Home loan EMI calculator India
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A Home Loan is a Secured Loan that is acquired to buy a property or your dream home conveniently by offering it as security or MSME Collateral .
EMI Calculator
An Equated Monthly Income is the specified amount of money that the borrower has to pay. It has two components ie, interest rate and the principal amount. EMI is the feature through which Banks, Financial Institutions, or NBFCs issue to an applicant to borrow the amount of loan to meet the need of cash flow and permit them to pay back in monthly installments at a particular rate of interest throughout a loan term.
The home loan EMI calculator will evaluate the monthly EMIs that depends on the interest rate, principal amount and the tenure of the home loan.
Mathematical EMI Formula:
EMI = PV×i×[(1+i)n(1+i)n−1]
Where, i = Rate of Interest
PV = Loan amount
n = Tenure (years or months)
For example,
An applicant takes a home loan of Rs. 60 lakhs with an average interest rate of 10% for a tenure of 9 years. So, the approximate EMI will be:
Principal amount
60,00,000
Rate of interest
10%
Tenure in no. of months
108
Monthly EMI
81257
