EMI Schedule
| Year | Opening Balance | Interest | Principal | Closing Balance |
|---|---|---|---|---|
| 2023 | ₹ 1,00,00,000 | ₹ 4,99,495 | ₹ 27,220 | ₹ 99,72,780 |
| 2024 | ₹ 99,72,780 | ₹ 14,89,877 | ₹ 90,262 | ₹ 98,82,518 |
| Feb '22 | ₹ 3,37,728 | ₹ 4,503 | ₹ 82,761 | ₹ 2,54,966 |
| 2025 | ₹ 98,82,518 | ₹ 14,75,368 | ₹ 1,04,773 | ₹ 97,77,745 |
| 2026 | ₹ 97,77,745 | ₹ 14,58,527 | ₹ 1,21,617 | ₹ 96,56,128 |
| 2027 | ₹ 96,56,128 | ₹ 14,38,974 | ₹ 1,41,166 | ₹ 95,14,962 |
| 2028 | ₹ 95,14,962 | ₹ 14,16,282 | ₹ 1,63,860 | ₹ 93,51,102 |
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Formula to calculate mortgage loan EMI
The formula to calculate your mortgage loan EMI is as follows -
E = P x R x (1+R)^N
————————
[(1+R)^N-1]
P - the principal amount that is borrowed
R - the rate of interest imposed
N - tenure in the number of months
For example, if Rs. 20,00,000 is the amount borrowed (P), 9% is the rate of interest imposed (R), and the 60 months is the tenure (n), the EMI to be paid using the above formula will be:
20,00,000 x 0.0041 x (1+0.0041)24 / [(1+0.0041)24-1] = Rs. 41,517 (per month)
The rate of interest (R) is calculated monthly i.e. it is calculated as (Annual Rate of interest/12/100) in this case (5/12/100 = 0.0041)
Factors that affect mortgage Loan EMI
Given below are some of the most important factors that impact Mortgage loan interest rates -
Your credit score is a measure of how creditworthy you are and is based on your credit history, repayments made, loans availed, etc. Higher the credit score, lower is the interest rate as the lenders perceive you to be less risky when it comes to repayments. A credit score of over 700 is always advised.
The higher the loan amount, the higher is the interest rate. Essentially, if the lender perceives the risk of repayment to be high, the interest rate charged is also on the higher side. Higher loan amounts will put a greater burden on the borrower’s finances making it more difficult to repay.Therefore, the interest rate for a large loan amount is always high.
The shorter the repayment period, the lower is the interest rate. However, borrowers may opt for a longer loan term as the EMI amount will be lower. This is definitely financially more viable for the borrower but the amount paid as interest will also be higher over time.
Depending on whether the building in question is commercial or residential or is located in an upcoming area with a lot of amenities, the interest rate can vary. Generally, newer buildings in well-to-do locations are considered to be more valuable hence the interest rate in such cases is lower.
Is the borrower self-employed or salaried? Has the borrower availed multiple mortgage loans before? Is the income earned by the borrower on the higher side? The answers to these questions will also determine the interest rate. The lesser the perceived risk of default, the lower is the interest rate.
Mortgage Loan EMI Related FAQs
A mortgage loan or loan against property is a secured loan that is given against properties owned by the borrower for both commercial and residential ones. This property is kept as collateral until the loan has been fully repaid. Most individuals regardless of whether they are salaried or self-employed are eligible for this type of loan. The interest rate and other terms of the loan will vary depending on the lending institution.
Foreclosure of a loan is offered by most lenders to borrowers who are able to clear their loan before the repayment period ends. While the detailed terms and conditions will vary depending on the lending institution, most require a minimum number of EMIs to be paid before providing this option. Additionally, some lenders may also charge a penalty to foreclose the loan. Borrowers are advised to check with their lending institution if they wish to avail of this option.
When a borrower avails of a loan, it is understood that the same will be repaid on time. However, due to unavoidable circumstances, if the borrower is unable to repay the loan, he/she must contact the lending institution at the earliest so that other options such as moratorium, reduced EMI, etc., can be explored.
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