In India, buying a house can be a challenging task without an outer source of finance. House buyers are increasing and a good number of home buyers are choosing this type of credit to finance their house purchase. It is not surprising that housing credit has grown by over 16% in FY18.
The main responsibility of a future borrower is to have an exact calculations of the EMI amount they need to pay. One can take the advantage of our online home loan EMI calculator for further calculations.
How can an online home loan EMI calculator help you?
EMI or Equated Monthly Instalment is a fixed amount that a borrower needs to pay back to the lender or any financial institution every month till their EMI tenure ends.
Calculating the EMI’s could be difficult task for the first time borrowers and so we have introduced the online home loan EMI calculator to make you calculations easy and handy.
- Manually performing the complicated EMI calculation can be time consuming and the results might be inaccurate. Therefore, using the home loan EMI calculator can save your valuable time and offer you accurate results.
- This calculatorprovides you an accurate estimate, which is essential for your financial planning.
- The EMI calculation process for each type of loan is different. The home loan EMI calculation differs from the personal loan EMI. The online home loan EMI calculator is made specifically for the home loans.
- This calculator is free and you can use it whenever necessary. In addition,you can also check the EMI for various loan amounts.
Formula to determine the home loan EMI amount
Online home loan EMI calculator uses a standardized formula:
E = [P x R x (1+R) ^N] / [(1+R) ^N-1]
Here,
|
E |
The EMI amount |
|
P |
The Principal amount |
|
R |
Rate of Interest |
|
N |
The loan tenure |
An example has been provided:
Suppose a manfunds a home loan Rs. 1 Crore for a time period of 15 years at aninterest rate of 12%.
Therefore, according to the formula –
E = [1,00,00,000 x12 x (1+12)^15] / [)1+12) ^ 20-1]
A online home loan EMI calculator India will help you to calculate the exact result in no time. In the above example the result shall be Rs. 1, 10,108.
How to use the online home loan EMI calculator?
The online home loan EMI calculator is simple and easy-to-use. No effort is needed to expertise in its use.
- You only need to enter the loan amount, the rate of interest and the loan period in years.
- You will get the accurate EMI value displayed before you in seconds.
Advantages of using the Home Loan EMI calculator
Here are some advantages of using the calculator available at our website:
- You do not need to put any effort while using this calculator as you only need to enter few necessary details, and the rest will be done by our calculator.
- You can use it freely without any registration.
- This calculator is for unlimited use and to quickly check your EMI’s for all the home loan finances.