All About Home Loan Calculator: Usage and Benefits - Loan Trivia

## Before jumping on calculating EMIs let’s first know what is Home loan EMI

EMIs, or equated monthly installments, can make loan repayment more manageable by dividing the amount to be repaid into smaller amounts that can be paid each month over the repayment period. It includes repayment of the principal amount and payment of the interest on the outstanding amount of their home loan.

How to Calculate Home Loan EMI?

The easiest way of computing their EMI is by using an home loan EMI calculator. It is an online calculator that can determine the monthly EMIs for a specific loan amount. The calculator considers the loan amount, the bank’s interest rate, and the payback period to calculate the amount of EMI the borrower will have to pay each month during the chosen period. The formula for the same is-

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

Here, P represents the principal and the loan amount.

N is the number of monthly installments.

R is the home loan interest rate.

How to Use Home Loan EMI Calculator?

It’s simple to use the home EMI calculator. All the borrower has to do is enter a few loan-related facts, and the program will display the exact loan EMI amount due. Once you have found the home loan installment calculator, do the following steps-

1. Enter their home loan amount.

2. Fill in the loan term the borrower want to pay back.

3. Select the interest rate that applies to their home loan.

Once the borrower has decided on these aspects, the home EMI calculator will show him the information, like:

- Total home loan interest payable.

- Total payment (interest + principal).

- The exact home loan EMI amount per month

Benefits Associated With the Home Loan EMI Calculator is-

• It calculates the exact EMI amount due over the term, giving the borrower absolute power to change their outlays to pay their EMIs.

• The loan calculator can be used to compare loan offers from different institutions. This will assist the applicant in determining the most viable choice.

• There are no mistakes when it comes to calculating the exact loan EMI.

• The applicants are spared the trouble of manually calculating the EMI amount.

• Organising their funds becomes a lot easier and less time-consuming.

Now that the loan aspirants how to calculate a home loan EMI they 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 fulfill 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, one should use the home loan eligibility calculator to check if they qualify and apply for a home loan online.

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