You can make use of a home loan tenure calculator or an EMI calculator to estimate your monthly instalments. In case you wish to reduce your EMIs, you can do so by following the ways as discussed below.
1. Longer Tenure
You can opt for a longer tenure to make your EMIs affordable. However, with prolonged tenure, the cost of loan will increase.
For example, if your loan amount is Rs. 30 Lakh at an interest rate of 8% with a tenure of 40 months, your equated monthly instalments or EMIs will be Rs. 85,692 and the total amount payable (including principal amount and interest rate) will be Rs. 34,27,687.
In case you increase your tenure to 50 months, your EMIs will be Rs. 70,752 and the total amount payable will be Rs. 35,37,631.
2. Balance Transfer
Balance transfer facility allows you to shift your outstanding dues from the existing lender to a lender offering lowest housing loan interest rate. With minimal interest rates, you can make the EMIs affordable. Consider opting for a balance transfer at the initial stages of your EMIs as the interest rates are higher. Choosing to transfer your balance at the initial months of your home loan can save on your interest rate.
You can also opt for a pre-payment if you have the required financial stability. Opting for a pre-payment helps to lower the principal amount, and in turn, makes your monthly payments affordable.