These calculators are only meant to be used as simple planning tools. Many factors influence the result, including the assumptions you offer, and we make no guarantees as to their validity or usefulness to your situation.
What exactly is EMI Calculator for Home Loan?
The Home Loan EMI Calculator aids you in calculating the loan payment, which is also popularly known as EMI, for your home loan. It's a simple calculator that can be used as a financial planning device for property buyers.
Do you wish to know what is EMI of a home loan is?
Equated Monthly Instalment Is the full form of EMI. It includes principal repayment and interest payments on the outstanding balance of your property loan. If you take a loan for a long duration of time (for a maximum period of 30 years), it aids in reducing the EMI of your loan.
Example: How Is Loan EMI Calculated?
The formula for calculating the EMI of a loan is-
P x R x (1+R) ^N / [(1+R) ^N-1]
P denotes the amount of the principal loan.
N denotes the loan's repayment period in months.
R denotes Interest rate per month.
R is The interest rate on your loan which is calculated on a monthly basis.
R = Annual Rate of interest/12/100
It can be tedious to calculate the EMI manually using the formula.
To solve this, you can take the help of our EMI Calculator for calculating your loan EMI.
What is the role of EMI calculation in the planning of home purchases?
This EMI Calculator shows the amount of money that needs to be paid as the EMIs. It also helps create awareness about the monthly outflow for the housing loan. This helps in estimating the loan amount which can be obtained from the bank. It also helps in determining the property's cost and required contribution. As a result, understanding the EMI is essential for planning your house buying journey better and determining your home loan eligibility.