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Home Loan EMI Calculator

Calculator:EMI ELIGIBILITY

What is Home Loan EMI Calculator?

A home loan calculator helps you to measure the home loan EMI’s that you need to repay towards your home loan. This Home loan calculator also acts as home loan interest rate calculator. You can evaluate the EMI amount, in just 3 simple steps.

Step 1) Enter the loan amount you need
Step 2) Define the Rate of Interest
Step 3) Enter Loan Tenure in Months & Years

EMI calculator will evaluate your monthly EMI, total Interest payable and total payment including (Principal + Interest)

Once you are satisfied with loan EMI, you can directly apply for home loan by clicking Apply Now.

* EMI stands for Equated Monthly Instalment: EMI is repayment amount of home loan on instalments on monthly basis to lender during the specified loan tenure.

Factors which affects Home Loan EMI’s

  • Principal Amount: The principal amount is the amount that you borrow form lender.
  • Rate of Interest: The rate of interest is the interest rate at which the lender offers you the loan.
  • Tenure: The tenure is the duration within which you repay your home loan. The tenure is directly proportional to your loan EMIs - Longer the loan tenure, lower will be the monthly instalments and vice versa.

How Home Loan EMI is calculated?

The mathematical formula of calculating EMIs is = [P x R x (1+R) ^N]/ [(1+R) ^N-1] where:

  • ‘P’ represents the loan amount or principal
  • ‘N’ is the number of monthly instalments
  • ‘R’ is the interest rate per month. Therefore, if the rate of interest per annum is 11%, then the value of ‘R’ will be 11/(12 x 100)

Advantage of using Home Loan EMI Calculator

The Home Loan calculator helps you to understand the amount of money you need to repay every month as an EMI and amount of interest incurred during the specific loan tenure. It helps you to make your decision about the amount of money you can spare or not and plan your financial well.  

 

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