Home loan EMI calculator India

# Home loan EMI calculator India

Financeseva provides best loan services all over India at best interest rates . Contact for home loan, loan against property, personal loan, project loan etc.

## Home loan EMI calculator India

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