A home loan is a type of secured financial solution that provides funding to help individuals purchase a property. Since these loans are long-term commitments, often spanning 15 to 30 years, planning repayments effectively is key to maintaining financial stability.
One of the most effective ways to do this is by estimating Equated Monthly Instalments (EMIs) in advance. Knowing your EMI beforehand allows you to assess the feasibility of the loan and manage your finances. A housing loan EMI calculator simplifies this process by providing instant EMI calculations.
This guide explains how a home loan calculator works and the documents required to apply for a home loan.
What is a Housing Loan EMI Calculator?
A housing loan EMI calculator is an online tool that calculates your monthly loan repayments based on three key inputs: the loan amount, home loan interest rate, and tenor. The calculator instantly provides an EMI estimate and helps determine whether the loan aligns with your financial profile. Some calculators also provide an amortisation schedule that shows the month-wise breakdown of your EMIs between the principal and interest components.
Documents Required for Home Loan Application
To apply for a home loan, you need to submit essential documents for verification. Below is a list of commonly required documents:
For Salaried Applicants:
- Identity Proof: Aadhaar Card, PAN Card, and Passport
- Address Proof: Utility Bills and Voter ID
- Income Proof: Salary Slips (Last 3–6 months)
- Employment Proof: Offer Letter or Employment Certificate
- Bank Statements: Last 6 months’ bank statements
- Property Documents: Sale Agreement and Title Deed
For Self-Employed Applicants:
- Business Proof: Business Registration Certificate
- Income Proof: Audited Financial Statements (P&L Statement, Balance Sheet)
- Tax Returns: ITR for the last 2–3 years
- Bank Statements: Last 6 months’ business bank statements
- Property Documents: Sale Agreement and Title Deed
Having these documents handy can ensure a smooth home loan application process with quicker approvals.
A housing loan EMI calculator is an essential tool for homebuyers, as it simplifies financial planning and helps estimate EMIs based on loan tenor, interest rates, and loan amount. It also allows you to compare different loan options and eliminates the need for manual calculations.
