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It always a good idea to calculate the EMI amount, you will be paying, before applying for a home loan. The Central Bank of India Home Loan EMI Calculator helps you do that. A Home Loan EMI Calculator will allow you to input the loan amount, interest rate and repayment tenure to give you the approximate EMI amount that you need to pay.
Also Read: Latest Home Loan Interest Rates
How accurate is the Central Bank of India Housing Loan EMI calculator?
Online calculators will only factor in the loan amount, interest and tenure. But there are other factors like GST, mortgage charges, risk premium and a few other factors that will cause a variation in your final EMI amount.
So, a home loan EMI calculator will only give you an approximate EMI amount. The final EMI amount will be informed to you once the loan is processed and all other criteria have been factored in. However, note that the final amount will be very near to the approximate amount you arrived at using the EMI calculator.
Benefits of using the Central Bank of India Housing Loan EMI calculator
- Helps you to find out the likely EMI amount so that you can decide whether you want to change the tenure; either increase it for a lower EMI amount or decrease it for a higher EMI amount
- You can compare home loan products from different lenders and choose the one that is most affordable to you
- You can also decide on the loan amount you want to apply; you can deduce the EMI amount by increasing or decreasing the loan amount on the calculator
EndNote: A home loan EMI calculator is just an indicator of the EMI amount you have to pay on your loan. Central Bank of India Home Loan EMI Calculator will allow you to vary the input data to come up with the ideal loan amount and repayment tenure to suit your pocket.