Adjustable home loan repayment options
Balancing your dream house and your financial commitment
Owning your dream home is a significant milestone. This significant personal achievement also represents a major financial commitment.
With a Home Loan from Bank One, you have the opportunity to turn your dream into reality, whether you are building a new home or renovating your current one, and since every construction or renovation is unique, our home loans adjust to your project.
Understanding Your EMI
In exchange for the financial support provided by our home loan, you commit to making Equated Monthly Installments (EMI). Simply put, this means you pay back a portion of your loan every month. Home loans can have long tenures, up to 35 years.
However, it’s important to note that your EMI may not remain the same throughout the life of your loan. Let’s explore why:
Changes in Key Rate – The interest rate set by the Central Bank, previously known as the Key Repo Rate, can fluctuate. When the rate increases or decreases, your EMI could be affected accordingly.
Adjust Your Payments – Your home loan repayments can be adjusted in several ways. For instance, you can make partial repayments based on your financial situation, which will reduce both your loan amount and tenure.
Want to see how these factors could impact your EMI? Try our Loan Impact Calculator to explore potential scenarios.
Recent Changes in Key Rate
In 2022, the Key Rate saw multiple increases. As a result, financial institutions, including banks, adjusted the interest rates on loans, overdrafts, and credit cards to align with these changes.
Amortization schedule - Floating v/s Fixed EMI
Disclaimers: The information, which you calculate from this simulator, is intended for use by you as a guide only; it is not an offer and has no legal effect. Bank One accepts no responsibility for any losses arising from any use of or reliance upon any calculations or conclusions reached using the calculator.
| Floating EMI | ||||||
|---|---|---|---|---|---|---|
| Months | Beginning | Payment | Total Interest | Principal | Ending Balance | Annual Rate |
| Fixed EMI | ||||||
|---|---|---|---|---|---|---|
| Months | Beginning | Payment | Total Interest | Principal | Ending Balance | Annual Rate |
