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
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
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