MyMudra – Home Renovation Loan

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Home Renovation Loan

 

Elements Affecting Your Home Renovation Loan EMIs


The interest rate on a Home Renovation loan is affected by a variety of factors. Knowing about these factors will help you get the most competitive interest rate on a Home Renovation Loan.

1.Age: - Applicants must be at least 21 years old and below 65 years of age.

2.Credit Score: - Applicants have a credit score of 750 and above to reduce the interest rates on the amount.

3.Occupation: - Applicant must be a salaried individual or self-employed individual with the ownership documents.

4.Repayment History: - Having an excellent repayment history helps you to increase your Home Renovation loan eligibility and help you to get a lower interest rate.

 

5.Stable Income: - Having a steady income makes it easier to pay back the loan. With a higher income, you have a greater chance of getting low-interest Home Renovation loans.

Loan Amount is

10k

10L

No. of Month is

12M

84M

Rate of Interest (ROI) is

5

35

Monthly EMI

Total Interest

Payable Amount

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There are two methods for calculating a Home Renovation loan’s EMI.

The simplest, quickest, and most straightforward approach to figure out monthly installments is to utilize a Home Renovation loan interest rate calculator. All you have to do here is enter the values for the three major components, and the outcome is created automatically in seconds.

Flat Interest Rate Calculation

EMI = (principal + total interest payable) / loan tenure (Months)

Total interest payable = P x R x N / 100

Floating Interest Rate Calculation

EMI = [P x R x (1 + R) ^ N] / [(1 + R) ^ (N - 1)]

‘P’ is the principal loan amount.

‘R’ is the interest rate.

‘N’ is the loan tenure in months.

Home Renovation Loan Calculator


Plan your loan repayment using My Mudra's Home Renovation loan EMI calculator. Simply enter your basic details in this easy-to-use calculator to find out your EMI amount. After entering the loan amount, interest rate, and repayment tenure on the calculator, you will immediately receive the EMI details. This allows you to estimate your fixed costs based on the duration that works best for you.

emi-calculator
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How To Reduce EMIs On A Home Renovation Loan?

There are a few ways to reduce the professional loan EMI amount.

  • Opt for a smaller sanction
  • Choose a longer tenure
  • Negotiate for a lower interest rate
  • Prepay the professional loan at least once during the tenure.

Before trying any of these tactics, be sure to use a professional loan calculator and conduct a thorough cost-benefit analysis.

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