Shriram Finance Home Loan
EMI Calculator
Partner with Shriram Housing Finance Ltd. in your journey to homeownership. The emerging NBFC is known to offer easy home loans to potential homeowners and existing homeowners. Understanding the financial implications of a home loan, we recommend using the Shriram Finance EMI calculator to quickly and accurately calculate your home loan EMI. The online Shriram Housing Finance EMI Calculator is a user-friendly tool that empowers potential homebuyers to make informed decisions. Continue reading to understand all about the benefits of using a Shriram home loan calculator, and factors that might affect your home loan EMI.
Home Loan EMI Calculator
Your Monthly EMI
₹ 77,530
Total Principal
₹ 1,00,00,000
Total Interest
₹ 86,07,174
Total Payable
₹ 1,86,07,174
Shriram Finance Home Loan EMI Calculator Formula
Use the Shriram Finance calculator online and make budget planning easier. Understanding the nuances of the Shriram Finance calculation formula will help you prepare well for the home loan journey, so here is the formula:
EMI = P x R x (1+R)N / (1+R)N − 1
P: Principal amount
R: Rate of interest
N: Number of monthly repayment installments
Factors Affecting Shriram Finance Home Loan EMI
Principal Amount: Call it the principal amount or the loan amount; this sum directly impacts the home loan EMI. As a matter of fact, the higher your loan amount, the higher its EMI, and similarly, the lower the loan amount, the lower its EMI.
Tenure: The duration for which a home loan is availed also plays a significant role in determining the EMI. The longer tenure home loans mean a low amount in terms of EMI, and a shorter tenure indicates a larger amount of EMI.
Interest Rate: The most important factor that can impact the Shriram Home Loan EMI is its interest rate. The EMI can change if you have a floater rate plan depending on the fluctuation in the interest rate, and it will remain constant for a fixed rate plan. Moreover, the higher the interest rate of the home loan, the higher the home loan EMI would be.
Benefits of Using the Shriram Finance Home Loan Calculator
Utilizing a home loan finance calculator offers numerous advantages to borrowers. It helps provide valuable insights and assists the borrower in making informed decisions throughout the loan process. Listed below are the top three benefits of the Shriram Finance EMI calculator:
Time-Saving: You have several other important commitments in your day-to-day life, don't you? Then, why waste time calculating the home loan EMI manually when you can assess the online home loan EMI calculator available at the official website of the BASIC Home Loan.
Precise & Accurate: The ultimate advantage of using the online home loan EMI calculator is to get flawless and accurate information. Remember, there is always a scope for error in manual calculations for the same, but if you feed the calculator with the right inputs, it will give you precise calculations.
Helps Comparing Loan Scenarios: Not to forget that when you use a home loan EMI calculator you can easily compare various loan scenarios by simply adjusting the loan tenure and interest rate. This comparison will help you choose the best suitable financial goals with a home loan.
Shriram Finance Home Loan Interest Calculator Formula
The Shriram Finance home loan interest rate calculator formula takes into consideration the same three fundamental factors that were taken into consideration in the home loan EMI calculation formula.
Total Interest = (P x R x T) / 100
P: Principal amount
R: Rate of interest
T: Time or tenure in terms of monthly installments
Shriram Finance Home Loan Eligibility Criteria
Comparison of Shriram Finance Home Loan EMI with Other Popular Banks
If you are still in a dilemma about whether or not to opt for the Shriram Finance Home Loan, then the table below will help you get some clarity. This table shows you a comparison between the Shriram Housing Finance EMI with 5 prominent banks and NBFCs for a 10-year tenure:
| Bank Name | Rate of Interest | Rs. 10 lakhs | Rs. 20 lakhs | Rs. 30 lakhs | Rs. 40 lakhs | Rs. 50 lakhs |
|---|---|---|---|---|---|---|
Shriram Housing Finance | 9.50% p.a. onwards | Rs. 12,940 | Rs. 25,880 | Rs. 38,819 | Rs. 51,759 | Rs. 64,699 |
IndusInd Bank | 8.5% p.a. onwards | Rs. 12,399 | Rs. 24,797 | Rs. 37,196 | Rs. 49,594 | Rs. 61,993 |
Navi Housing Finance | 8.55% p.a. onwards | Rs. 12,425 | Rs. 24,851 | Rs. 37,276 | Rs. 49,701 | Rs. 62,127 |
Cholamandalam Home Loan | 9.00% p.a. onwards | Rs. 12,668 | Rs. 25,335 | Rs. 38,003 | Rs. 50,670 | Rs. 63,338 |
Piramal Housing Finance | 11.00% p.a. onwards | Rs. 13,775 | Rs. 27,550 | Rs. 41,325 | Rs. 55,100 | Rs. 68,875 |
Motilal Oswal Housing Finance | 11.75% p.a. onwards | Rs. 14,203 | Rs. 28,406 | Rs. 42,609 | Rs. 56,812 | Rs. 71,015 |
Shriram Finance Home Loan Amortization Schedule
Shriram Home Loan Amortisation Schedule is a detailed table that helps the borrower determine how much money they are paying every month in EMIs for the principal and interest components.
Steps to Calculate Shriram Finance Home Loan Amortized Interest:
1. Divide your Shriram home loan interest rate by the total number of EMIs you will make in a year. For instance, 9.5% p.a. and you make monthly payments, then you would divide 9.5% by 12 0.0079
2. Multiply the number you got in Step 1 with your outstanding loan, and you will get the monthly interest payable. For instance, if your loan balance is Rs. 5,000,000, your first month's interest would be 5,000,000 x 0.0079 Rs. 39,583
3. Deduct the monthly interest calculated in Step 2 from your fixed EMI to know the principal payable in the 1st month. For instance, if your fixed monthly EMI is Rs. 52,211, you will pay Rs. 52,211 - Rs. 39,583 Rs. 12,627 as the principal amount
4. Continue repeating these steps to calculate the interest, principal, and outstanding loan balance for each month
| Year/Month | Principal Amount | Interest | Loan Balance | Loan EMI |
|---|---|---|---|---|
| 2024 | Rs. 158,307.21 | Rs. 468,224.79 | Rs. 5,000,000.00 | Rs. 606,792.00 |
| 1st Month | Rs. 12,627.67 | Rs. 39,583.33 | Rs. 5,000,000.00 | Rs. 52,211 |
| 2nd Month | Rs. 12,727.64 | Rs. 39,483.36 | Rs. 4,987,372.33 | Rs. 52,211 |
| 3rd Month | Rs. 12,828.40 | Rs. 39,382.60 | Rs. 4,974,644.70 | Rs. 52,211 |
| 4th Month | Rs. 12,929.95 | Rs. 39,281.05 | Rs. 4,961,816.30 | Rs. 52,211 |
| 5th Month | Rs. 13,032.32 | Rs. 39,178.68 | Rs. 4,948,886.35 | Rs. 52,211 |
| 6th Month | Rs. 13,135.49 | Rs. 39,075.51 | Rs. 4,935,854.03 | Rs. 52,211 |
| 7th Month | Rs. 13,239.48 | Rs. 38,971.52 | Rs. 4,922,718.54 | Rs. 52,211 |
| 8th Month | Rs. 13,344.29 | Rs. 38,866.71 | Rs. 4,909,479.06 | Rs. 52,211 |
| 9th Month | Rs. 13,449.93 | Rs. 38,761.07 | Rs. 4,896,134.77 | Rs. 52,211 |
| 10th Month | Rs. 13,556.41 | Rs. 38,654.59 | Rs. 4,882,684.84 | Rs. 52,211 |
| 11th Month | Rs. 13,663.73 | Rs. 38,547.27 | Rs. 4,869,128.43 | Rs. 52,211 |
| 12th Month | Rs. 13,771.90 | Rs. 38,439.10 | Rs. 4,855,464.69 | Rs. 52,211 |
Frequently Asked Questions
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