If you have opted for a fixed rate home loan, then your home loan EMI remains constant throughout the loan tenure. On the other hand, if you have taken a home loan with floating interest rates, then the EMI changes as per the external increase or decrease in home loan interest rates. 

A higher home loan amount generally means a higher EMI amount. The minimum home loan amount available from Sundaram Home Finance is Rs. 10 lakhs and the maximum amount is Rs. 3 crores. Additionally, a higher interest rate will also mean an increase in housing loan EMI and this will increase the total loan cost. The ongoing home loan interest rate offered by Sundaram Home Finance is 6.95%. 

Here is the calculation for Sundaram Home Finance home loan EMI across different tenures at an ongoing interest rate of 6.95%:

 

Loan Tenure

Loan Amount (Rs.)

15 years

20 years

30 years

Rs. 25 Lakhs

Rs. 22,401

Rs. 19,308

Rs. 16,549

Rs. 50 Lakhs

Rs. 44,802

Rs. 38,615

Rs. 33,097

Rs. 75 Lakhs

Rs. 67,203

Rs. 57,923

Rs. 49,646

Rs. 1 Cr

Rs. 89,604

Rs. 77,230

Rs. 66,195

Loan tenure or the period during which you will repay your home loan is also an important determinant in EMI calculation. Your EMI could be lower if opt for a loan tenure of 20 years as compared to a loan tenure of 10 years. The longer the loan tenure, the smaller will be your home loan EMI and vice-versa.

You can use an online EMI calculator to calculate your home loan EMI at different interest rates and loan tenure. The EMI calculator requires the following information for you to calculate monthly EMI:

  1. Loan amount
  2. Loan tenure
  3. Interest rate

Make sure to do market research for comparing different interest rates and calculate EMI online before applying for a Sundaram Home Finance home loan.