Remember, the longer the tenure, the lesser the EMI. Whatever tenure corresponds to that is the right tenure for you. Received multiple home loan offers of varying tenures and interest rates? Compare them by figuring out the monthly instalments for each offer using the home loan EMI calculator.īy moving the tenure slider on a home loan tenure calculator above, you can accurately settle on the optimum EMI for a home loan. This gives you a fair idea of how much interest you will be paying on your loan. Once you enter the loan amount, the home loan interest rate and the tenure, the house loan calculator will display both the total interest component and the total payment amount.
Once you have checked our home loan eligibility criteria and used the home loan eligibility calculator to determine how much home loan you can afford, calculate the home loan EMI accurately and swiftly with a house loan calculator. There’s no better tool out there for financial planning when it comes to a housing loan. Here’s a list of our online home loan calculator uses. Total amount = EMI*T = 16729*240 = INR 40,14,912/- Benefits and Uses of Home Loan EMI Calculator From this, you can even calculate the total amount you owe the financial institutions after taking up a home loan. If you opt for a housing loan of INR 20 lakh at an interest rate of 7.99% p.a., and your tenure is 20 years i.e., 240 months, then your EMI can be calculated as:Īfter putting the correct R-value in the formula, we get an EMI of INR 16,729.
R = Monthly rate of interest i.e., the percentage rate of interest divided by 12 Wondering how a home loan EMI calculator works? Here’s the formula: As the loan matures, the interest component decreases while the principal component gradually increases. In the initial years of the loan, a major portion of the EMI comprises interest payable since the principal amount is large. Home loan EMI is calculated by the financial institutions (FI) on principal, interest to be paid and tenure. What is a Home Loan EMI Calculator?Ī Home Loan EMI calculator is an online tool that helps you estimate your monthly payout towards EMIs. Contact our customer service experts for more information and guidance on home loans. Say goodbye to manual errors and tedious calculations use our calculator to plan your home loan within seconds. Our EMI calculator will generate an approximate amount based on your input. Simply input your selected loan amount, the provided interest rate, and the loan term and click ‘Calculate’. Calculate your EMIs with PNB Housing’s easy and intuitive Home Loan EMI Calculator.
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