Home loan EMI calculator India
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
n = Tenure (years or months)
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: