Home Loan EMI Calculator in Excel | Home Loan Calculation Method (Hindi)

Home Loan EMI Calculator in Excel (Hindi) | Home Loan Calculation Method
In this video by FinCalC TV we will see how to make Home Loan EMI Calculator in Excel in hindi with download. We will calculate the EMI, principal and interest amounts in EMI and how the outstanding principal balance decreases with time. Also we will see how hom loan prepayment works to reduce EMI or tenure.
It is better to reduce tenure while making home loan prepayments or part payments

Home Loan EMI Calculator:
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Home Loan Prepayment Reduce EMI or Tenure?
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CHAPTERS:
00:00 Home Loan EMI Calculator Excel Intro
01:08 Defining Labels in Calculator
05:04 Loan EMI Formula in Excel
08:38 Calculating Principal and Interest Amounts
11:01 Calculating remaining outstanding Balance on Loan
12:49 Extending formulas for remaining months
14:52 Interest Rate change Effect on Loan in Excel
18:02 Home Loan Prepayment Calculation in Excel
20:15 FinCalC Blog Home Loan EMI Calculator
25:22 Home Loan EMI Calculator Excel Conclusion

EMI COMPONENTS OF HOME LOAN
There are 2 components in Home Loan EMI that you pay every month:

1. Principal Amount – This amount is what you pay back against the amount you have taken as loan. Every month’s principal amount from EMI will be reduced from your total outstanding balance after every EMI you pay
2. Interest Amount – This is the interest amount that goes to the banks as their profits for lending you the loan amount. Every month’s interest amount from EMI is calculated as per the remaining outstanding balance in your home loan

FIXED VS FLOATING INTEREST RATES
There are 2 types of interest rates in home loan:

1. Fixed Interest Rate – The Interest rate is fixed in this case throughout the tenure of your home loan. This will be 2% to 3% higher than the current floating interest rate on home loans. It doesn’t matter what new policy is announced or existing policy is updated, the interest rate will be fixed
2. Floating interest Rate – The interest rate of new home loans are usually floating interest rate, and they change with time due to RBI repo rate changes or other factors. With changing interest rate, usually the EMI component is kept same but your loan tenure changes.

Why Home Loan Tenure Increase in Floating rate home loans?
In floating interest rate home loans, when interest rate increases, the interest portion on your remaining home loan balance will also increase, but since bank cannot increase the EMI amount you pay every month, you pay extra interest amount with the help of increased tenure.

IMPACT OF HIGH INTEREST RATE
When you want to opt for a home loan, you should go for low interest rates home loan.

High interest rate meaning you have to pay more interest amount throughout the loan tenure – more interest amounts in every month’s EMI.

INTEREST RATE CHANGE EFFECT
When interest rate changes in floating interest rate home loans, automatically your tenure is increased, since EMI cannot be increased without your consent.

HOME LOAN PREPAYMENT
It is not true that the total interest amount you are supposed to pay at the start of the home loan, needs to be paid by you in full.

During your home loan tenure, you can make some home loan prepayments to save the loan interest amount you have to pay.

Home Loan Prepayment or part payment is a way to pay some extra amount in your loan account to reduce remaining principal balance. This helps in reducing the interest component in your EMI that you pay every month.

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DISCLAIMER:
Examples and demo used are for Illustration purpose only and might not cover every detail of examples shown.