The home loan EMI calculator helps you to calculate your Home loan EMI easily. The EMI calculator will help you arrange your cashflows for home loan repayments. With our simple house loan EMI calculator, you can calculate the EMI that you will be needed to pay for your home loan.
What is Home Loan EMI
EMI is an expression for Equated Monthly Installment. It includes repaying the principal amount and paying interest on the outstanding balance of your home loan. A more extended loan term aids in lowering the EMI.
How to Use Home Loan EMI Calculator?
To calculate your EMI, provide the following information:
- Loan Amount: Enter the loan amount you intend to get.
- Loan Tenure (In Years): Enter the loan duration you want to apply for a home loan. A more extended stay helps to improve eligibility.
- Interest Rate (% P.A. ): Enter the interest rate.
Home Loan EMI Calculator Formula
The house loan EMI calculator formula is used to calculate the actual EMI amount, which is –
E = [P x R x (1+R) ^N] / [(1+R) ^N-1]
|R||Rate of interest|
You will get the exact result through Home Loan EMI Calculator.
Each loan EMI now consists of two components: a principal component and an interest component. The interest component is high at the start of the tenure, while the principal component is relatively modest.
Advantage of getting Offer Loan Calculator
Here is some advantage of getting Offer Loan Calculator:
- It’s easy to use. Just put the loan amount and hit the enter button to get the result
- You can use it free of cost. You don’t need to pay any amount for that.
- You have no time limit.
- Easily understand through a pie chart.
Who can apply for Home Loan?
Individuals who make money working in government and private sector
like doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretaries, management consultants, etc., can apply for Home Loan.
Documents for Business Income Tax Return.
Individuals above the age of 21 and, ideally, not older than 60-65 years.