What is meant by a home loan amortization schedule?
You may have come across the term ‘home loan amortization schedule’ often when using a home loan EMI calculator. The amortization schedule essentially is a table explaining the break-up of your repayment through EMIs. Generally speaking, Iit would include the following:
The balance left before the payment of each EMI
The amount of EMI you can pay
How much the EMI is contributing to the repayment of the principal amount
How much the EMI is contributing towards the overall interest amount
The loan balance remaining after you have paid an EMI
- What kind of information does the housing loan EMI calculator require to compute the EMI?
- What kind of collateral does a home loan require?
- Is buying a home insurance plan necessary for a home loan application approval?
- Does one need to upload any documents to use the housing loan EMI calculator?
- What is meant by a home loan amortization schedule?