A house EMI calculator is an easy-to-use tool that allows a potential borrower to calculate home loan EMIs easily in an instant. This, in turn, helps the borrower to make an informed decision regarding the home loan amount to be availed.
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home loan EMI Calculator
1. What is a Home Loan
EMI Calculator and
How to Use it?
2. About Home Loan EMI Calculator
A house EMI calculator is an easy-to-use tool that allows a potential borrower to calculate
home loan EMIs easily in an instant. This, in turn, helps the borrower to make an informed
decision regarding the home loan amount to be availed.
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3. Home Loan EMI Calculator Formula:
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Here, P is the principal amount, or the loan amount borrowed,
R denotes the home loan interest rate applicable on a monthly basis,
N represents the number of monthly instalments.
EMI= [P x R x (1+R) ^N]/ [(1+R) ^N-1]
Calculating EMIs using this formula, however,
might prove to be a tedious task. This is exactly
where a home loan EMI calculator comes in
handy, as it processes the entire calculation in a
few simple steps.
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The steps to use a house loan
calculator in India are as follows -
● Step 1: Enter the home loan
amount to be borrowed.
● Step 2: Fill in the rate of interest
applicable.
● Step 3: Provide the loan tenor over
which the loan would be repaid.
How to check EMIs Using a Home Loan Calculator?
5. 5
The several benefits of using a housing loan
EMI calculator are as follows -
● Accurately and instantly displays the
payable EMIs.
● It is an online tool that can be accessed
from anywhere.
● Allows a borrower to select the ideal
loan tenor.
● Helps a borrower to make an informed
decision on the loan amount.
● Offers assistance regarding repayment
planning.
● Loan comparing becomes easier.
Benefits of Using a Home Loan EMI Calculator