L&T Finance Home Loan EMI Calculator
L&T Finance Home Loan EMI Calculator
L&T Finance is a prominent financial institution in India that offers various financial services, including home loans. L&T Home Loans are designed to provide affordable and convenient financing options for individuals looking to buy, construct, or renovate their homes.
L&T Home Loans offer competitive interest rates, flexible repayment options, and quick loan disbursal. They also provide personalised services to help customers choose the right loan product based on their needs and financial situations.
Homebuyers can determine how much of a mortgage they can afford using an EMI calculator. Consider looking into alternative home loan schemes if the EMI amounts to more than you can afford monthly. The monthly payment on a house loan can be easily determined with an EMI calculator.
Reasons You Should Use L&T Finance Home Loan EMI Calculator
Knowing how much your Equated Monthly Instalment (EMI) will be essential if you plan to take out a home loan. EMI calculators can help you budget monthly payments:
- L&T Finance Home Loan EMI Calculator can estimate your home loan EMI and help you budget.
- The L&T Financial Home Loan EMI Calculator lets you estimate monthly payments by changing the loan amount, interest rate, and term. This might help you decide how much debt you can afford and the appropriate payback term.
- Use the L&T Financial Home Loan EMI Calculation easily. 24/7 online use. You may calculate your EMI anytime, anyplace.
- The L&T Financial Home Loan EMI Calculator may help you budget, make decisions, and avoid financial stress.
NOTE: If you wish to know what is the formula to calculate EMI for home loan, then here it is:
[P x R x (1+R)^N]/[(1+R)^N-1].
P = Principal loan amount
R = Monthly interest rate
N = Loan tenure in months
Factors Affecting Home Loan EMI
Securing a home loan and efficiently paying-off the loan can be easily done by using the home loan EMI calculator.
The EMI amount is calculated based on various factors, including:
1. Loan Amount
The loan amount is the money you borrow from the lender. Higher loan amounts will result in higher EMIs.
2. Interest Rate
The interest rate is the percentage of the loan amount charged by the lender as the cost of borrowing. Higher interest rates will result in higher EMIs.
3. Home Loan Tenure
The home loan tenure is the period for which you borrow the loan. Longer tenures will result in lower EMIs, while shorter home loan tenures will result in higher EMIs.
4. Down Payment
The down payment is the initial amount you pay the lender to purchase your home. Higher down payments will result in lower EMIs, as the loan amount will be lower.
5. Credit Score
Your credit score is an important factor that affects your loan eligibility and interest rates. Higher credit scores can result in lower interest rates and EMIs.
6. Income
Your income is another important factor that affects your loan eligibility and loan amount. Higher incomes can result in higher loan amounts and lower EMIs.
Benefits Of Using L&T Finance Home EMI Calculator
The home loan EMI calculator L&T finance helps precisely estimate your home loan EMI. It estimates your EMI using loan amount, interest rate, and tenure. There are several benefits of using the L&T Finance Home Loan EMI Calculator, including:
1. Time-Saving
Manually calculating your home loan EMI is time-consuming and complex. The L&T Financial Home Loan EMI Calculator saves time and work.
2. Convenient
The L&T finance home loan calculator is online and accessible 24/7. It estimates your EMI in seconds and is straightforward to use.
3. Customisable
The L&T housing finance EMI calculator lets you alter loan amount, interest rate, and term to estimate monthly payments. This might help you decide how much debt you can afford and the appropriate payback term.
4. Financial Planning
The L&T home loan EMI calculator helps you budget. The calculator can estimate your EMI and help you budget. This can save on debt and pay back financial stress.
How Loan Amortisation Schedule Helps in Efficiently Paying EMI?
The amortisation schedule for an EMI loan breaks down your payments into their parts as they are made during the loan’s term. You can see each EMI payment’s principal, interest, and total balance here. The amortisation schedule calculator is a must-have for those who are paying their loans in instalments. First, the EMI amortisation schedule illustrates how the principal and interest payments are split in detail.
This is useful information for budgeting purposes and tracking how much each monthly payment goes towards reducing the main balance. Second, knowing how much interest you will pay throughout the life of the loan is useful information for budgeting. Knowing how much interest you’ll accrue will inform your decision on whether or not to prepay the loan.
Comparison of Home Loan Rates of Different Banks
L&T Finance currently offers its clients home loans with interest rates starting at 9.5%. Below is the home loan EMI comparison of different banks:
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
| SBI | 8.60% – 9.50% | 8.60% – 9.40% | 8.60% – 9.40% |
| HDFC | 8.65% – 10.35% | 8.65% – 10.60% | 8.65% – 10.70% |
| LIC Housing Finance | 8.65% – 10.10% | 8.65% – 10.30% | 8.65% – 10.50% |
| ICICI Bank | 8.75% – 9.85% | 8.75% – 9.85% | 8.75% – 9.85% |
| Kotak Mahindra Bank | 8.65% onwards | 8.65% onwards | 8.65% onwards |
| PNB Housing Finance | 8.75% – 14.50% | 8.75% – 13.00% | 8.85%-10.85% |
| Punjab National Bank | 8.60% – 9.35% | 8.55% – 9.25% | 8.55% – 9.25% |
| Bank of Baroda | 8.60%-10.35% | 8.60%-10.35% | 8.60%-10.60% |
| Union Bank of India | 8.60% – 10.50% | 8.60% – 10.70% | 8.60% – 10.70% |
| IDFC First Bank | 8.60% onwards | 8.60% onwards | 8.60% onwards |
L&T Finance Housing Loan EMI Calculator for Different Amounts
L&T Finance Home Loan for:
- INR 10 lakhs: A home loan EMI for 10 lakhs repayable after 20 years at an interest rate of 9.5% pa is repaid at INR 9321 per month.
- INR 20 lakhs: A home loan EMI for 20 lakhs repayable after 20 years at an interest rate of 9.5% pa is repaid at INR 18643 per month.
- INR 30 lakhs: An EMI on home loan of 30 lakhs repayable after 20 years at an interest rate of 9.5% pa is INR 27964 per month.
- INR 40 lakhs: A home loan worth INR 40 lakhs repayable after 20 years at an interest rate of 9.5% pa is repaid at an EMI of INR 37285 per month.
- INR 50 lakhs: An EMI on 50 lakhs home loan repayable after 20 years at an interest rate of 9.5% pa is INR 46607 per month.
- INR 1 crore: An EMI on home loan of 1 crore payable after 20 years at an interest rate of 9.5% pa is repaid at an EMI of INR 93213 per month.
How Can NoBroker Help?
Nobroker is an extensive real estate website that offers numerous mortgage-related resources and tools. Home loan EMI calculations are simplified by their user-friendliness and functionality. Loan repayments can be estimated accurately by entering the loan amount, interest rate, term duration and home loan formula.
Moreover, Nobroker can assist you in comparing several loan offers from various lenders to help you choose the most suitable one. You can trust that you’re getting the lowest possible interest rate on your mortgage with their help. NoBroker Home Loans is a service that will enable you to apply for a loan without going through all the hassles of bank visits and running around for documentation. Their assistance makes the first step towards realising your goal of house ownership much less daunting.
