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So, now we know how we could easily calculate the EMI on the home loan applied with the lender to buy the dream house of your own. This article will give you a brief understanding of what EMI is, what factor its constitutes, what is the practical approach to calculate EMI in excel as well by using a mathematical formula. Apart from these, one should also be aware of that amount of EMI may differ under two similar circumstances. This may due to the system of calculation followed which may either be a flat-rate system or the reducing balance system while calculating EMI on your home loan. There are a lot of options available with you using which you can calculate EMI on your loan amount in a hassle-free manner which will help you to determine in advance that whether you would be able to pay your loan well on time or not before it falls due which might attract you a penalty. So, before you make a plan to apply for a home loan to meet your housing requirements and the several expense

Although it is believed that getting a home loan nowadays has become easier but there are numerous times when your home loan application might get rejected when you make an application with the lender of your choice even when you have everything in place. The reasons are many that may lead to you a disappointment when you apply for a loan.  If the lender denies your loan application, the first thing you have to do is to find out the specific reason that why your loan application has been refused by them and try to fix it as soon as possible to meet your financial requirement at the earliest. In order to avoid such situation, it is advisable that you need to be very active while managing your financial profile while making a fresh home loan application. You should try to check your CIBIL score, your previous credit history and certain other important factors that might bring rejection to your home loan application. You may also face a loan rejection in the case when you frequently

If you are need of urgent cash and are having a home loan going on you can always apply for a top-up loan. A top up loan is provided ideally over the ongoing home loan from the same bank or NBFCs with a general tenure of around 10 to 15 years. However, unlike home loan which can be used only for house purchase, this can be used for any of your personal or professional purpose which could be medical emergencies, education, house renovation or anything such. It has its own benefits apart from its multiple utilization; it comes with less paperwork and a low rate of interest compared to the personal loan. Also, if you are availing it for house renovation or such, it offers tax benefits as well. It generally requires basic documentation like your income statement, basic KYC and 3-month payment receipt of the ongoing home loan. You are easily liable for such loan if you have been paying off the installments timely and have a stable income. However always rememb