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Home Loan EMI Calculator - Indiabulls Housing Finance LTD

Home Loan EMI Calculator by Indiabulls Housing Finance Ltd for easy interest calculation of your house loan. See More: https://goo.gl/rGSPwV

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Home Loan EMI Calculator - Indiabulls Housing Finance LTD

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  1. Home Loan EMI Calculator Indiabulls Housing Finance Limited www.indiabullshomeloans.com

  2. What is EMI? • An Equated Monthly Installment (EMI) is defined as "A fixed payment amount made by a borrower to a lender at a specified date each calendar month. • Equated monthly installments are used to pay off both interest and principal each month, so that over a specified number of years, the loan is paid off in full.“ • The benefit of an EMI for borrowers is that they know precisely how much money they will need to pay toward their loan each month, making the personal budgeting process easier.

  3. How is EMI Calculated? • The formula for EMI is: Where:  P is the principal amount borrowed,  A is the periodic amortization payment,  r is the periodic interest rate divided by 100 (annual interest rate also divided by 12 in case of monthly installments), and  n is the total number of payments (for a 30-year loan with monthly payments n = 30 × 12 = 360).

  4. How to use a Home Loan EMI Calculator For a product like home loans, the steps to be followed are as follows: • You enter the Home Loan required • You enter the interest rate you are being charged • Select tenure for which you wish to pay the loan You will automatically get the “Monthly Payment (EMI)” for the details entered by you.

  5. Features of Home Loan EMI Calculator • A home loan EMI Calculator helps you to understand your monthly EMI towards the biggest loan of your life. • It helps you to plan your payment schedules as per your income. • It helps you to understand how much interest is payable and how much principal amount is getting deducted every month. • It lets you know how much interest you would be paying at the end of the tenure. • It lets you change the figures and calculate if you can reduce the loan amount and increase your down payment instead while buying a home of your own. • It helps you to decide whether you should increase tenure and reduce EMI outgoings or reduce tenure and increase EMI outgoings basis your Salary and Incentives. • It also helps you to finalize the property in terms of the budget you need to keep while looking for a property. See More At:- https://www.indiabullshomeloans.com/housing-finance/loan-tools/emi.php

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