Home Loan Calculator

What is a Home Loan?

A home loan is a secured loan taken to purchase a house or property. The property itself serves as collateral for the loan. Home loans typically have lower interest rates compared to personal loans due to the security provided by the property.

Key Components

• •Principal: The loan amount borrowed
• •Interest Rate: Annual percentage charged on the loan
• •Tenure: Duration to repay the loan
• •Down Payment: Initial payment made upfront

Benefits of Home Loans

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  Tax benefits: Deductions on principal and interest payments
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  Lower interest rates: Better rates compared to personal loans
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  Long repayment tenure: Up to 30 years for comfortable EMIs
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  Build equity: Ownership in real estate asset

Tips for Better Rates

• 💡Maintain a good credit score (750+) for better interest rates
• 💡Make a higher down payment (20%+) to reduce loan amount
• 💡Compare rates from multiple lenders before deciding
• 💡Consider shorter tenure for lower total interest cost