Loan Amount
Tenure
Interest rate
EMI
₹ 5,510
Principal Amt.
₹ 3,00,000
Interest Payable
₹ 4,93,415
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When you take a home loan, you will get a specific tenure to repay it. During that tenure, you will have to pay a certain amount monthly, which will include the principal amount and the interest. This monthly amount that you will pay every month is called the home loan EMI.
A home loan EMI calculator lets you determine how much you need to pay every month to repay your home loan It will eliminate complications of manual calculations and give you an idea about the EMI payable in no time.
The home loan EMI calculator formula is as follows:
EMI = P x R x (1 + R) ^ N / [(1 + R) N - 1]
In the home loan EMI calculator formula, P denotes the principal amount, and N denotes the tenure. R refers to the interest rate applicable every month.
Maybe you have taken a home loan of Rs 10,00,000 at an annual interest rate of 7.2%. The tenure for repaying the loan is 10 years or 120 months. In that case, the EMI amount can be calculated as follows:
Rs 10,00,000 * 0.006 * (1 + 0.006)120 / ((1 + 0.006)120 - 1) = Rs 11,714
The total payable amount will be Rs 14,05,703 because an interest amount of Rs 4,05,703 will get added on the principal amount.
The steps to use the IIFL home loan EMI calculator online are as follows:
If you don't know how to calculate home loan EMI, a home loan calculator will help you. All you have to do is provide the necessary details to the tool. After that, it will accurately calculate your EMI amount instantly.
The EMI calculator is extremely easy to use and no technical knowledge is necessary to operate it. Moreover, it eliminates the need for manual calculations and saves your time. By enabling you to correctly determine the home loan EMI in no time, the calculator helps you plan your finances accordingly.
A home loan interest EMI calculator considers the following factors to determine the EMI amount:
The different advantages of using the IIFL home loan EMI calculator online are as follows:
Using the home loan EMI calculator is extremely easy. You will have to carefully input the necessary information to see the EMI amount.
You can leverage the home loan EMI calculator online for free.Moreover, you can use it an unlimited number of times to compare different home loan EMIs and find the most affordable one.
If you calculate the home loan EMI manually, the tendency of human error is present. Moreover, manual calculation is a time-consuming affair. But, the IIFL hhome loan EMI calculator will provide you with accurate results instantly.
A home loan involves individuals borrowing a certain amount to purchase a house. Home loans are also available for construction, renovation, or extension purposes.
Individuals wondering how to calculate home loan EMI need to learn what factors affect the EMI amount. The home loan EMI formula considers the tenure, principal amount, and interest rate to deliver the required result.
A home loan monthly EMI calculator provides instant results accurately. If you rely on a home loan EMI calculator, you will be able to avoid manual calculations, which are often error-prone.
The pre-EMI interest on a home loan means that your monthly contributions are for the interest amount. If you are paying a pre-EMI, it means that you are not contributing anything toward the principal amount. The facility to pay pre-EMIs is available when the house is under construction.
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ATTENTION INVESTORS
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Risk Disclosure on Derivatives
Copyright © IIFL Securities Ltd. All rights Reserved.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213, IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
We are ISO 27001:2013 Certified.
This certificate demonstrates that IIFL as an organization has defined and put in place best-practice information security processes.