EIB Home/Mortgage Loan Calculator

Emirates Islamic Bank was incorporated in 2004 with the aim of providing Shariah-compliant banking solutions to the residents of the UAE. This financial institution has a wide range of products and services curated for both individuals and businesses, including large-scale and small-scale companies.

Focusing on delivering the best solutions to its customers for managing finances, the bank offers multiple banking and finance solutions in the form of cards, loans, bank accounts, and more. Within the finance segment, individuals can avail of personal finance and auto finance as well as three types of property finance.

With respect to its property or home finance, EIB has designed a mortgage loan calculator to allow loan seekers to determine their monthly instalments. This article uncovers the significance of the EIB home loan calculator, highlighting its usage and other crucial details.

What is the Emirates Islamic Bank Mortgage Loan Calculator?

The Emirates Islamic Bank home loan calculator is an important tool through which individuals interested in EIB home loans can estimate their monthly instalments. By evaluating the EMI amount, you can plan your finances so that you are able to repay the loan without letting the instalments affect your regular expenses.

To use this calculator, you will simply need to enter a few details related to your loan. However, it is important to keep in mind that even though the calculator displays correctly computed results, the result may vary because of different applicable loan interest rates.

What are the Key Features and Benefits of Using the EIB Home Loan Calculator?

Mentioned below are the major advantages of the EIB mortgage loan calculator in the UAE -

• Ease of Accessibility - Home loan calculators are readily available online on various financial websites and bank platforms. This accessibility means that anyone, regardless of their financial expertise, can easily access and utilise these tools. As a result, these calculators save time and effort compared to complex manual calculations.
• Efficient Financial Management - These calculators facilitate efficient financial management by allowing users to make informed decisions about their home loans. With just a few clicks, borrowers can assess the potential impact of different loan terms, interest rates, and down payment amounts on their monthly payments. This helps them align their home purchase with their overall financial plan. 
• Elimination of Manual Calculations - Home loan calculators eliminate the need for manual calculations, which usually complicate the process of understanding the financial implications of a home loan. With the calculator automating this process, you can skip past the manual calculations and easily make a decision on the go.
• Ease of Home Loan Comparison - When considering multiple home loan offers, home loan calculators make it easier for you to compare options. You can enter the terms of various loans and instantly see how they differ in terms of monthly payments, total interest paid, and the overall cost of the loan. This allows you to select the most favourable financing option.
• Secure Personal Details - The EIB home loan calculator has been curated with utmost security. The tool does not require users to enter personal information like addresses or contact numbers. This way, users can rest assured that their personal details remain confidential.
• Option to Regenerate Values - Mortgage calculators are highly flexible as they allow users to easily modify the entered values multiple times to explore different scenarios. This flexibility enables users to make proper financial plans.
• Instant Generation of Results - Home loan calculators are known for their speed and accuracy. They provide instant results, giving users immediate insights into their potential monthly payments and the overall affordability of a home. This expedites the decision-making process and helps users make informed choices.

How to Operate the EIB Mortgage Loan Calculator?

Here’s how you can operate the EIB home loan calculator -

• Step:1 Visit the official website of Emirates Islamic Bank.
• Step:2 Click on the menu and select your desired home finance product.
• Step:3 From the menu bar, choose ‘Calculators’.
• Step:4 Select the ‘EMI Calculator’ option.
• Step:5 Enter your property value, finance amount, down payment, and loan tenure.
• Step:6 Click ‘Next’ to view the outcome.

What Factors Influence the EIB Home Loan Monthly Instalments?

Numerous factors contribute to the monthly instalments of EIB mortgage loans such as interest rates, down payments, and more. Let’s understand these factors better -

Loan Amount

A higher loan amount signifies larger monthly payments, as borrowers are required to repay a greater sum of both principal and interest. Those who opt for a lower loan amount have smaller, more manageable monthly instalments, which makes it easy for them to finance their properties.

Note that financial institutions mainly consider the borrower's capacity to repay based on their income and creditworthiness, which influences the maximum loan amount they can secure.

Loan Interest Rates

Loan interest rates have a substantial influence on the monthly home loan instalments. A higher interest rate increases the cost of borrowing, which results in larger monthly payments. In such cases, a big chunk of the payment goes toward interest, which eventually extends the overall duration of the loan.

On the other hand, lower interest rates reduce the total cost of the loan, leading to smaller and more affordable monthly instalments.

Tenure of the Home Loan

The duration of the home loan majorly affects the monthly instalments. A longer loan tenure reduces the monthly payment but increases the total interest paid over the life of the loan. In contrast, a shorter tenure results in higher monthly instalments but lowers the interest costs.

As a potential loan seeker, it is advisable to select a tenure that aligns with your financial capacity and long-term objectives as it will determine not only the duration of your debt but also your monthly budget.