I have checked with several EMI calculator available in net where the EMI comes as 10512. I talked with SBI but the BM says EMI calculator in Yahoo finance and in Money control.com are incorrect.
Can any one help and give suggestions please . Thanks
Yahoo finance and Money control are calculating EMI assuming 8% fixed interest rate for 15%. But the loan you would have taken would have 8% fixed for first year only and after that the interest rate would increase. EMI of your home loan would have been decided using this increase in interest rate.
If you look at the interest and principle break up of your EMI, you will notice that during the first year more principle is being repaid then in the second year. That is because in the second year the rate of interest in increased but the EMI remains the same.
Hope this is of help.
Thanks and regards,
Ripul
Yahoo finance and Money control are calculating EMI assuming 8% fixed interest rate for 15%. But the loan you would have taken would have 8% fixed for first year only and after that the interest rate would increase. EMI of your home loan would have been decided using this increase in interest rate.
If you look at the interest and principle break up of your EMI, you will notice that during the first year more principle is being repaid then in the second year. That is because in the second year the rate of interest in increased but the EMI remains the same.
Hope this is of help.
Thanks and regards,
Ripul
References :
It is true that the EMI is 10512 for 8%. But the 8% interest is only for 1 year or so and not for the entire 15 years. After that the rate is 9% or more. That is why EMI is more. Read the agreement or contact your BM about interest rates .
References :
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