Calculation of EMI on Hsg Loan
This query is : Resolved
15 November 2007
My client is 40yrs old and going to retire at 55yrs. He wants to take an housing loan details of which are Hsg Loan Amt Rs.700000/-, Int-12%p.a.(fixed), Loan yrs 10yrs, starting 1-12-2007, could any body tell me the exact step to calculate EMI on calculator
15 November 2007
EMI TABLES ARE READILY AVAILABLE WITH THE LENDING INSTITUTIONS./BANKS .BETTER FOLLOW THE SAME.
YOU MAY NOT BE ABLE TO CALCULATE THE EMI UNLESS YOU KNOW WHETHER THE LENDER IS RESORTING TO MONTHLY BALANCING OR QUARTERLY BALANCING OR ANNAUAL BALANCING OF THE LOAN.
IN OTHER WORDS SOME LENDERS OF HOME LOAN CALCULATE INTEREST ON MONTHLY INTERVALS ,OTHERS ON QUARTERLY OR ANNUAL OR BIANNUAL RESTS.
R.V.RAO
YOU MAY NOT BE ABLE TO CALCULATE THE EMI UNLESS YOU KNOW WHETHER THE LENDER IS RESORTING TO MONTHLY BALANCING OR QUARTERLY BALANCING OR ANNAUAL BALANCING OF THE LOAN.
IN OTHER WORDS SOME LENDERS OF HOME LOAN CALCULATE INTEREST ON MONTHLY INTERVALS ,OTHERS ON QUARTERLY OR ANNUAL OR BIANNUAL RESTS.
R.V.RAO
15 November 2007
I EVEN KNOW SOME HOME LOAN FIN. INSTITUTIONS WHO CLAIM DAILY REDUCING BALANCES.AMAZING BUT TRUE.
EVEN THE AGENT OF THE HOME LOAN LENDERS CARRY READILY THESE TABLES ,IAM A WITNESS TO THE SAME.
SUGGEST PL. TAKE THE EMI DETAILS FROM YOUR CLIENT'S LENDERS ONLY NOT EVEN FROM OTHERS SO THAT YOU WILL HAVE EXACT FIGURES, DEPENDING ON THEIR SPECIFIC PERIODICAL REDUCING CRITERION LIKE DAY/MONTH/QRTR/SIX MONTHLY/ANNUAL.
R.V.RAO
EVEN THE AGENT OF THE HOME LOAN LENDERS CARRY READILY THESE TABLES ,IAM A WITNESS TO THE SAME.
SUGGEST PL. TAKE THE EMI DETAILS FROM YOUR CLIENT'S LENDERS ONLY NOT EVEN FROM OTHERS SO THAT YOU WILL HAVE EXACT FIGURES, DEPENDING ON THEIR SPECIFIC PERIODICAL REDUCING CRITERION LIKE DAY/MONTH/QRTR/SIX MONTHLY/ANNUAL.
R.V.RAO
15 November 2007
THE LOAN AMT IS MONTHLY REDUCING COULD U HELP ME TO CALCULATE THE EMI
16 November 2007
Visit www.apnaloan.com or web site of any Bank to find Calculators for EMIs, Maturity Values etc.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- About TDS & Income Tax
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- Not able to file ITR
- Building tax payment deduction in rental Income
- Upload Level ValidationITR3Category of Defect B/D
- FEMA regulation Act. for inward remitance
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
