EMI Calculator for Home Loan
Home Loan EMI calculator. Let’s understand the Home loans help you one day, own your dream house. They help you with the lump sum amount which is to be repaid in installments over the loan tenure. The amount that you have to pay back to the bank/lending body every month is calculated using the Home Loan EMI calculator formula and learn how to calculate Home Loan EMI.
EMI Calculator
Your EMI is
₹ 0
Per Month
What is a Home Loan EMI Calculator?
Home loan EMI calculator is an important financial tool. It is helpful in calculating the Equated Monthly Installment (EMI) of the home loan. This gives the borrower a clear indication of the monthly outflows to repay the loan which is extremely helpful in budgeting.
The Home Loan EMI calculator formula E = P x r x (1 + r) n / ((1 + r) n – 1) generates the result using three parameters namely, principal loan amount, the rate of interest and the loan term taken in months). Given the complexity of the Home Loan EMI calculator formula, the job can be best done using the Home Loan EMI calculator online.
Additional Info: Also check Rs. 1 Crore Home Loan EMI
what is emi?
EMI stands for Equated Monthly Installment (EMI). Once the borrower Apply for a Home Loan, the principal amount is approved at a rate of interest charged by the lending company. The cumulative total of the principal amount availed and the rate of interest thereon are to be repaid in the decided loan term. This repayment is done every month. The amount paid is called the Equated Monthly Installment or the EMI.
The home loan EMI is calculated using the Home Loan EMI calculator online. The Home Loan EMI calculator formula requires three inputs – principal amount, rate of interest, and the loan tenure in months. The resultant EMI corresponding to the input values is generated instantly. Users can change any or all of the input values to reach the ideal EMI amount.
When using a home loan EMI calculator, you can reduce your Home Loan EMI by:
- Reducing the principal amount
- Lowering the rate of interest
- Opting for a longer loan tenure
The EMI value is made up of two components: the principal part and the interest component. Therefore, in addition to EMI calculation, the Home loan EMI calculator also helps understand the total cost of the loan.
Additional Info: How to get Pradhan Mantri Awas Yojana
How to Calculate Home Loan EMI using EMI Calculator?
Home loan EMI is calculated using the Home Loan EMI calculator. Values of three variables – the principal amount, the Home Loan Rate of Interest, and the loan tenure are required to calculate the Home loan EMI. The Home Loan EMI calculator formula for the same is E = P x r x (1 + r) n / ((1 + r) n – 1). Though the calculation can also be done using the Home Loan EMI calculator excel sheet, the job is much easier when using the Home Loan EMI calculator online.
How to calculate EMI?
- In the Google Search bar start the search for Home Loan EMI calculator
- Open any Home Loan EMI calculator online
- Enter the value of the principal loan amount
- Enter the rate of interest at which the lending institution is offering home loans.
- Enter the number of months in which you wish to repay the loan.
On submission of the above parameters, the EMI value corresponding to the inputs will be generated by the Home Loan EMI calculator, instantly.
For instance:
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The above calculations are calculated using rate of interest @ 7.35% per annum, the Lowest home loan Interest Rate Offered by HDFC Bank for a term of 20 years.
What is a Home Loan EMI Calculator?
Home loan EMI calculator is an important financial tool. It is helpful in calculating the Equated Monthly Installment (EMI) of the home loan. This gives the borrower a clear indication of the monthly outflows to repay the loan which is extremely helpful in budgeting.
The Home Loan EMI calculator formula E = P x r x (1 + r) n / ((1 + r) n – 1) generates the result using three parameters namely, principal loan amount, the rate of interest and the loan term taken in months). Given the complexity of the Home Loan EMI calculator formula, the job can be best done using the Home Loan EMI calculator online.
Additional Info: Also check Rs. 1 Crore Home Loan EMI
what is emi?
EMI stands for Equated Monthly Installment (EMI). Once the borrower Apply for a Home Loan, the principal amount is approved at a rate of interest charged by the lending company. The cumulative total of the principal amount availed and the rate of interest thereon are to be repaid in the decided loan term. This repayment is done every month. The amount paid is called the Equated Monthly Installment or the EMI.
The home loan EMI is calculated using the Home Loan EMI calculator online. The Home Loan EMI calculator formula requires three inputs – principal amount, rate of interest, and the loan tenure in months. The resultant EMI corresponding to the input values is generated instantly. Users can change any or all of the input values to reach the ideal EMI amount.
When using a home loan EMI calculator, you can reduce your Home Loan EMI by:
- Reducing the principal amount
- Lowering the rate of interest
- Opting for a longer loan tenure
The EMI value is made up of two components: the principal part and the interest component. Therefore, in addition to EMI calculation, the Home loan EMI calculator also helps understand the total cost of the loan.
Additional Info: How to get Pradhan Mantri Awas Yojana
How to Calculate Home Loan EMI using EMI Calculator?
Home loan EMI is calculated using the Home Loan EMI calculator. Values of three variables – the principal amount, the Home Loan Rate of Interest, and the loan tenure are required to calculate the Home loan EMI. The Home Loan EMI calculator formula for the same is E = P x r x (1 + r) n / ((1 + r) n – 1). Though the calculation can also be done using the Home Loan EMI calculator excel sheet, the job is much easier when using the Home Loan EMI calculator online.
How to calculate EMI?
- In the Google Search bar start the search for Home Loan EMI calculator
- Open any Home Loan EMI calculator online
- Enter the value of the principal loan amount
- Enter the rate of interest at which the lending institution is offering home loans.
- Enter the number of months in which you wish to repay the loan.
On submission of the above parameters, the EMI value corresponding to the inputs will be generated by the Home Loan EMI calculator, instantly.
For instance:
| Table Header | Table Header | Table Header | Table Header |
|---|---|---|---|
|
Content |
Content |
Content |
Content |
| Table Header | Table Header | Table Header | Table Header |
|---|---|---|---|
|
Content |
Content |
Content |
Content |
The above calculations are calculated using rate of interest @ 7.35% per annum, the Lowest home loan Interest Rate Offered by HDFC Bank for a term of 20 years.
FAQs
How is Home Loan interest calculated?
Home loan interest is calculated as a percentage of the principal amount. It is calculated on a reducing balance basis. Upon every EMI repayment, its principal component settles the home loan principal amount partially. This reduces the outstanding principal amount. Subsequent interest calculation is done using the outstanding principal amount as the total loan amount.
How does the home loan EMI calculator work?
The home loan EMI calculator works on the Home Loan EMI calculator formula E = P x r x (1 + r) n / ((1 + r) n – 1). Here P = principal loan amount, r = rate of interest, n = loan period in months.
What will be the EMI generated by the Rs. 20 Lakhs Home Loan EMI calculator?
For an Rs. 20 lakh home loan taken at a rate of interest of 7.35% p.a. for a 30 year loan period, the EMI amount will be Rs. 15,378.
