of getting a Home Loan simple. You just have to follow these easy steps:

  • Check your home loan eligibility online
  • Select your home loan amount and period
  • Submit your application & documents
  • Get your money