Home Loan Calculator
A home loan EMI calculator is software designed to compute the number of EMIs to be paid towards the Home Loan. The calculations are based on the principal, interest and tenure. The EMI calculator for a housing loan does the math accurately and instantly, helping the borrower to arrive on informed decisions without any loss of time. A typical calculator features an intuitive interface, making it easy to use. Plus, it’s free and available on the lender’s website.
EMI Calculation Formula for Home Loan
EMI, abbreviated as Equated Monthly Instalment, is the amount the borrower needs to pay each month to the lender. The EMI is inclusive of the principal and interest on the outstanding loan amount. The Home loan EMI calculator employs a mathematical formula to arrive on the number of EMIs for a given home loan. It takes into account the EMI, principal amount, rate of interest, and loan tenure. The formula can be used to derive the home loan EMI manually, the home loan EMI calculator makes it simple, swift and accurate.
How does EMI calculation help in planning the home purchase?
You need a helping hand to plan the finances for a home purchase. Home loan EMI calculator is that helping hand, enabling you to plan your home buying journey in the best ways possible.
- The software delivers a table elaborating the repayment schedule. A break up of all key components of the home loan, such as EMI, principal, interest and balance is provided.
- You can equate home loan EMI with your monthly income to know whether the home loan is a feasible option for your situation. It’s all about determining your loan eligibility.
- When you know the principal and EMIs, it’s easy to assess the amount you can afford to borrow, along with your own contribution requirements for home purchases.
- Since the calculator gives you an idea of the amount payable to the lender each month to repay the loan on your house, defining the budget for your new home is a reality.
How to use the Home Loan EMI Calculator?
Computing your EMIs is easy, fast and accurate with a housing loan EMI calculator. Follow the following steps to stay in the know of your EMIs towards the home loan.
The home loan EMI calculator will instantly populate an amortization table complete with the breakup of Monthly EMIs, principal, total amount with interest, flat interest rate per annum, flat interest rates per month, total interest amount and yearly interest amount payable.
Once you have all the insight, it’s time to apply for the home loan. With competitive interest rates, fast sanctioning and disbursals, streamlined processes and the last mile presence, Muthoot FinCorp is your reliable housing finance partner.
Factors Affecting Home Loan EMI
House loan is too important a decision to be taken randomly. So, it’s imperative to know a few key factors that impact the home loan EMI.
- Whenever the RBI implements changes in the bank rates, your home loan EMI is bound to change depending on the existing borrowing rates in the market.
- Tenure and EMI share an inverse relationship. The lengthier the tenure, the lower is the EMI and vice-versa. So, use the home loan EMI calculator to know your EMI whenever there is a change in the tenure.