Home loan borrowers repay the credits availed through pre-fixed monthly instalments or EMIs. Each EMI remains the same, but the principal and interest components of each instalment keep changing over the repayment tenor. This underlying change depends on the home loan amortization schedule.
Home loan amortization refers to the breakup of interest and principal components in each EMI. For any term loan, the interest component remains highest in the initial EMIs and keeps decreasing over tenor. The principal component increases as one’s loan tenor progress. Due to this balance between these two components, the EMI amount does not vary.
Individuals can find this schedule on their loan-related paperwork. It outlines the entire repayment schedule, along with the division of principal repayment and interest components.
Generally, a home loan amortization schedule is represented in the form of a table. Bajaj Housing Finance customers can check various pieces of information about their existing housing credit on such a table. These include:
An amortization schedule for a home loan is similar to that of other term loans. The only major difference is that since home loans have a significant repayment tenor, this repayment table tends to be longer and more elaborate.
Bajaj Housing Finance provides a hassle-free way for individuals to calculate and view an amortization table for a home loan. Simply navigate to our Home Loan EMI Calculator and enter housing loan details, such as loan amount, tenor and rate of interest, to compute such data.
Using a home loan amortization calculator in India is the ideal way to check the liabilities from this credit, even before applying for it. Doing so facilitates ease of financial planning. Such an online tool also helps to determine the best time to avail home loan balance transfer facility on an on-going housing loan.
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Last update on 16-Aug-2021
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