TATA Capital Home Loan EMI Calculator
TATA Capital Housing Finance Ltd. has emerged as a prominent player offering affordable home loans to potential home buyers and existing homeowners. However, when it comes to getting a home loan, the one thing that comes on top priority is how much EMI will be payable per month. So, the easiest way to calculate the EMI on a home loan is by using the online TATA Capital EMI calculator. Using the TATA Capital Home Loan Calculator, one can easily get an estimate of the EMI payable per month based on some inputs like loan amount, tenure, and interest rate. Continue reading to understand all about TATA Capital home loan EMI calculator, factors that might affect your home loan EMI and the benefits of using an online EMI calculator tool.
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Break up of Total Payment
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Principal Amount
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Total Interest
How to Calculate TATA Capital Home Loan EMI?
Feel free to use the TATA Capital EMI calculator to plan your monthly budget. If you calculate home loan EMI, you not only demystify the repayment process but also get a clear roadmap for managing your monthly expenses. To calculate the TATA Home Loan EMI, you just need to use some loan details such as the principal amount, interest rate, and loan tenure in terms of months.
TATA Capital Home Loan EMI Calculator Formula
Calculating your monthly expenses with a home loan will be much easier if you use the TATA Capital calculator online. If not using the readymade online EMI calculator, you can also calculate it manually using a simple TATA Capital calculator formula explained below:
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
In the above formula:
P stands for the Principal Amount
R stands for the Rate of Interest
N stands for the Number of Monthly Repayment Instalments
Factors Affecting TATA Capital Home Loan EMI
A home loan EMI is subject to change from bank to bank and also depends on certain other factors. Although several TATA Capital home loan criteria may impact your overall home loan EMI, we will throw light on the main three factors here:
Interest Rate: The interest rate charged by TATA Capital significantly impacts the EMI. As a matter of rule, the higher the interest rate on a home loan, the higher will be its EMI. Therefore, people look for lenders offering home loans at a cheaper interest rate.
Principal Amount: The principal amount, also known as the loan amount, is the actual money you borrow from the lender. The higher this loan amount, the higher would be its EMI, even if other factors are low.
Tenure: The loan tenure or the duration for which a home loan is availed also plays a crucial role in determining the EMI. Generally, a shorter tenure increases the EMI value but reduces the total interest paid throughout the loan tenure.
Benefits of Using TATA Capital Home Loan EMI Calculator
Using an online EMI calculator for home loans means opting or better clarity and planning for a home loan. In case, you are still not aware of the benefits of TATA Capital Calculator, here is your chance to get some knowledge:
Time-Saving: Time is money for us in the present busy lifestyle, so why take plains calculating the home loan EMI manually, when the same task can be done online using the home loan EMI calculator available at the official website of the BASIC Home Loan: EMI.
Precise: We strongly recommend using an online home loan EMI calculator to get precise and accurate information. This is because there is always a scope for error when calculating the EMI manually through the home loan EMI calculation formula.
Customizable: Another benefit of using the TATA Capital home loan online EMI calculator is that it is customizable. You, as a user, can customize inputs like tenure, loan amount, and interest rate to check the EMI for different scenarios.
TATA Capital Home Loan Interest Calculator Formula
Just like you learned how to use the home loan EMI calculator, it is now time to understand how to use the TATA Capital home loan interest rate calculator. All you need is to input some loan-related basic information to calculate the home loan interest rate. Have a look to understand the TATA Capital Home Loan Interest Calculator Formula:
Total Interest = (P X R X T) / 100
In the above formula:
P stands for Principal Amount
R stands for the Rate of Interest
T stands for the Time or Tenure in terms of monthly installments
TATA Capital Home Loan Eligibility Criteria
The TATA Capital home loan eligibility calculator is a useful tool that aims to assist individuals trying to assess their eligibility for a home loan in their city. To use this calculator, an applicant must fill in information like age, income, CIBIL score, existing loan liabilities, and the desired home loan amount. Using these inputs, the calculator will provide you with an estimated loan amount you are eligible for and whether or not you are eligible for a TATA Capital home loan.
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Comparison of TATA Capital Home Loan EMI with other Popular Banks
By comparing its EMI with other popular lenders, you might feel confident about your decision to pick TATA Capital for a home loan. So, here is a table giving you a quick comparison between TATA Capital EMI with 5 leading financial lenders for a tenure of 10 years:
| Bank Name | Rate of Interest | Rs. 10 lakhs | Rs. 20 lakhs | Rs. 30 lakhs | Rs. 40 lakhs | Rs. 50 lakhs |
|---|---|---|---|---|---|---|
| TATA Capital | 8.70% p.a. onwards | Rs. 12,506 | Rs. 25,012 | Rs. 37,517 | Rs. 50,023 | Rs. 62,529 |
| LIC Housing Finance | 8.5% p.a. onwards | Rs. 12,399 | Rs. 24,797 | Rs. 37,196 | Rs. 49,594 | Rs. 61,993 |
| IDFC Bank | 8.75% p.a. onwards | Rs. 12,533 | Rs. 25,065 | Rs. 37,598 | Rs. 50,131 | Rs. 62,663 |
| Aditya Birla Housing Finance | 8.85% p.a. onwards | Rs. 12,587 | Rs. 25,173 | Rs. 37,760 | Rs. 50,346 | Rs. 62,933 |
| Cholamandalam Home Loan | 9.00% p.a. onwards | Rs. 12,668 | Rs. 25,335 | Rs. 38,003 | Rs. 50,670 | Rs. 63,338 |
| YES Bank | 9.40% p.a. onwards | Rs. 12,885 | Rs. 25,770 | Rs. 38,655 | Rs. 51,540 | Rs. 64,425 |
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TATA Capital Home Loan Amortization Schedule
You can further make your home loan experience easy by using the TATA Capital Amortization Schedule. Now, wondering what this amortization schedule is. It is a financial document or chart that provides a comprehensive view of how each payment contributes to interest reduction. Basically, it helps you to understand the payment breakdown for the home loan on a month-by-month basis.
| Year/Month | Principal Amount | Interest | Loan | EMI |
|---|---|---|---|---|
| 2024 | Rs. 70,434.44 | Rs. 376,985.56 | Rs. 4,000,000 | Rs. 447,420 |
| 1st Month | Rs. 5,618.33 | Rs. 31,666.67 | Rs. 4,000,000 | Rs. 37,285 |
| 2nd Month | Rs. 5662.81 | Rs. 31,622.19 | Rs. 3,994,381.67 | Rs. 37,285 |
| 3rd Month | Rs. 5,707.64 | Rs. 31,577.36 | Rs. 3,988,718.85 | Rs. 37,285 |
| 4th Month | Rs. 5,752.83 | Rs. 31,532.17 | Rs. 3,983,011.21 | Rs. 37,285 |
| 5th Month | Rs. 5,798.37 | Rs. 31,486.63 | Rs. 3,977,258.38 | Rs. 37,285 |
| 6th Month | Rs. 5,844.27 | Rs. 31,440.73 | Rs. 3,971,460.01 | Rs. 37,285 |
| 7th Month | Rs. 5,890.54 | Rs. 31,394.46 | Rs. 3,965,615.74 | Rs. 37,285 |
| 8th Month | Rs. 5,937.18 | Rs. 31,347.82 | Rs. 3,959,725.20 | Rs. 37,285 |
| 9th Month | Rs. 5,984.18 | Rs. 31,300.82 | Rs. 3,953,788.02 | Rs. 37,285 |
| 10th Month | Rs. 6,031.55 | Rs. 31,253.45 | Rs. 3,947,803.84 | Rs. 37,285 |
| 11th Month | Rs. 6,079.30 | Rs. 31,205.70 | Rs. 3,941,772.29 | Rs. 37,285 |
| 12th Month | Rs. 6,127.43 | Rs. 31,157.57 | Rs. 3,935,692.99 | Rs. 37,285 |
FAQs
Yes, a borrower is allowed to pay more than the EMI for a home loan from TATA Capital, depending on one's own budget and repayment capacity.
You can easily pay your TATA Capital home loan EMI online through the official website of the NBFC. Just log in to your account, go to the EMI payment section, and follow the steps mentioned there.
If a borrower misses paying TATA Capital’s home loan EMI, the NBFC may charge a penalty for late EMI.
TATA Capital home loan repayment can be made through Post-Dated Cheques, Electronic Clearance Services, and Auto Debit facilities.
The maximum loan tenure offered for TATA Capital home loan repayment is up to 30 years.
Generally, TATA Capital takes 4-5 days to sanction a home loan application, provided the applicant has submitted all the relevant documents.
It depends on the type of home loan plan you have. Those with a floater TATA Capital home loan plan can expect fluctuations in the interest rate during the loan tenure, whereas, it remains constant for a fixed-rate plan.
The starting interest rate value on the TATA Capital EMI calculator is 8.70% per annum.