Dear friends, I want to know related to Home Loan, how it is calculated and Entry of the same. In case of prepayment how it is accounted. also if Home loan taken as "Fixed Rate" and in "Floating Rate" how it is calculated and accounted. Also one can share the schedule of home loan excel sheet. please provide an appropriate answer.
10 Replies
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 21 January 2024
https://emicalculator.net/fixed-rate-or-a-floating-rate-loan/
this is useful info
Sharath chandra
(Accountant)
(1227 Points)
Replied 21 January 2024
want to know related to Home Loan, how it is calculated and Entry of the same. In case of prepayment how it is accounted. ----- Like any other loan.
also if Home loan taken as "Fixed Rate" and in "Floating Rate" how it is calculated and accounted.----- Accounting doesnt care if you do it in fixed rate or floating rate. The interest component is taken same way in both of them.
Also one can share the schedule of home loan excel sheet. please provide an appropriate answer. --- what do you want exactly ?
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 22 January 2024
@ Mr Bhavesh,
Is this accounting in Your personal books...? or Business books...??
Is this accounting in Your personal books...? or Business books...??
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 22 January 2024
Prepayment is in the books of owner and I think it's personal home loan cause companies don't need homes
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 22 January 2024
Ohhh God... Its very danger...
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 22 January 2024
Lol the link i gave has calculator which includes advance, prepaymnts, brokerage etc.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 22 January 2024
Better to get loan repayment schedule from any of Your friends, Neighbour or any others...
After that, check the schedule with this calculator...
I don't exact proverb...
But, please come out from a **circled horse...
After that, check the schedule with this calculator...
I don't exact proverb...
But, please come out from a **circled horse...
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 23 January 2024
No. Even interest rate is divided by months. No where it resembles annuity factor formula. EMI = [P x R x (1+R)^N]/[(1+R)^N-1]. Annuity is loan amount by annuity factor. But the denominator is the same. 1-(1+r)^n/r became n-1 but what happened to r.
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 23 January 2024
(1+r)^n−1=1−(1+r)^n what exponential calculator can prove tha this equation is true?
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