(Principal + Interest)
Use this home loan EMI calculator to find out how much will be your exact EMI on your home loan. You can even know EMIs for different years and different rate of interest as per your requirement
What is Home Loan EMI?
Home Loan EMI means Equated Monthly Installment. Popularly known as monthly installment. EMI includes the principal plus interest a borrower has to pay each month to the bank.
How to use EMI calculator for home loan ?
A home loan calculator helps you to know the exact amount of your home loan EMIs that you have to pay to your home loan. Using a home loan calculator is really simple. In just 3 simple steps you can know the exact EMI amount.
Step 1) Enter the loan amount you need like 5 lacs, 10 lacs, or whatever loan amount you want to take from the bank.
Step 2) Select the Rate of Interest.
Step 3) Enter Loan Tenure like how many years you want to take the loan for. You may enter the duration in months as well.
Once you enter all the above information EMI calculator will evaluate your monthly EMI, total Interest payable, and total payment which will include principal as well interest.
Once you are satisfied with loan EMI, you can directly apply for home loan by clicking Apply Now.
How does EMI calculation help in planning the home purchase ?
Well, the Home Loan EMI Calculation helps you to know the exact amount you need to pay every month as a monthly installment. Once you know how much you have to pay then you can plan your budget accordingly.
Which mathematical formula does Housing Loan EMI Calculator use to calculate EMI?
The formula is simple to calculate EMIs. It is = [P x R x (1+R) ^N]/ [(1+R) ^N-1] where:
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