About Home Loan EMI Calculator

A house EMI calculator is an easy-to-use tool that allows a potential borrower to calculate home loan EMIs easily in an instant. This, in turn, helps the borrower to make an informed decision regarding the home loan amount to be availed.

Home Loan EMI Calculator Formula:

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

Here, P is the principal amount, or the loan amount borrowed, R denotes the home loan interest rate applicable on a monthly basis, N represents the number of monthly instalments.

Calculating EMIs using this formula, however, might prove to be a tedious task. This is exactly where a home loan EMI calculator comes in handy, as it processes the entire calculation in a few simple steps.

How to check EMIs Using a Home Loan Calculator?

The steps to use a house loan calculatorinIndiaareasfollows-

● Step 1: Enter the home loan amounttobeborrowed.

● Step 2: Fill in the rate of interest applicable.

● Step3: Provide the loan tenor over whichtheloanwouldberepaid.