A customer needs to know how much has to pay per month for the home loan he has taken from the bank at respective Interest Rate, Loan amount & repayment period.
How is Home loan EMI calculated?
To calculate exact per month emi, it is based on the loan you have taken and the interest on is calculated and the amount is paid within the decided period ie tenure.
So if you take a 3000000 home loan and the interest is 8.45% for 20 years, your emi will be Rs. 25,845. So Home loan emi depends upon below 3 points:
- Loan amount
- Interest rates
Mathematically, EMIs are computed using the following formula
Monthly Instalment Amount = [ P x R X (1 + R) ^ N] / [ (1 + R) ^N - 1]
So for customer / user’s help, we have pre calculated some loan amount emi’s for respective tenure periods at various interest rates so its’s easy to know how much loan amount have to pay and what’s an outgo and how much interest you paid and how much you can save if you lower your tenure.
SBI, HDFC, Axis Bank, Bank of Baroda, Bank of India, Union Bank, DHFL, LIC Housing, SBP, Canara Bank, Allahabad Bank, ICICI Bank, Yes Bank, Citibank, PNB, UCO Bank, Indiabulls & others.