mortgage loan emi calculator

Know Your EMI Before Getting A Mortgage Loan

One of the key deciding factors for any kind of loan is the interest rate at which the loan is available to the borrower. A mortgage loan is no different. When you opt for a mortgage loan from a trusted name like Fullerton India, you get an assurance of the best possible mortgage loan interest rate along with other benefits like:

  • maximum value on your property as a loan
  • flexible repayment options
  • flexible tenures as per the borrower’s convenience 

It is advisable to get a fair idea of your EMI before applying for a mortgage loan so that you can be sure that the loan EMI would comfortably fit in your monthly budget. For this, you can use the mortgage loan EMI calculator given on the lender’s website. 

Fullerton India’s mortgage loan EMI calculator helps you determine the EMI you would have to pay for the loan amount you want, for the loan tenure that suits you, also taking into consideration the mortgage loan interest rate applicable on your loan. 

Steps for the Mortgage Loan EMI Calculator

  • Select the loan amount based on your current financial needs. With Fullerton India, you can take a mortgage loan of up to Rs. 5 crores. 
  • Choose the time duration for which you want to take the loan. This tenure can be as long as 15 years.
  • Select the rate of interest on the mortgage loan.

This will give you the expected EMI on your desired loan amount. You can try various combinations of tenure, principal amount, and interest rate to get to your suitable EMI. This way, you can find the best option for availing of a mortgage loan with a trusted name like Fullerton India.

Complete Guide To Using The Mortgage Loan EMI Calculator 

what-determines-property-loan-approval

One of the most common reasons for saving on finance all throughout the years is to acquire a home or house. However, the whole process of  obtaining a loan against a mortgage can prove to be a very time-consuming task and often requires evaluating alternative options and factors. 

But today, with the help of the mortgage loan EMI calculator, the whole process of selecting the best possible loan for your house is a quick and straightforward task. Here is your detailed guide to calculating the EMI for choosing the best viable option of loans for your home. (Calculate your Mortgage Loan EMI)

Steps To Calculate Your Through Mortgage Loan EMI Calculator 

The steps listed below will help you calculate your EMI account against the loan taken.

Step 1: Determination of Loan Amount 

In the first step, you need to determine the amount of loan you wish to take as a loan to meet your requirements.  The maximum limit for such loans is fixed at Rs. 10 crores. 

Step 2: Choosing the Period

In the second step, the period for which the loan will be taken must be determined. It must be done according to the time you will gather funds to repay the principal amount with interest. 

Step 3: Rate of Interest

In this step, you will need to determine the interest rate charged permanently on the loan amount. The interest rate on such loans is not fixed and varies from time to time. 

Step 4: Calculation of EMI

In the last step, the EMI is calculated against the entered mortgage loan amount, period, and interest rate. 

Must Read: What are the 4 Basics of Qualifying for a Mortgage Loan?

What Are The Types of Mortgage Loans In India

Mortgage loans are outstanding for those who want to buy a home as they offer a high sum based on the property pledged as collateral at lower interest rates than other types of loans. The documents for the immovable property need to be deposited to the lender until the loan period.

Additionally, the tenure of repayment is If you are looking to buy a home, choosing the right type of mortgage loan is very important. There are six types of mortgage loans in India. 

Let’s see them

Types of Mortgage Loans in India

  • Loan Against Property (LAP)

Lap loans are offered for both commercial and residential properties. Borrowers have to mortgage their property to get funds from lending institutions. One can avail of this type of loan for any personal needs.

  •  Commercial Purchase

People in business and entrepreneurs popularly take these loans to buy only properties like shops, office space, commercial complexes etc.

  • Lease Rental Discounting

You can take mortgage loans against learned properties where monthly rental is converted into EMI for the loan. 

  •  Second Mortgage Loan

Banks and NBFC’s give loans for properties that are already pledged under the mortgage loan. The borrower can repeat this additional loan EMI with the first loan EMI he had availed.

  • Reverse Mortgage

Loans that are provided to senior citizens as a monthly salary after which the lender will sell the property pledged and waive the total EMI amount.

  • Home Loan

Most commonly used loans, called home loans, are used by customers to renovate, rebuild or buy an under-construction property. You cannot use this loan for other personal purposes. These loans should be used only for procuring a house.

Fullerton India offers loans against property at the lowest property loan interest rate starting from 9%. With Fullerton India mortgage loans, you can avail up to INR 12.5 Cr on residential or commercial properties. Apply now!

Additional Read: What are the Key Benefits of a Mortgage Loan?