Calculate Home Loan EMI required to be paid for every month to pay back the borrowed home loan mortgage. With the help of our online Home Loan calculators, users can get a clear understanding of how much interest due over the principal amount borrowed. Basically, interest due depends on the interest rates applied and Tenure of Home loans.
What is Home Loan?
It is a loan contributed to a person for assisting them to purchase a flat or house. Every person has their own idea to buy a home. Buying a home means a support and safety applied for a lifetime for an individual and their family. To achieve this goal, housing loan is the best solution to be chosen.
There are many banks and financial institutions which will help you to get a home loan rates at affordable prices and they provide better services too. Persons take home loans or housing loans from a bank to buy a house for a fixed tenure.
EMI means Equated Monthly Installment. It is a fixed amount paid by the borrower every month at a specific date to clear off the loan received from a bank. It is an online tool used to calculate EMI of a borrowed amount or loan claimed from a bank or financial institution.
Home loan EMI Calculator
Home loan EMI calculator calculates monthly installments need to be paid to clear off the home loan mortgage. Every individual has their own planning of buying a home at a certain time. In those situations, our Home Loan EMI Calculator will be useful for the users to calculate their home loan EMI.
Estimating EMI of Home loan helps an individual to plan whether they can afford the price required for the home loan.
Home Loan Eligibility
First of all check interest rates of a bank, payment charges and please go through bank rules and regulations carefully before applying for a loan. Every loan has their different criterion for applying. For this home loan, an applicant should have a minimum of 21 years and maximum of 60 years age.
Required documents for applying a home loan
- Identity proofs like Aadhaar card, Voter ID, Pan card etc.,
If an applicant is self-employed he/she should submit their driving License if needed.
- Residency proofs like electricity bill, telephone bill, passport, Voter ID and so on.
- Income proofs like recent 3-month salary pay slips, certificates of a fixed salary and bank account details with 6months statements.
How to use online Home Loan EMI Calculator
Home mortgage calculator determines monthly installments to be paid while clearing home loan mortgages. Home Loan EMI is a certainly some amount payable to the bank by the borrower. Home Loan repayment calculator is one of the important tools which can be used for an easy calculating of home loan EMI.
- Enter the amount in lakhs or crores as per loan given.
- Then enter the interest rate applied by the bank on a home loan.
- After that enter the loan tenure details whether it is monthly or yearly.
- Finally, click on the “calculate” option.
- Then the EMI applicable for the Home loan will appear on the screen.
Home Loan EMI Calculation Formula
Home loan calculator calculates monthly installments of home loan which was borrowed from a bank as a mortgage. EMI depends upon the amount of home loan and tenure of the loan.
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
P stands for the principal loan amount
R stands for interest rate per month
N stands for the number of monthly installments
Free Home loan EMI Calculator Online
Online Home loan EMI calculator is used to estimate interest rate and to know the whether an individual can afford the principal amount required for home mortgage. It is free, easy and saves your time. By using this calculator method one can get appropriate results without errors in home EMI calculation.