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Mortgage Calculator
₹
₹
Monthly Payment
₹ 41,713
Principal & Interest₹ 34,713
Property Tax₹ 5,000
Home Insurance₹ 2,000
Loan Amount₹ 40,00,000
Total Interest₹ 43,31,103
* Your actual monthly payment may vary depending on property location and credit score.
Home Buying Guide
A mortgage is a loan specifically used to purchase a home. The property serves as collateral, meaning if you fail to make payments, the lender can take possession of the home. Mortgages usually have long tenures, often 15 to 30 years.
Tips for a Better Mortgage
1
Increase Down Payment
Paying more upfront reduces your loan amount and monthly EMI significantly.
2
Improve Credit Score
A score above 750 can get you much lower interest rates from banks.
3
Compare Lenders
Interest rates and processing fees vary between public and private banks.
4
Check Pre-closure rules
Ensure there are no heavy penalties for paying off the loan early.
Fixed vs. Floating Interest
Fixed Rate
The interest rate remains the same throughout the tenure. Good for certainty and when rates are expected to rise.
Floating Rate
The rate changes based on market benchmarks (MCLR/RLLR). Usually lower than fixed rates initially.