Oriental Bank of Commerce Home Loan EMI Calculator

Do you need a home loan? With property prices on the rise, buying a home has become more challenging. Many people opt for a home loan to save on taxes, reduce rent payments, or simply to own property. Banks and financial institutions simplify this process by offering EMI calculators, allowing you to assess your mortgage options and repayment plans before deciding. If you plan to take advantage of a home loan from the Oriental Bank of Commerce, make use of this online tool and make informed decisions. 

A home loan is a financial product that allows you to raise funds by using the property you intend to buy as collateral. Banks and non-banking financial companies (NBFCs) offer these loans, which can be repaid over a fixed tenure with either a floating or fixed interest rate. 

For example, the Oriental Bank of Commerce may offer attractive home loan deals. Exploring all available options—such as different loan products and terms—can help you make well-informed decisions for your financial future.

There are various types of home loans, each designed for different purposes. Whether you're looking to purchase a new house, construct a building on an owned plot, expand your current home, or renovate it, there’s a loan option available for each of these needs. Additionally, composite loans allow for both land purchase and construction to be financed simultaneously.

Currently, the home loans in the market have interest rates ranging from 8.30% to 10.50% annually. You can select the best option based on your financial situation by visiting the bank's website or a nearby branch.

Most people searching for a loan option that is strictly within their budget and financial objectives would greatly benefit from using ACKO's Oriental Bank of Commerce home loan EMI calculator. It is an essential online tool that enriches one's financial planning by revealing insight into potential repayments and allowing informed decisions.

To truly appreciate how a home loan EMI calculator simplifies your job, you need to learn what the EMI calculating formula is: 

EMI = [P x R x (1+R)^N]/[(1+R)^ (N-1)]  

In this formula:

Now let us see how this formula works in a practical scenario: 

Suppose Mr Gautam has taken Rs. 10 lakhs as a home loan at 8.55% interest rate. His loan tenure is 5 years. So what would his EMI be? 

Here, 

The equation reads: 

EMI = [10,00,000 x 0.68% x (1 + 0.68%) ^ 60] / [(1 + 0.68%) ^ (60 - 1)] = Rs. 20,541

Rs. 20,541 is the EMI Mr Gaitam has to pay for 5 years. 

The EMI would not change if he opts for a fixed interest rate. However, the amount towards the principal and the interest would change gradually. You can take a look at his loan amortisation schedule to get a lucid understanding: 

You can see how Mr Gautam is paying gradually more and more towards the principal and less and less towards the interest.

Before applying for a home loan, a borrower should also consider scenarios where he/she is terminally ill or can face an untimely death. If anything like that happens repayment of the loan would fail and the family may lose the house or a significant part of their savings. 

To save your family from this huge liability, having a term insurance plan in place covers your family in a situation like this. Let's see how this insurance can help you out: 

There are multiple EMI calculators online that function on the same principle. However, it is always advisable to use a loan-specific and reliable calculator. Learn about the advantages and features of using Oriental Bank of Commerce Home Loan EMI Calculator through ACKO’s platform here: 

The ACKO Oriental Bank of Commerce home loan EMI calculator is user-friendly and requires no financial expertise. It generates personalised results based on your provided parameters, such as loan tenure and interest rate. With unlimited adjustments and comparison options, it helps find the ideal instalment plan aligned with financial goals.

The various types of home loans offer distinct benefits, and using an online home loan EMI calculator can significantly aid in effective financial planning. This calculator simplifies budgeting, ensures accurate calculations, and saves time by eliminating the need for tedious manual computations. Additionally, it underscores the urgency of securing term and home loan insurance to protect your financial future and provide peace of mind.