You can reduce your home loan EMIs by negotiating a lower interest rate, increasing your down payment, choosing a shorter loan tenure, and making prepayments.
Planning to buy your dream home through a home loan? Use the home loan EMI calculator to know the estimated EMI you would have to pay through the tenure.
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If you're planning to buy a house and don’t have enough funds, you will likely need a home loan to finance it. However, obtaining a home loan can be complex and overwhelming, especially if you're unfamiliar with the various factors that come into play when calculating your monthly payments. That's where a home loan EMI calculator comes in handy. A home loan EMI calculator is an online tool that helps you calculate the EMI (Equated Monthly Instalments) or monthly repayment amount (EMI) and interest.
The working of the online home loan calculator is simple. You'll typically need to input information such as the loan amount, the tenure or duration (in years), and the interest rate. The calculator will then use this information to calculate the EMI. The home loan EMI calculator in India uses a simple formula to calculate the EMI.
The home loan EMI calculator formula is as follows:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where,
P = Principal amount
R = Interest rate per month (divide the annual interest rate by 12)
N = Number of monthly instalments or loan tenure in months
Let us consider an example to understand this better. If Anjali takes a home loan of ₹1,00,000 from a bank at an interest of 12% per annum for 5 years. Here is how the EMI would be calculated:
P = ₹1,00,000
R = (12/12)/100 = 0.01
N = 5*12 = 60
Therefore,
EMI = [1,00,000x0.01x(1+0.01^60)/[(1+0.01)^60-1]
EMI = ₹2,224.45 per month
However, manual calculations are time-consuming and are prone to errors. This is where an online home calculator by Angel One comes to your rescue. It calculates the EMI on your home loan in less than a minute without any errors.
The usage of the Angel One home loan EMI calculator online involves a few steps as follows:
Let us consider an example to understand how to use the home loan EMI calculator on Angel One better.
Suppose you want to get a home loan of ₹15,00,000 at an interest rate of 8% for a duration of 20 years. Enter these values on the Angel One home loan EMI calculator. The calculator computes the values as follows:
The results show that the EMI on your home loan will be ₹12,547. Now, you can check if the EMI fits well with your monthly budget or else you can check for loans with less interest rate, increase the tenure or reduce the loan amount accordingly. You can compute the home loan EMI for various scenarios using the Angel One home loan EMI calculator.
The home loan EMI calculator is a smart tool that can help you in various ways while planning to buy your dream home. Here are a few benefits of using the Angel One home loan EMI calculator online:
Home loan comes with certain tax benefits:
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