UCO Bank Home Loan EMI Calculator
UCO Bank Home Loan EMI Calculator
Applying for a HOME loan is a massive undertaking because of the enormous sum that must be repaid over a set period. The whole process has the potential to be terrifying. Maintaining a consistent monthly payment schedule might be challenging for various reasons. But, if you take the time to calculate the EMI monthly amounts due before taking out the loan, the process can go off without a hitch. If you’re considering applying for a house loan from UCO Bank, use the housing loan EMI calculator UCO Bank to determine how much you can afford.
Why You Should Use UCO Bank Home Loan Calculator?
When you get a home loan, figuring out how much you will have to pay each month ahead of time is especially important. Before getting a home loan, here are the main reasons why you might want to use the UCO Bank Home Loan EMI Calculator:
The UCO bank home loan EMI calculator tells you exactly how much your EMI will be after you get a home loan from UCO bank.
You can choose between loan amounts, interest rates, and repayment periods. With this feature, it’s easy to determine which plan is best for you.
UCO bank EMI Calculator Keeping track of your monthly investments can help you avoid many money problems. You can plan how you will invest in the future based on how much you get each month. Before you get the loan, you can determine how much you’ll pay each month. You can also use the calculator to figure out how long you have left on your loan, which makes the whole process of paying it back even easier.
Factors Affecting Home Loan EMI
Several factors affect the home loan EMI. It would help if you switched these amounts around to see which loan plan works best for you.
- The interest rate is among the most important things affecting EMI rates. When interest rates stay high, the EMI automatically goes up towards the end of the home loan tenure. The interest rate at the UCO Bank stays at 6.90% for all of its customers. Before you get a home loan, look at their plans to see which one is best for you.
- The total loan amount also greatly impacts how much your EMI will be. Your EMI amount increases when the loan amount is bigger, and the home loan tenure is shorter. When the loan amount is bigger, the interest rate also goes up.
- The time you choose when you get a home loan is also a big part of how much you’ll have to pay back at the end of the plan. The more quickly you pay off the loan, the more you have to pay each month. The less you have to pay each month, the longer the term. But if you choose a longer home loan tenure of 20–30 years, the total amount you must also pay increases.
Benefits of Using UCO Bank EMI Calculator
The UCO bank home loan EMI calculator saves you a lot of time, which is its main benefit. Here are some benefits of using the EMI Calculator before getting a home loan from the bank.
- You must use this online tool before applying for a home loan. If you use the online EMI calculator, you don’t have to go to the bank to get a full report of how much you have to pay each month. So, it saves you a lot of time because it gives you the right answer in just a few seconds.
- You can change the loan length, interest rate, and total amount to find your budget’s best home loan plan.
- Using the home loan EMI formula, the UCO bank housing loan EMI calculator gives you an accurate answer you can rely on before getting a home loan.
- After getting the loan, you can check your balance and the remaining interest during the term. Head to the UCO bank website for further info on housing loan principal repayment.
How Loan EMI Amortisation Schedule Helps Paying EMI
A loan’s amortisation schedule is a comprehensive summary of all payments and when they’re due over the life of the loan. The loan terms and conditions include a fixed interest rate and the total loan amount. Each payment is divided into its parts:
- The principal debt (how much you borrowed initially).
- Interest (what the lender or institution earns for giving you money).
- The remaining balance.
The amortisation schedule calculator assists you in understanding home loans.
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 |
Housing Loan EMI of UCO Bank for Different Amounts
- INR 10 lakhs: A home loan EMI for 10 lakhs repayable after 20 years at an interest rate of 6.9% pa is repaid at INR 7693 per month.
- INR 20 lakhs: A home loan EMI for 20 lakhs repayable after 20 years at an interest rate of 6.9% pa is repaid at INR 15386 per month.
- INR 30 lakhs: An EMI on home loan of 30 lakhs repayable after 20 years at an interest rate of 6.9% pa is INR 23079 per month.
- INR 40 lakhs: A home loan worth INR 40 lakhs repayable after 20 years at an interest rate of 6.9% pa is repaid at an EMI of INR 30772 per month.
- INR 50 lakhs: An EMI on 50 lakhs home loan repayable after 20 years at an interest rate of 6.9% pa is INR 38465 per month.
- INR 1 crore: An EMI on home loan of 1 crore payable after 20 years at an interest rate of 6.9% pa is repaid at an EMI of INR 76931 per month.
NOTE: If you’re wondering 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].
How Can NoBroker Help?
NoBroker is a platform that can help you find and buy a new home, and they also offer assistance in securing a home loan. NoBroker has tie-ups with multiple banks and non-banking financial institutions (NBFCs) and can help you find the best home loan deals based on your financial situation and requirements. The UCO bank home loan emi calculator will enable you to know your monthly repayments in future. If you wish to consult a trusted home loan expert, NoBroker will help you compare the loan offers and choose the one that best suits your needs. You can review each loan’s interest rates, loan terms, and other features to make an informed decision.
