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# Home Loan EMI Calculator

Use the Calculator to know your Monthly EMIs, Monthly interest and the outstanding amount towards the home loan with ease. The EMI calculator is useful in planning your cashflows for servicing your home loan.
Loan Amount (₹)
Rate of Interest (% p.a)
Loan Tenure
• Principal Amount
• Interest Amount
• Monthly EMI:
• Principal amount:
• Total Interest:
• Total amount
Scheduler for EMI payments from date
• Year
• Principle
• Interest
• Balance Print schedule

## Formula to calculate Home Loan EMI

The formula for calculating Home Loan EMI is:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where:

P is the principal loan amount

R is the rate of interest per month [i.e., annual interest rate/12 months]

N is the loan tenure in months

Here's an example to illustrate how this formula works:

Suppose you have taken a home loan of INR 50,00,000 at an interest rate of 9% per annum for a period of 20 years. You will be making the loan payments on a monthly basis.

In this case, the principal loan amount (P) is INR 50,00,000, the rate of interest (R) is 9/12 = 0.75% per month, and the loan tenure (N) is 20 years x 12 months = 240 months.

Plugging these values into the formula, we get:

EMI = [50,00,000 x 0.75 x (1+0.75)^240]/[(1+0.75)^240-1]

= INR 44,252.78

This means that you will need to pay an EMI of INR 44,252.78 each month for 240 months to repay the home loan.

## FAQs about Home Loan Calculator

A home loan EMI calculator is a tool that helps you calculate the monthly installments you need to pay towards your home loan. It takes into account the principal loan amount, interest rate, and loan tenure to arrive at the EMI that you need to pay each month to repay the loan.
- To use a home loan EMI calculator, you will need to input the following details:
- Principal loan amount: This is the total amount of loan that you have taken from the bank.
- Rate of interest: This is the interest rate at which the bank has provided you with the loan.
- Loan tenure: This is the duration for which you have taken the loan. It is usually expressed in months or years.
- Frequency of payment: This is the frequency at which you will be making the loan payments. It could be monthly, quarterly, half-yearly or annually.
Based on these inputs, the home loan EMI calculator will use a specific formula to calculate the EMI and provide you with the result. The EMI is the total amount that you need to pay each month towards your home loan, and it includes both the principal and the interest.

Using a home loan EMI calculator is simple and straightforward. Follow these steps:
- Enter the principal loan amount for which you have taken the home loan.
- Enter the rate of interest at which the bank has provided you with the loan.
- Enter the loan tenure for which you have taken the loan. It is usually expressed in months or years.
- Select the frequency of payment from the given options. This is the frequency at which you will be making the loan payments. It could be monthly, quarterly, half-yearly or annually.
- Click on the "Calculate" button.
The home loan EMI calculator will use the given information and the formula for calculating EMI to arrive at the monthly installment that you need to pay. It will also provide you with the total interest and the total amount (principal + interest) that you will need to pay over the loan tenure.

Shop around: Don't settle for the first home loan offer that you get. Instead, compare the rates and terms offered by different banks and financial institutions to find the best deal.
Check your credit score: A good credit score can help you get a lower interest rate on your home loan. Therefore, it is important to check your credit score before applying for a home loan and take steps to improve it if necessary.
Negotiate: Don't be afraid to negotiate with the lender to get a better deal. You can try negotiating on the interest rate, processing fee, and other charges to get a more favorable loan offer.
Choose a shorter loan tenure: A shorter loan tenure means higher monthly installments, but it also means that you will pay less interest in the long run. Therefore, choose a shorter loan tenure if you can afford it.
Opt for floating interest rates: Floating interest rates tend to be lower than fixed interest rates in the initial years of the loan. If you are confident that the interest rates will remain stable or decrease over the loan tenure, you can opt for a floating interest rate to save on interest payments.

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