Home Loans EMI Calculator India
Home Loan EMI Calculator India
A Home loan is a secured home loan emi calculator India that is acquired to buy a property or your dream home conveniently by offering it as security or collateral.
An Equated Monthly Income is the specified amount of money that the borrower has to pay. It has two components i.e., 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 interest rate of Rs. 60 lakhs with an average interest rate of 10% for a tenure of 9 years. So, the approximate EMI will be: