Principal Amt. 100000
Interest Payable 18250
Home Loan EMI is a fixed amount of payment that a borrower pays to a lender on a specified date every month as a repayment for it. A customer can pay the EMI via auto debit facility of the bank or with post dated cheques.
The EMI is calculated on the basis of following factors namely principal amount, interest rate & loan tenure.
The formula of Home Loan EMI calculation is:
Here, E stands for EMI, P stands for principal amount & R stands for rate of interest every month & N indicates tenure of the loan . The monthly EMI amount is fixed however, with the passage of time, you will pay less towards interest & more towards principal.