A Home Loan is a Secured Loan acquired to purchase a new property such as a house, villa, apartment, and even for extension, renovation, and repairs of an existing property by offering it as security or MSME Collateral. It provides funding of high-value at a rate of interest and for a longer tenure.
An Equated Monthly Income is the payment that is made repeatedly to repay the due amount of the loan every month. It has 2 factors i.e., rate of interest and principal amount.
Home Loan EMI calculator of Financeseva is very easy to handle. An applicant has to enter the rate of interest, loan amount, and tenure in the number of months. It gives results within a couple of seconds. The borrower can use it anytime and anywhere. It saves time and gives an accurate result.
Mathematical formula for home loan EMI calculation:
EMI = PV×i×[(1+i)n(1+i)n−1]
Where, I = Rate of Interest
n = Tenure (years or months)
Assume that the borrower takes a home loan for Rs. 60 lakhs at an interest rate of 6.60% for a tenure of 12 years, then what will be the EMI?
Tenure (in number of months)