Online Home Loan EMI Calculator
Find out how much money you can save for your future!
Plan your Dream House within your budget. Calculate your Home loan EMI right away using our online Home loan EMI calculator. Quick, easy, and safe to use. 100% Accurate results.
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Home Loan EMI - An Overview
A home loan is a type of loan that individuals can take out to purchase or construct a house or apartment. The borrowed amount is typically used as a down payment for the property and the remaining amount is paid back to the lender over a period of time, usually 15-30 years. Borrowers are usually required to provide collateral, such as the property being purchased, to secure the loan. In comparison the interest rate on a particular home loan is either fixed or continuously altering. The monthly payments are termed as equated monthly instalments.
Loans are offered by private housing financing companies, banks and other financial institutions. To apply for a home loan, you will typically need to provide documents such as proof of income, credit score, and proof of identity. Before furnishing a home loan, usually the applicant's ability to repay the loan and credit score is cross verified.
Home loans can be a great way to purchase a home, but it's important to consider the long-term financial implications of taking on such a large debt. It's recommended to evaluate your budget, credit score and the property price before making any decision.
EMI stands for equated monthly instalment. It is the amount of money that a borrower needs to pay to a lender each month to repay a home loan. The overall EMI is calibrated based on the loan amount rate of interest and the tenure of the loan. This computation usually involves both the principal amount and the interest collector on the loan.
Home Loan EMI Calculator
The EMI calculator from vakilsearch is a free online tool that can calculate the monthly EMI based on your home loan quickly. All you have to do is enter the loan amount, interest rate and the overall loan tenure to calculate the EMI. By knowing your EMI you get to plan your finances accordingly. This free online home loan EMI calculator from Vakilsearch is very much easy to use.
How Do Home Loan EMI Calculators Work?
Home loan EMI calculation is conducted based on three crucial factors that are the loan amount, the interest rate, and the overall loan tenure. The formula used to calculate EMI is:
EMI = P x r x (1+r)^n/((1+r)^n-1)
Where:
| P is the principal loan amount (the amount borrowed) |
| r is the monthly interest rate (the annual interest rate divided by 12) |
| n is the number of monthly instalments (the loan tenure in months) |
The EMI calculator uses this formula to calculate the monthly instalment that the borrower will need to pay to repay the loan. You will have to enter the required information on the particular input field for calibrating the EMI options. The calculator provides the results quickly and accurately based on the entered information.
Additionally, some EMI calculators also include the amortisation schedule which shows how the EMI is split between the interest and the principal amount over the life of the loan.
It is crucial to note that these calculations are totally based on assumptions of a primarily fixed interest rate along with the monthly repayment. The actual EMI completely depends on the specific terms and conditions of that particular loan.
So, assuming that you take a home loan of ₹50 lakh with an average interest rate of 12% for a tenure of 10 years, the approximate EMI will be:
P = ₹ 50 lakh
R = 12/100/12 or 0.01 (convert to months)
N = 10 years or 120 months
EMI = [5000000 x 0.01 x (1+0.01)^120] / [(1+0.01)^120-1]
EMI = ₹ 71,735.
Steps to Use Free Online House Loan EMI Calculator
Step 1: Choose the loan amount using the slider
Step 2: The loan tenure is then determined in months
Step 3: Select the interest rate by sliding the slider
Step 4: The calculator will display the total amount due, total interest, and the EMI due
Step 5: Change the input sliders at any moment to recalculate your EMI
Step 6: Moving the sliders will instantly compute your EMI.
Benefits of Using a Home Loan EMI Calculator
There are several advantages of using a home loan EMI calculator:
1. Convenience: Online home loan EMI calculator from Vakilsearch is very easy to use and one can use as per their convenience
2. Accurate Results: The calculator uses mathematical formulas to provide accurate results, taking into account the interest rate, loan amount, and loan tenure
3. Customisable: A home loan EMI calculator allows you to input various loan amounts and interest rates, giving you the flexibility to compare different loan options and select the one that best suits your needs
4. Helps in Budgeting: By providing an estimated monthly EMI, a home loan EMI calculator can help you to plan your budget and ensure that you can comfortably afford the loan repayment
5. Transparent: EMI calculator gives you a transparent and clear picture of your payment and interest component of your loan, which will help you to make an informed decision.
Why Vakilsearch?
Our main goal is to simplify legal and financial compliance for the average person. For this reason, we have created the best Home loan EMI calculator for loans online. Try out our EMI calculators available online from different loan providers. It is incredibly quick and efficient.
Frequently Asked Questions (FAQs)
A formula is used to calculate EMI after taking into account the whole spectrum of factors, including principal amount, interest rate, and tenure.
No! It will only take a few seconds.
You can estimate accurately and save time by using the online EMI calculator.
Equated Monthly Instalments, or EMIs, are a convenient and organised way to repay borrowed money. The amount repayable (amount borrowed plus amount to be paid in interest) is divided into equal monthly payments during the course of the loan. Each such reimbursable monthly fee is known as an EMI.
An amortisation schedule with corresponding balance amounts per year is given to applicants to help them allocate money paid towards the interest and principal.
