Home Loan EMI Calculator
Home loan calculator helps you calculate your Home Loan Emi with ease. EMI calculator for a home loan can help you make an informed decision about buying a new house. The EMI calculator is useful in planning your cashflows for servicing your home loan. Calculate the EMI that you will be required to pay for your home loan with our easy to understand home loan EMI calculator.
What is Home Loan EMI Calculator?
Home Loan EMI Calculator assists in calculation of the loan installment i.e. EMI towards your home loan. It an easy to use calculator and acts as a financial planning tool for a home buyer.
What is Home Loan EMI?
EMI stands for Equated Monthly Installment. It includes repayment of the principal amount and payment of the interest on the outstanding amount of your home loan. A longer loan tenure (for a maximum period of 30 years) helps in reducing the EMI.
Illustration: How is EMI on Loan Calculated?
Formula for EMI Calculation is -
P x R x (1+R)^N / [(1+R)^N-1] where-
P = Principal loan amount
N = Loan tenure in months
R = Monthly interest rate
The rate of interest (R) on your loan is calculated per month.
R = Annual Rate of interest/12/100
If rate of interest is 7.2% p.a. then r = 7.2/12/100 = 0.006
For example, If a person avails a loan of ₹10,00,000 at an annual interest rate of 7.2% for a tenure of 120 months (10 years), then his EMI will be calculated as under:
EMI= ₹10,00,000 * 0.006 * (1 + 0.006)120 / ((1 + 0.006)120 - 1) = ₹11,714. The total amount payable will be ₹11,714 * 120 = ₹14,05,703. Principal loan amount is ₹10,00,000 and the Interest amount will be ₹4,05,703
Calculating the EMI manually using the formula can be tedious.
How does EMI calculation help in planning the home purchase?
Home Loan EMI calculator gives a clear understanding of the amount that needs to be paid towards the EMIs and helps make an informed decision about the outflow towards the housing loan every month. This helps estimate the loan amount that can be availed and helps in assessing the own contribution requirements and cost of the property. Therefore knowing the EMI is crucial for calculation of home loan eligibility and planning your home buying journey better.
What are Home Loans Key Features and Benefits?
Home Loans for purchase of a flat, row house, bungalow from private developers in approved projects Home Loans for purchase of properties from Development Authorities such as DDA, MHADA etc
Expert legal and technical counselling to help you make the right home buying decision
Integrated branch network for availing and servicing the Home Loans anywhere in India Special arrangement with AGIF for Home Loans for those employed in the Indian Army.
How does EMI calculation help in planning the home purchase?
Home Loan EMI calculator gives a clear understanding of the amount that needs to be paid towards the EMIs and helps make an informed decision about the outflow towards the housing loan every month. This helps estimate the loan amount that can be availed and helps in assessing the own contribution requirements and cost of the property. Therefore knowing the EMI is crucial for calculation of home loan eligibility and planning your home buying journey better.
Our tailor made home loans caters to customers of all age groups and employment category. We provide longer tenure loans of up to 30 years, telescopic repayment option, under adjustable rate option that specifically caters to younger customers to become home owners at an early stage of their life.
With our experience of providing home finance for over 4 decades, we are able to understand the diverse needs of our customers and fulfill their dream of owning a home .
How to use Home Loan EMI Calculator?
All you need to do is input the following to arrive at your EMI:
Loan Amount:Input the desired loan amount that you wish to avail
Loan Tenure (In Years): Input the desired loan term for which you wish to avail the housing loan. A longer tenure helps in enhancing the eligibility
Interest Rate (% P.A.):Input interest rate.
What is Home Loan Amortization Schedule?
Loan amortization is the process of reducing the debt with regular payments over the loan period. A home loan amortization schedule is a table giving the details of the repayment amount, principal and interest component.