Home Loan Prepayment Reduce EMI or Tenure? Calculation Method EXPLAINED
This video will prove that you should reduce tenure and keep EMI same when making prepayments of your home loan or any other loan in any of the banks such as SBI, ICICI, HDFC, etc with the help of home loan prepayment calculator excel in hindi. The home loan calculation method is very easy to understand with the help of excel examples.
When you reduce tenure, you pay EMI for less number of months due to which you can save lot of interest amount in your home loan. Reducing EMI will keep the tenure same and will not save much of the loan interest taken from you.
Home loan prepayment also known as loan repayment is the way to reduce your outstanding principal amount in case you accumulate some considerable amount of money and want to close your loan as soon as possible to become debt free.
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CHAPTERS:
00:00 Home Loan Calculation Method Intro
00:46 What is Home Loan Prepayment?
01:47 Home Loan Prepayment Excel & Examples
02:33 Download Loan Prepayment Excel Calculator
04:15 Example 1 - Reduce EMI or Tenure?
05:16 How to Calculate Loan EMI?
08:10 Example 1 - Reduce Tenure
10:40 Example 1 - Reduce EMI
13:26 Example 2 - Reduce EMI or Tenure?
14:01 Example 2 - Reduce Tenure
15:23 Example 2 - Reduce EMI
17:20 More excel calculator videos
18:12 Loan Prepayment Reduce EMI or Tenure Conclusion
18:56 Income Tax Calculator App
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What is Home Loan EMI Calculator?
Home Loan EMI Calculator assists in calculation of the loan installment i.e. EMI towards your home loan. It an easy to use calculator and acts as a financial planning tool for a home buyer.
What is Home Loan EMI?
EMI stands for Equated Monthly Installment. It includes repayment of the principal amount and payment of the interest on the outstanding amount of your home loan. A longer loan tenure (for a maximum period of 30 years) helps in reducing the EMI.
How does EMI calculation help in planning the home purchase?
Home Loan EMI calculator gives a clear understanding of the amount that needs to be paid towards the EMIs and helps make an informed decision about the outflow towards the housing loan every month.
Factors that Affect Housing Loan EMI
Principal- The principal is the loan amount that you avail from the lender. It is directly proportional to your EMIs - lower principal will lower your monthly instalments and vice versa.
Rate of interest- The rate of interest is the rate at which the lender offers you the loan. It is also directly proportional to the value of your loan EMIs.
Tenure- The tenure is the time within which you repay your loan. The tenure is inversely proportional to your loan EMIs - longer tenure makes the monthly instalments cheaper and vice versa.
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Examples and demo used are for Illustration purpose only and might not cover every detail of examples shown. It is advised to seek professional help before taking any financial decisions. The owner of this channel shall not be liable in any way.
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