An Excel Calculator is a tool that offers the user with the calculator that can be used to calculate the home loans EMI amount Installment that has to be paid monthly, also it will help in planning the payment of the Loan. Planning before applying for the loan will help you in running the loan and other expenditure smoothly. Home Loan Excel Calculator offers you a wide variety of options that can be changed according to your loan scheme.
How to Use Home Loan Excel Calculator?
Home Loan Excel Calculator is an accurate and easy to use calculator that can be used to calculate your monthly EMI that you need pay to the bank for the loan. Loan amount, tenure and interest rate is customizable in the tool as it can vary from bank to bank. By following these steps you can use the Home Loan Excel Calculator-
- Download the Ask Bank Home Loan Calculator from the above Link-
- An Excel Sheet will open containing the various box that can be customized
- Insert the total amount that has been taken as the loan in the Loan Amount Tab
- Set the Interest rate as per the bank’s scheme
- Set the number of years the loan is paid back
- After filling all this, the Excel Calculator will automatically calculate the Monthly EMI, Principle Amount payable and interest payable.
You can also use the online calculator for Home Loan Calculator to find the details online instead of using the Home Loan Excel Calculator.
What Is Difference Between Loan From Government Bank And Private Bank?
There is a huge difference in taking the loan from a private bank and the public bank. These banks offer different policies and interest rate. Two banks of different sectors with the same interest rate can vary vastly in terms of the experience by the customer. These are a few of the difference that a customer can experience when taking the loan from the private bank or Government Bank.
Processing Fees is the fees associated with the paperwork and execution of Loan passing. This fee is charged by the customer and is usually non-refundable if the loan is canceled. In Private Bank, the processing fee is high to pay the cut to the Loan Agent. Whereas, the loan from Government Bank has a fixed or nominal fee that will be charged from the customer.
Floating Interest Rate Fluctuation
RBI decides the interest rate that will be charged but when the customer keeps his Interest option in floating scheme then the Interest rate will vary depending on the RBI. Government bank quickly reflects any fluctuations in the interest whereas private banks quickly increase the interest but take some time when the interest rates are going down.
The Government does not charge any money for pre-payment but private bank do charges that can range from 1.5%-2% on the principal amount.
In the case of Government Bank, there is no pre-payment period limit. You can pay the loan back anytime but a private bank imposes a waiting period for the pre-payment of the loan amount.