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Joint Home Loan

Joint Home Loan

Searching for a perfect home can be a long and exhausting process. Your home should meet your preferences, comfort, and, most importantly, your budget. However, it often happens that the home you fall in love with falls out of your budget. Buying a home is a once-in-a-lifetime opportunity and going a little over the budget is natural. Banks evaluate your eligibility, creditworthiness, and income to decide your loan amount. The problem happens when you try to apply for a higher loan amount, and the banks do not grant it. This is where a joint home loan can help. A joint home loan can increase the chances of getting a higher home loan amount.

Definition of Joint Home Loan

As the name suggests, a joint home loan is taken by more than one person. All the applicants in the joint loan share the equal financial responsibility of repaying the loan. People can add their spouses, siblings, children, or parents as co-applicants.
Taking a joint loan can help you increase the home loan amount, and the chances of getting your home loan application approved are also higher. Another significant benefit that joint home loans offer is substantial tax benefits that all the co-applicants can avail themselves of.

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How to use Home Loan EMI Calculator

SuGanta.com Home loan calculator is very easy to use. Any individual who is looking to get a home loan or has already taken a loan can use it to check their EMIs. Take the following steps to check EMIs using this calculator:

Step 1: Enter the amount you want to borrow
Step 2: Enter the tenure (in years) for which you want to borrow
Step 3: Enter the rate of interest
Step 4: Click on “Calculate Your EMI”

After you take all these steps, you will be able to view your monthly instalment on your home loan.

How the Home Loan Calculator Helps You

Using the EMI calculator to know your EMIs in advance can be helpful in many ways. Check out some of the reasons why you should use it:

How much should you borrow? The calculator can help you decide the home loan amount, based on how much EMI you can afford to pay from your income. In other words, you can plan your finances better.

How long should the tenure be? Knowing the EMI you can afford to pay every month, you can determine the right tenure for your loan.

How much down payment should you make? Using the home loan EMI calculator, you can figure out how much you should pay as the down payment, in order to save maximum on your interest while keeping your EMIs to minimum.

Factors Affecting Home Loan EMI

There are multiple factors that can affect your home loan EMI. Check out some of the key factors below:

Loan amount: The loan amount your borrow affects your EMI. Higher the amount you borrow, the higher your EMI.

Loan tenure: The tenure for which you take a home loan also affects your instalments. If the tenure is longer, your EMI will be lower. Remember, longer tenure also means you pay more interest over the period as compared to a shorter tenure loan.

Interest rate: In case of floating interest rate loans, your EMI will change in line with the fluctuations in interest rates. If the rate goes up, your EMI also goes up.

An Illustration to understand how your EMI changes with these factors:

The table below shows estimated EMI based on different loan amounts and tenures.

Estimated EMI* (assuming rate of interest at 7% p.a.)
Tenure

Loan amount

Rs 30 Lakhs

Loan amount

Rs 60 Lakhs

Loan amount

Rs 1 Crore
5 years Rs 59,403 Rs 1,18,806 Rs 1,98,011
10 years Rs 34,832 Rs 69,665 Rs 1,16,108
20 years Rs 23,259 Rs 46,518 Rs 77,530
30 years Rs 19,959 Rs 39,918 Rs 66,530

How to Reduce Your Home Loan EMI

If you are looking to get a new home loan or if you already have one, here are some tips to help you reduce your home loan EMI:

  • Check with multiple lenders before finalizing your loan. Choose the one that offers you the best deal.
  • Don’t borrow more than you can afford. If you can’t afford to repay on time, don’t borrow.
  • Make a higher down payment. Lower the amount you borrow, lower the EMI.
  • Choose a longer tenure (but this also means you will be paying more interest over the period).
  • Make a prepayment on your loan, if and when possible.
  • Apply for a balance transfer home loan to get a better deal.
 

Home Loan FAQs

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EMI stands for Equated Monthly Installment. It's the amount you pay each month to repay your home loan, which includes a part of the principal amount and the interest.
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Home loan EMI is calculated using the formula: EMI = P * r * (1+r)^n / ((1+r)^n - 1), where P is the principal amount, r is the monthly interest rate, and n is the total number of months.
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The main factors that affect your home loan EMI are the loan amount, interest rate, and loan tenure. A higher loan amount or interest rate will increase your EMI, while a longer tenure will decrease it.
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Yes, most lenders allow prepayment of home loans. However, there might be certain terms and conditions, including prepayment charges. It's best to check with your lender for specific details.
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