The math behind the right-sized loan
1 year, 8 months ago

The math behind the right-sized loan

Live Mint  

The sun has just set and the sky turned maroon as it often does on random evenings. “If we are ready to pay an EMI of ₹70,000, we will get a home loan of ₹80.7 lakh at an interest of 8.5% to be repaid over a period of 20 years." “At 9%, an EMI of ₹70,000 over 20 years can repay a loan of ₹77.8 lakh, which is around ₹3 lakh lower than the loan we can get at 8.5%." “There is a rule of thumb going around and it says that banks and housing finance companies are comfortable giving out a home loan of up to 60 times the monthly salary." “Are we in a position to take on a home loan of ₹84 lakh?"

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History of this topic

Personal loan: How a slight increase in interest rates can raise your EMI
4 weeks ago

Personal loan: How a slight increase in interest rates can raise your EMI

Live Mint  

If you have been scouting for a personal loan and have already received a few offers from different banks, it is recommended that you compare the impact of the difference in interest rates on your EMIs. Scenario I: When the interest rate is 11 percent, the loan EMI on ₹10 lakh loan will be ₹21,742, thus taking the overall cash …

Personal Loan: Want to raise ₹10 lakh? EMI to fluctuate with these two factors; check calculator here
1 month ago

Personal Loan: Want to raise ₹10 lakh? EMI to fluctuate with these two factors; check calculator here

Live Mint  

If you are planning to raise a personal loan for any amount then remember that your equated monthly instalment is contingent on two factors i.e., time duration and rate of interest. Among these two factors, amount of EMI is directly proportional to the rate of interest that the bank charges, and inversely proportional to the tenure of loan. For example, …

Bank of India Slashes Home Loan Rates By 15 Bps To 8.3% Until March 31
9 months ago

Bank of India Slashes Home Loan Rates By 15 Bps To 8.3% Until March 31

ABP News  

The Bank of India, a public sector lender, announced on Tuesday a notable adjustment in its new home loan interest rates, reducing them from 8.45 per cent to 8.3 per cent. Bank of India proudly asserted that at the reduced rate of 8.3 per cent, it stands as the institution offering the lowest rate among its counterparts in the industry. …

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