The home loan EMI calculator online calculates how much a person will have to pay in EMIs for a specific mortgage. A mortgage like this is available. The Equated Monthly Instalment calculator calculates and displays one's EMI (Equated Monthly Instalment) depending on the loan amount, interest rate, and loan term. The online home loan EMI calculator aids in cash flow planning for simple loan servicing. Several lenders in the market provide house loans with attractive interest rates and additional benefits such as a top-up loan, flexible repayment options, home loan balance transfer, and customized insurance plans. Home loan EMI calculator works on a simple formula: EMI= [P x R x (1+R) ^N]/ [(1+R) ^N-1]
Here, ‘P’ denotes the principal or loan amount; ‘R’ denotes interest rate per month, and ‘N’ denotes the number of monthly instalments.
How to use Home Loan EMI Calculator online?
It’s simple to use the home loan EMI calculator online. All one has to do is enter a few loan-related facts, and the program will display the exact loan EMI amount due. Once they have found the home loan instalment calculator, follow the below steps:-
- Enter their home loan amount.
- Fill in the loan term the borrower wants to pay back.
- Select the interest rate that applies to their home loan.
Once the borrower has decided on these aspects, the calculator home loan EMI online will show him the information, like:
- Total home loan interest payable.
- Total payment (interest + principal).
- The exact home loan EMI amount per month
Now that the applicant knows how to calculate a home loan EMI, he can start looking for a home loan with a low-interest rate and value-added features to make borrowing easier. Choosing among the finest housing companies offering home loans is a viable option to fulfil their house buying needs in India. It is one of the most reliable ways to receive a modest home loan interest rate starting at just 6.75% and on fair terms. To get started, the applicant should use the home loan eligibility calculator to check if they qualify and apply for a home loan online.
Read Also: Know the Benefits of using a Home Loan EMI Calculator
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