Home Loan EMI is a fixed amount you are required to pay every month against the loan borrowed on a particular due date. The EMI comprises of two components
EMI on home loan is calculated on the basis of combinations of factors, namely principal amount, interest rate, tenure of loan and computation method. To understand how much EMI you need to shell out, you need to assess how much loan amount you actually need to buy a house.
IIFL Home Loans EMI Calculator
Calculating a home loan is one of the significant factors when initiating the home loan application process with a lender. The free tool can be used multiple times to calculate EMI on home loan, and it helps you make an informed decision when buying your dream home. Below is the home loan EMI calculation formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
E: Equated Monthly Instalment,
P: Principal Amount
r: Interest rate per month
n: Number of monthly instalments or loan tenure in months.
Manual calculation of the home loan EMI can be time-consuming. Additionally, there are bound to be errors. To avoid this, IIFL Home Loans offer Home Loan Calculator that helps you arrive at a specific amount.
How to use the Home Loan Calculator
All you need to do is fill in the details such as loan amount, tenure and interest rate in the home loan eligibility calculator to know the monthly repayment amountNote: The online calculator is provided only as a general self-help tool that helps you make an informed financial decision.
To estimate how much loan amount you can get given your monthly income and other parameters like other EMIs, you must try IIFL Home Loans’ Home Loan Eligibility Calculator.
Home Loan EMI is the specific amount that a borrower has to pay every month on a particular due date. The EMI will be applicable until the home loan amount is entirely repaid by the borrower.
Home Loan EMI Calculator is a free online tool that allows you to estimate monthly instalments against the loan amount borrowed.
The online calculator gives a clear understanding of the EMI amount that you have to repay till the tenure of the home loan. It is crucial to estimate home loan repayment as you can set aside a stipulated amount reserved for EMIs every month, thus making your home loan buying process a better one.