The Free Home Loan EMI Calculator by Rest The Case is a useful tool to help you estimate your monthly EMI payments for a home loan. By entering details such as the loan amount, rate of interest (p.a.), and loan tenure (in years), the calculator provides an accurate breakdown of your principal amount, total interest, total amount to be paid, and the monthly EMI. This tool simplifies the loan calculation process, saving time and helping you plan your finances effectively. Whether you're buying your first home or refinancing, this calculator ensures that you can make informed decisions about your home loan.
Principal amount
₹ 1,000Total interest
₹ 680Total amount
₹ 1,608Get Professional Legal Advice
A home loan is a financial tool that allows individuals to purchase or build a house by borrowing money from lenders such as banks or housing finance companies. The loan amount is typically used as a down payment, with the remaining balance repaid over 15-30 years through equated monthly instalments (EMIs). The property being purchased usually serves as collateral for the loan. Interest rates can be fixed or variable.<br><br>To apply, borrowers must provide proof of income, credit score, and identity. It’s essential to access your budget, credit score, and the property price before taking on a home loan, as it represents a long-term financial commitment. The EMI includes both the principal and interest, and its amount depends on the loan size, interest rate, and tenure.
A home loan EMI calculator helps you to figure out your monthly payments by considering three main factors:
The formula to calculate EMI is: EMI = (P × r × (1 + r)n) / ((1 + r)n - 1)
This formula gives you the amount you need to pay every month to repay your loan. You just enter the necessary details into the provided fields, and the calculator quickly gives you accurate results based on that information.
Some EMI calculators also show a payment schedule, which tells you how much of each payment goes towards interest and how much pays off the loan balance over time.
It’s important to remember that these calculations assume a fixed interest rate and regular monthly payments. However, the actual EMI will depend on the specific terms of your loan.
Let’s say you take a home loan of ₹30 lakh at an interest rate of 10% per year for 15 years. Here’s how you would calculate the EMI:
EMI = 30,00,000 × 0.0083 × (1 + 0.0083)180 / ((1 + 0.0083)180 - 1)
Here’s a streamlined method for using a free online house loan EMI calculator:
Find answers to common questions about home loan EMI calculators.
It’s a tool that helps you to calculate your monthly EMI (Equated Monthly Instalment) based on loan amount, interest rate, and tenure.
Enter your loan amount, interest rate, and loan tenure into the calculator, then click ‘Calculate’ to see your monthly EMI.
You need to provide the loan amount, interest rate, and loan tenure.
The calculator provides an estimate based on the inputs; the actual EMI may vary slightly depending on the lender’s term.
Yes, you can input different loan amounts, interest rates, and tenures to compare how they affect your EMI.
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