Home Loan EMI Calculator
Calculate your Home Loan EMI and Interest payable in 3 steps
(Principle + Interest)
Buying a property is a long-term and important decision of one’s life so is taking a home loan, while buying a residential property or borrowing a large ticket home loan it’s very important to plan the repayment of the loan and it must be planned keeping in mind your monthly household income and expanses. Taking home loan without a proper planning can land you and your family into financial crisis, therefore, it’s advisable to plan your future cash flow before you take a home loan.
Whenever a home finance company offers you a home loan, it always charges you certain interest on loan and offer you the loan for a fixed tenure and you repay the loan using Equated monthly instalments (EMI). A clear planning and idea about the amount you will have to pay towards your home loan EMI will serve you to make an informed decision while planning to take a loan. In order to know your home loan EMI exactly for a particular term at a given interest rate and for a fixed loan amount it’s advisable to take help of Home Loan EMI Calculator. With the help of MyMudraFinCorp Home Loan EMI Calculator, you will get a clear understating about the ratio of interest on loan and principle loan amount payable based on a specific loan tenure and rate of interest on loan.
MyMudraFinCorp Home Loan EMI Calculator will give you approximate figure for the total monthly installment payments along with a complete break-up of the home loan repayment process.
To use the calculator, you have to input the loan amount proposed to take, interest rate on loan and term of the loan.
Along with your home Loan EMI, you can also use home loan EMI Calculator to have an access to your home loan EMI amortization sheet, it helps you to plan your home loan EMI in much advance.
EMI: EMI stands for “Equated Monthly Instalments” that is the repayment amount payable to the home loan providing Bank or NBFC when you take a home loan for a certain amountand term/period with an interest on loan.
Home Loan EMI Calculation
The calculation of home loan Equated monthly instalment is based on the following factors:
- Home Loan Interest Rate: the interest rate bank will charge on the loan
- Loan Amount: the proposed loan amount.
- Home Loan Tenure: the repayment term or the tenure of the loan, for which you take the finance.
A Home loan is always sanctioned for a fixed tenure and repayment is made within a fixed tenure as decided during the sanctioning process of the loan. Minimum home loan tenure is 1 year and maximum is 30 years.
What is EMI?
EMI stands for equated monthly instalment. An EMI comprises of both principle and interest component. You can use our home loan EMI calculator to find out your monthly payments based on the loan amount, rate of interest and the repayment period of the loan.
What is Home loan EMI?
A home loan EMI is a medium through which you repay your home loan. EMI consists of two components: one is principle amount and the other is interest charged on current outstanding amount. Initially, when you start repaying your loan, the interest component in the EMI is higher and principle component is lower. As the loan matures, the interest component keeps reducing and the principle component increases.
Basic Facts about EMI
- Higher EMI: If tenure is short, the EMI amount is higher
- Lower EMI: If term is long then the EMI is lower
- Interest Rate: Lower the interest rate, lower will be the instalment
Home Loan EMI Calculator
How to Use a Home Loan EMI Calculator: To know your instalment, you will have to input the amount you want to borrow, the rate of interest applicable and tenure available from the bank.
Lowest EMI Housing Finance: To get the lowest instalment on your housing loan, you must choose to go with the longest available term as per the policy of the lender. In case of a short tenure loan, the lender will recover the principle amount faster because of a shorter period and that will make the EMI higher.
The longest tenure for housing finance in India is 30 years offered by SBI, HDFC, Axis Bank, CICI Bank and others. Maximum housing loan amount in India – There is no limit.