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Union Bank of India home loan EMI calculator assists borrowers in calculating their loan instalments i.e. EMI for home loan taken. It an easy-to-use online tool that allows better financial planning for a home buyer.
What is Home Loan EMI?
EMI is the short form for Equated Monthly Instalment. EMI includes repayment towards the principal loan amount and the interest component on the outstanding loan amount of a home loan. The longer the loan tenure (the bank offers a maximum loan tenure of 30 years) the lower will be the EMI to be paid every month.
How does EMI calculation help in planning the home purchase?
Union Bank of India home loan EMI calculator provides borrowers with a clear understanding of the amount to be paid towards monthly EMIs and helps them in making an informed decision. A borrower can estimate the outflow towards a home loan every month. This helps them estimate the loan amount that they can afford to take. Therefore, knowing the EMI commitment before taking a home loan is crucial as it can impact home loan eligibility and improve chances of loan approval.
How to use the Union Bank of India Home Loan EMI Calculator?
To use the EMI calculator of Union Bank of India, one must input the following details to arrive at the monthly EMI amount:
- Loan Amount: Enter the desired home loan amount sought from the bank
- Loan Tenure: Enter the desired loan tenure for which the loan is being availed. A longer tenure can enhance loan eligibility and lower monthly EMIs.
- Interest Rate: Enter the ongoing interest rate offered by the bank in percentage terms.
Once a borrower enters these details, the EMI calculator will give the exact EMI amount that will have to be paid towards the home loan. Users can modify the loan tenure to estimate changes in EMI based on tenure change.