|Total Loan Amount?||₹|
|Loan Tenure (in Years)||
|Loan interest rate?||
A home loan is an amount that an individual borrows from a bank or any other financial institution at a certain rate of interest which is required to be paid through EMI every month till the loan tenure. EMI is the amount calculated at the time of availing a home loan by lending institution against loan amount based on rate of interest and loan tenure.
When you take a regular home loan, each EMI, that you are required to pay monthly, consists of payment towards the principal and the interest on the principal. Hence, the EMI of each home loan is structured differently on the basis of Loan Amount, Loan Tenure and Interest Rate.
An EMI Calculator is works arount below three factor:
Even before you apply for a loan, you need to know if you have the ability to obtain a loan. This can be done with the help of a EMI Calculator. Calculating your EMI will let you budget better in order to make the EMI payments on time. The other benefits of the EMI Calculator include:
Home loan EMI will affect by several factors because it depend on loan amount, loan tenure and rate of interest. Any change in these variables will affect the EMI amount. Hence, the EMI of each home loan is structured differently on the basis of Loan Amount, Loan Tenure and Interest Rate.
So, one should know that there are other factors that cal affect your monthly home loan EMI for instance: