Home Loan EMI Calculator - Calculate Housing Loan EMI Online

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/HFCs.

A home loan calculator helps you to know the exact amount to 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 as interest.

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

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.

The formula is simple to calculate EMIs. It 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.

The calculation of monthly installments can be confusing for a new loan applicant. But a home loan EMI calculator helps in calculating the installments accurately and smoothly within seconds.

The online home loan EMI calculator provides the exact and correct amount for the EMI to be paid by the loan bearer, so you can plan your budget.

The home loan EMI calculator works on the principle of the basic mathematics formula. It calculates the monthly installments based on the rate of interest of the bank, the principal amount, and the tenure for which the loan amount is taken.