Understanding EMI calculations

Have a property in mind and have planned to opt for a home loan for the same?

As spoken in our previous blog, Equated Monthly Installment is more about Evaluation, Management and Implementation of the research you carry out before opting for a home loan. Post the research having a complete understanding about the calculation of EMI is important.  To begin with, let us understand what EMI stands for.

EMI or Equated Monthly Installment is described by the Investopedia as “ a fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both the interest and the principal each month, so that over a specified number of years, the loan is paid off in full.”

Surely, this definition is self explanatory, however, we shall have an in depth understanding about EMI with the help of an example in the latter part of the blog.

From the definition we can arrive at an understanding that when a borrower borrows money, he is entitled to make a certain fixed amount of payment to the lender periodically for several years so as to complete he loan repayment. This loan repayment can differ from one payment scheme to another, depending on the comfort of the borrower to repay the loan over a certain period of time which may be short or long term. 

One of the main benefits of paying EMI for the borrower is that he is well informed about the amount he needs to pay to the lender every month, making his budgeting process easier.

The formula for EMI (in arrears) is:

or, equivalently,

Where: 

• P is the principal amount borrowed, 

• A is the periodic amortization payment, 

• r is the periodic interest rate divided by 100 (annual interest rate also divided by 12 in case of monthly installments), and

• n is the total number of payments (for a 30-year loan with monthly payments n = 30 × 12 = 360).

Consider an example, a person takes a loan of 20,00,000 units of currency from the bank at 10.5% annual interest of 10 years (120 months), then the EMI can be calculated equating the mentioned details in the equation stated above in the following way:

EMI = 

Units of currency 20,00,000 * 0.00875 * (1 + 0.00875)^120 / ((1 + 0.00875)^120 – 1)= Units of currency 26,987.00

Hence, the person will be paying 26,987.00 units of currency for 120 months to completely repay the loan taken from the bank. The total amount that he would be paying will sum up to 26,987*120= 32,38,440.00 units of currency. This includes 12,38,440 units of currency as the interest paid towards the loan.

EMI: Evaluate, Manage and Implement?

Have you opted for a home loan? Are you aware of the EMI that is applicable for the home loan you have opted for at a certain rate of interest?

Calculating EMI is not a mammoth task but is a very crucial step when it comes to payment of the loan that you have opted for!  Don’t you think EMI can be planned and evaluated with a well managed strategy to make loan payment easier?

Well! That is what we are speaking about today!

EMI –Equated Monthly Installment or EVALUATE, MANAGE, IMPLEMENT?

Evaluating the loan amount can be helpful in understanding the amount that needs to be repaid. A proper evaluation can give you a complete detailed information regarding the cycle of EMI for your home loan.

Managing the loan amount includes the steps for obtaining a maximum amount as loan for the property value as the home loan is a long term loan that is taken by customers at floating rates. Home loan is one of the biggest financial commitments that we make in our lives and hence, we need to be as aware and structured as possible while we opt for the loan and while we repay the loan amount.

Implementation of the strategy like opting for  long term loan that can reduce your EMI amount,   to repay the loan amount should also be considered while loan repayment. Proper evaluation, management and implementation is required. This can be done via extensive research about banks that are offering loans at different rate of interests and the duration of the time for their payment of the same.

If you are thinking of applying for a home loan, the below mentioned link can help you find out the EMI that you would be paying for the amount you have opted as a home loan.

EMI Calculator

Do let us know if you are stuck anywhere in calculating the EMI of the loan you are planning to opt for.

Read More: -

• Reside at a hilltop!
• Buying a property, but not yet done it?
• How to go about Market Research?

How to go about Market Research?

A home is a one time investment for majority of Us. If you are having plans to make a property purchase you need to plan your complete process as to how to go about the steps to buying the property. Investing in property involves multiple risks and if you are not aware of the basic information about property buying, then you might be risking your hard earned money in the same. Having discussed about the importance of conducting a well  planned market research before you make a move for buying a property, it is now important to proceed with the market research process.

What are the steps or means to carry out your market research process? How can you reach out to minute details of the property buying policies and property trends prevailing in the market at that particular time? These questions can be answered in the following steps and ways to begin your market research:

Word of mouth: For an in depth market research you need to start talking about what you want. Let people know that you are in search for a property. Sometimes things happen to surprise you. You never know who has what connections and who can provide you with relevant information in order to help you find the right property. For example, you may get information about the homes, which are under construction and are available for purchase. This way you will not miss out on any property deals that suit your requirements.

• Newspapers and Real estate Magazines: Every newspaper offers a new property section which can help you with the information on new houses and properties in the city. These magazines and newspapers can be collected from the nearby newsstands or convenience stores. Through these advertisements in newspapers and magazines, you can have a look at the pictures of the properties, the configuration,  amenities provided, location and most importantly point of contact.
• The World Wide Web: The world wide web is the master key to access to all information. Browse the internet for all your requirements and get all your doubts clarified. The internet is a boon for people who are looking for a property to purchase as they can get a complete database of the properties in any part of the world with all the information needed.
• Signs like “FOR SALE”: Keep your eyes open and observe things around whenever you are out driving or walking. Signboards of “FOR SALE” are easy to notice while you are out, on the way. These signs can help you locate properties that may be of your interest.
• Development/Construction Sites: You may be looking for a newly constructed home and may not prefer already constructed available properties. Visiting construction sites will help you have an insight about the project.
• Find a Realtor: Getting in touch with a professional in real Estate Industry is the best tool to get in depth information about the property trends in the city.

Read More : -

Buying a property, but not yet done it?

Buying a property, but not yet done it?

Are you looking for a property? If yes, then have you performed the market research to get yourself the best property deal in the real estate market? If not, then this is the time you carry out a detailed market research for finding a good deal for property purchase.

Why is market research important?

Dwarka - Naiknavare Developers

Market research gives a complete insight of the real estate industry that enables you to have a better understanding of the property trends that are prevailing in the market.  With a proper market research you will be able to decide upon the existing prices for property in accordance with the locations of the property. You need to have clear information regarding what are the rates of the properties in the city. Having detailed information about the localities you are willing to buy a property in will help you in comparing the property costs in that area at ease. Comparisons are important while making a property purchase as none of us want to risk our hard earned money in investing in a property that is not of that much worth.

You need to know what are the factors that will be affecting your property in the future when you, in case, plan to resell the property that you are planning to invest in right now.  The standard of the locality you choose while you buy property also needs to be kept in mind as there is no point in staying at a place which is not matching your standard of living. Such decisions often prove to be unsuccessful for people as they find it difficult to adjust to the surroundings in due course of time.

Eagles Nest - Naiknavare

If you choose to buy residential properties like apartments, flats, villas etc, you must consider the benefits you can avail if you live in that particular locality as that will eventually make your job easier for meeting your day to day requirements. The availability of market for daily needs is one also important to some of you. So visits to the project construction site can help you get all your doubts cleared regarding the same.

After completing the market research you can judge properly whether investing in a property in a specific location or in a particular locality will be beneficial or not in the years to come.

Reside at a hilltop!

Eagles Nest - Naiknavare Developers

Pune has been a nest for people migrating from all parts of the nation. The city is an educational hub hat has students coming down to pursue various courses in diverse fields provided by some of the country’s best educational institutes. The city also has huge student population and number of working professionals.

The real estate sector has been growing over time and today there are not one but many projects prov
iding residential apartments and complexes for office purpose in the city. The NAIKNAVARE developers have been providing their services in the real estate sector through their design and concept of better living. They aim to create spaces that enable you to focus on the things you consider important- whether it is building a business, growing a family, connecting with friends, or simply finding the time and space to pursue your dreams.

Projects in Talegaon - Naiknavare Developers

It’s a new ongoing project is the EAGLE’s NEST where your search for a new home ends. The project is located in Talegaon at height of 1900 feet above the sea level and provides a panoramic view of the majestic Indrayani Valley. It is adjacent to the reserved forest & green zone of the colossal Sahyadri . T he location is perfect for a home where mind is at peace at all times and positive energy forms the ambience of the home. A dream location that is surrounded by hills, waterfalls and fully grown forests on hilltops is an ideal location that has equal accessibility to Pune and Mumbai. The hill station, Lonavala is also just a short drive away.

Comprising of Town Houses, Row Houses, Duplex Apartments and 2 & 3 BHK flats Eagle’s Nest spoils you for choice. With each type located on different elevations to capture the awe inspiring view, these monumental designs and natural settings, make Eagle’s Nest a Landmark.

Row Houses in Talegaon - Eagles Nest

The project is well equipped with specifications such as eco-friendly street-light & common area light-fittings, water-supply through underground water tank, water supply to flats by gravity & hydro pneumatic pressurized system for low-rise or equivalent water supply for all, community center with a multi-purpose hall and pantry flowing out into a large covered sit-out with party lawns, swimming pool, indoor/outdoor game facility, access to resort facilities like swimming pool, gym, games room and spa for nominal charges and designated senior citizen area, gazebo.

With such outstanding location at the hilltop and fully equipped with such amazing amenities you surely want a home out there!

Read More -

1) Modern techniques and standards followed by Naiknavare developers

2) Types of buyers and residential project offering in Pune

3) Take Pleasure of a Stay at Hill Station with Luxurious Flats in Talegaon

What’s your destination this summer?

#WeekendGetaway - Goa

Already made plans for this month long summer vacation or still planning where to head for this summer holidays? Well, hopefully this blog will be of some help in planning out this summer trip away from hectic rush life in the city at a peaceful location where your body and soul both are refreshed. You and I both have equal work that can keep us tied up to our chairs in office however, if you feel your mind needs to get charged up and exhilarated with a well planned trip then you need to keep certain things into consideration relating to right location, proper planning of stay and travel convenience.

Wait! Are you thinking the same as I am? May be and maybe not.  However, I feel, what better could be if you had your own home at one such holiday destination where you could spend your summers? On top of it, what if you have exotic beaches nearby with many international tourists around exploring the area which has world heritage architecture and is also famous for various places of worship? Yes! You got me right! Speaking of rejuvenation and re-invigoration, beaches are your true escape into bliss.

Owning a property at such a destination is icing on the cake. The real estate industry has been doing extremely well in Goa and has also been acknowledged as the state is ranked the best placed state by the Eleventh Finance Commission for its infrastructure and best quality of life that the state offers its residents. If you are looking for a property at such places then there are few of the builders and developers who have been elevating projects like residential apartments, row houses, villas etc, in Goa state.

Some of the reasons why you must visit holiday destination like Goa can be listed as follows:'

• A perfect breakout into paradise
• Peace of mind 
• Away from hectic life at work place
• Re-energize your body and soul
• Enjoyment at its hilt
• Spend quality time with family and friends
• Adventure and thrill
• Fun at the beach and 
• An exciting voyage

The Slum Rehabilitation Brings Life to People, Naiknavare becoming Leader in Real Estate Industry

The developing city of Pune may have gone a long way. From the humble city, Pune becomes a favorite among entrepreneurs as they saw the potential of the city in terms of business. There are more people who have been into investing resources and already found success in Pune. The increasing number of people residing in the city also means an increase in the demand for temporary shelter and permanent residence.

Prathama - Ramindia Group

Naiknavare is a real estate developer that values their projects. They are focused in making the lives of the people better. It is not just about providing home, it is all about the services and the design they create to enhance the living condition of the residents of Pune. They consider each customer important because without them, they will not reach success and remain in the business for years. Their commitment of quality service and better lifestyle is among the pride of the company.

Prathama

Naiknavare also extends help their brothers in need. Their slum rehabilitation project change the lives of the thousands who have been living in the slums. The rehabilitation project uplifts the live of the people and giving them access to decent homes and better lifestyle.

The Ramtekdi slums are the pilot project of the company. Almost 15 acres of land was dedicated for this project along. The 11 story buildings will provide decent home for the thousands of dwellers in the slums. Access to various civic and social amenities will be provided to the residents. There will also be some extra housing units for migrants who wish to share common area with them. The income that will be generated from the migrants will then be used for the upkeep of the buildings.

Prathama - Naiknavare Developers

Because of the success of their slum rehabilitation projects, many other projects follow and more people will now have access to decent homes. More migrants will be given permanent spaces and can live comfortably in different parts of India. With their continuous service to their customers, they are now ready to take advantage of this rare opportunity to have a decent home that is affordable to everyone. The uplifting of the lives of those in the slums are now visible and their future is brighter.

The company is known for its projects in India. It has shaped the country and leads to the development of the nation. With their commitment to serve and preserve the people and its environment, Naiknavare remains the leader in Real Estate.