Home Loan For Beginners | EMI Calculation Method & Excel Calculator

Home Loan For Beginners | EMI Calculation Method & Excel Calculator [Hindi]
In this video by fincalc TV we will see home loan for beginners, what is home loan, how to calculate home loan EMI with principal and interest amounts every month, how to save home loan interest in hindi. We will also see how you can download the Home Loan Excel Calculator that can help you to close the loan before time and save interest amounts based on the loan prepayments or part payments you make.

Home Loan Calculator & Excel Download:
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CHAPTERS:
00:00 Home Loan Calculation Intro
01:06 What is Home Loan?
01:32 Monthly EMI in Home Loan
03:22 Important Factors in Home Loan
06:20 Using Home Loan Calculator on fincalc blog
10:40 Home Loan Excel Calculator
13:35 How to Save Loan Interest Amount
16:09 DOWNLOAD Home Loan Excel Calculator
16:52 Conclusion

What is Home Loan EMI Calculator
Home Loan EMI Calculator helps you to calculate home loan EMI (Equated Monthly Installment). This calculation helps you in planning for loan to buy or construct new house so that you get the idea of monthly loan EMI you will be paying.

Loan EMI Calculator also helps you to know the Total Interest you will be paying throughout your loan tenure. The Total Amount you pay to close your loan is Loan Amount + Total Interest

Home Loan EMI Calculation Method
- I have already explained about home loan EMI calculation here
- Home loan EMI can be easily calculated in excel using PMT function, or you can also use the above calculator to quickly calculate home loan EMI
- PMT function takes 3 parameters: Interest Rate, Remaining months and Principal value remaining
- Interest rate provided should be the monthly home loan interest rate divided by 100
- Remaining months is the number of months remaining for which EMIs are yet to be paid
- Principal value is the outstanding principal amount remaining in your loan account
- Remember, your EMI consists of 2 things: Principal Amount and Interest Amount
- Interest Amount is high initially, and decreases with time
- Principal Amount is low initially, and increases with time

Components of Loan EMI:
- Basically there are 2 components of loan EMI – Principal Amount and Interest Amount
- Principal amount is low initially and increases with time
- Interest amount is high initially and decreases with time
- Majority of Interest amount is paid by you during the first half of your loan tenure
- As you move towards your loan closure by paying all EMIs on time, very less interest if left to be made making it difficult to save loan interest using loan prepayment option
- Thus, it is recommended that if you are making loan prepayments to save interest, make the payments during initial half of the loan so that you can save maximum interest on your loan

Factors affecting Loan EMI:
- 2 factors affect Loan EMI – Interest Rate and Tenure
- Higher the interest rate, more interest amount you will be paying
- Longer the tenure, more interest amount you will be paying
- You should try to take loan with minimum interest rate and tenure to save maximum interest amount

How to Save Loan Interest
- As mentioned above, loan interest can be saved by either choosing loans with low interest rate, choosing less tenure or by making loan prepayments on existing loans
- Remember to reduce tenure while making loan prepayments to save maximum interest on your home loan
- Reducing EMI will not save your loan interest to maximum extent compared to reducing tenure

#HomeLoan #EMI #ExcelCalculator #fincalc

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MORE VIDEOS:
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Loan EMI Calculator: https://youtu.be/FSbYoHAULh0
Loan EMI Prepayment Calculator: https://youtu.be/liGgfgMn5xg

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DISCLAIMER:
Examples and demo used are for Illustration purpose only and might not cover every detail of examples shown.