A home gives you the comfort, convenience, shelter and a secured future. When you look at its acquisition cost, you tend to wonder whether that’s within your budget or not. But all that becomes achievable when there’s a loan in sight as it breaks the payment over the years, eliminating the requirement of paying the cost in one go, which many can’t afford.
However, the lender where you look to apply must be trustworthy and cost-friendly. This is where Indiabulls can be a dream enabler as the noted housing finance company offers a loan at attractive interest rates.
The overall loan cost, though, can be ascertained using Indiabulls Home Loan EMI Calculator. Why not then use it and see why one should use the same?
Indiabulls Home Loan EMI Calculator
The Home Loan EMI calculator is an important tool which every home seekers must look into before applying for a home loan that can stretch to as long as 30 years. Imagine the number of repayment years ahead of you. With such long years ahead, you need to be calculative to choose the right tenure to give your pocket the much-needed relief.
True to its name, the calculator flashes the result of EMI, which stands for Equated Monthly Installment. Actually, it’s a combination of principal and interest payable to the lender every month. With it being available online, your job becomes easier as far as EMI calculation is concerned.
It’s not only the installment that the calculator brings, it even tells the amount of interest you would be paying to Indiabulls over the chosen period.
What Are Indiabulls Home Loan Interest Rates & How Do They Impact the EMI?
The interest rates charged on Indiabulls Home Loan of up to ₹75 lakhs range from 8.50%-9.85% per annum. While the loan between ₹75 lakhs and ₹3 crores and above ₹3 crores are charged at 8.75%-10.60% and 8.85%-10.75%, respectively. There’s a significant difference between the lowest and highest limit of interest rate offers across the loan amounts. You should either look to grab the lowest home loan interest rate or slightly above to cut down the EMI as well as interest outgo.
The points on which you can command a low rate are healthy income and a good credit score. You would be aware of what a good credit score is. If not, then you must know that the score must be 750 and above. Even 700 and above can also be considered good.
The score is generated for individuals who have paid loan EMIs or credit card dues for at least 6 months to a year. Depending on how well you have paid the debt would greatly determine the score. If both income and credit score are in good shape, Indiabulls can so easily lower the rate to reduce the repayment burden.
But, in order to bring down the EMI, you must not choose a long tenure as you would rue for the massive interest outgo which is likely to be the case with the same. On the other side, don’t choose a very short one as well. The reason being the EMI amount can jump much beyond your capability to pay on a monthly basis. That’s why a tenure has to be reasonable to rein in both EMI and interest.