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A Home Loan EMI Calculator is an online tool used to calculate a home loan EMI. It requires careful financial analysis to pay back home loans along with the unpaid interest within the stipulated time span. Before opting for the loan, it is important to assess the repayment capacity so as to avoid any financial mess. This is where you can be the best use a Home Loan EMI Calculator. EMI stands for Monthly Equated Instalment. Paisaexpo Home Loan EMI Calculator is an easy-to-use online tool that can be used free of charge at any time to calculate the monthly instalments payable for the repayment of the home loan. The calculator gives the exact amount of the EMI to be paid on the basis of a few details about the home loan. Also, it provides charts that show the payment schedule and the total payment break-up.

What is Home Loan EMI?

An EMI is a method of repaying loans in which the principal amount and the interest is paid to the lender in equal instalments each month until the loan is fully repaid. Calculating the EMI in advance allows us to know the sum of money to be set back per month, allowing lenders to handle finances better. Thus, any EMI payment contains both interest and the principal sum of the loan. Since the home loan is approaching completion, the higher portion of the EMI heads into the recovery of the principal balance. A large chunk of each EMI is dedicated to the payment of interest at the start of the loan tenure. The borrower's credit record or background history often plays a significant part in determining the EMI home loan.

What is the profit of Knowing the Home Loan EMI Loan in Advance?

The benefits of advance knowledge of your EMI home loan are as follows:

  • Helps in knowing loan affordability
  • Helps in deciding the loan amount
  • Helps in planning out loan repayment
  • Helps in planning prepayment

How Home Loan EMI Calculator Works

Most EMI home loan calculators work with the following mathematical formula:

EMI Calculation Formula

EMI= [P x R x (1+R) ^N]/ [(1+R) ^N-1]

In this formula,

EMI - Equated Monthly Instalment

P - Principal amount (amount borrowed as loan)

R - The interest rate applicable (interest rate should be per month)

N - Loan term or number of EMIs payable (the term should be within months)

Individuals can use the above formula to calculate their home loan EMIs either a manually or through MS Excel. These methods of calculating EMI can however be time consuming and exhausting. Therefore, a home loan calculator is best used for the same.

Home Loan interest Influence Home Loan EMI

Any borrower should first ask about the interest rate while obtaining a home loan. This is because the interest rate on home loans is one of the key factors affecting house buying capacity or affordability. It affects the overall expense of the home loan. Higher rates of home loans raise the EMI home loan and raising the opportunity to take on a bigger volume of loans. Higher interest rates on house loans decrease the EMI debt and raise the likelihood of:

  • take out a larger loan amount
  • take a second loan or a top-up loan
  • reduce the loan period
  • prepay EMIs as much as possible

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