Understanding Home Loan EMI and Interest Rates
By Admin ·
Financial planning for home buyers
Understanding your home loan helps you decide with confidence.
How EMI is calculated
Your equated monthly instalment depends on three things: the loan amount, the interest rate and the repayment tenure.
Fixed vs floating rates
Fixed rates keep your payment predictable. Floating rates may start lower but can change over the life of the loan.
Tax benefits
Borrowers may be able to claim deductions under Section 80C and Section 24(b) of the Income Tax Act. Check the current limits with a tax professional.