Home Loan EMI Calculator - Indiabulls Housing Finance LTD.

1
Home Loan EMI Calculator

• Indiabulls Housing Finance Limited
• www.indiabullshomeloans.com

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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.

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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).

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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.

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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