Does Equitas Bank Home Loan Interest Rate Suit Your Budget? Equitas Bank is standing firmly amongst its competitors across the products it offers to individuals. The array of products it offers even includes a home loan by which you can buy the house of your dreams or construct it. It offers a high loan amount to help you buy a home with ease. The fact that the loan is available to both salaried and self-employed makes it more exciting. You can get a loan for a maximum of 15 years, making repayment easier through Equated Monthly Installments (EMIs). However, it’s the interest rate that decides greatly the shape of your repayment. Whether the Equitas Bank Home Loan Interest Rate can ensure a smooth payment? For that, you need to gauge the effect of interest rate on your budget. We can help you by providing critical information on the same. Let’s get started. What is the Effect of Equitas Bank Home Loan Interest Rate on Your Budget? The extent of interest rate will greatly determine the quantum of EMI payable to the loan. Besides the interest rate, loan amount and tenure would also impact the installments that combine a portion of principal and interest payable to Equitas every month. While the interest rate and loan amount influence the EMI directly, the tenure bears an inverse relationship with the installments. You can check the Equitas Home Loan EMI Calculator to ascertain the indicative installment. The calculator estimates the EMI on the basis of the loan amount, tenure and interest rate. So, just enter these three variables in the calculator and see what comes as EMI. Further, you can check the outflow of interest over the chosen tenure. The spread portion charged over the MCLR is negotiable and so you should convince the bank to give you a concession on the same. You can do it successfully if you have a healthy income and a good credit history. The reduction in the interest rate would decrease the EMI accordingly. The lender would like to see EMI accounting for not more than 60% of the net monthly income. But you can get the proportion reduced to 50% or even less by paying more margin money. By paying more margin money, the loan amount would reduce and so as the EMI. What is the Equitas Bank Home Loan Interest Rate like? Equitas home loan provides specialised lending rates to its members at an interest rate of 13.5% per annum. People lying in the general category are offered the interest rate at
15.5% per annum. Also, Equitas bank home loan interest rate is fixed for the first 3 years and then the floating rate is offered. How can Equitas Home Loan Emi Calculator help you? Amortization table: Unlike other EMI home loan calculators, the Equitas home loan EMI calculator shows you the amortization table. This table shows how your loan progresses over time. When you look at this table, you’ll notice that the percentage of interest is more and the principal is less in the EMI during the initial months. As the loan progresses towards maturity, the principal gets bigger than the interest in the EMI. Very Easy to Use: The word calculator, sometimes, can set in anxiety. But, don't worry, this calculator was designed for the general public to operate. You don’t need to know any rocket science concepts to operate this one. All you need to do is just adjust some sliders according to your needs. No Complex Calculations: Bid adieu to those days where you had to do so many complex calculations in your head just to get a home loan. Say hello to stress free days where you just have to enter three details and the EMI result will be on your screen in a matter of few milliseconds. It also shows the calculation for how your loan will progress over time.