# Home Loan EMI Calculator

Home Loan Calculator is a financial tool that helps you calculate your Home Loan EMI without hassle. The objective of a Home Loan Calculator is to help you make an informed decision about loan amount to be applied for if buying a new house so that your home loan doesn’t become heavy on your pocket. It helps you in planning your home loan EMIs

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1C

5

10

15

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25

30

12

60

120

180

240
Loan EMI
Total Interest Payable
Total Payment
(Principal + Interest)
Interest Percentage

## Here's the formula to calculate the Home Loan EMI: Where

E is EMI

P is Principal Loan Amount

N Loan tenure in months

R Monthly interest rate

The rate of interest (R) on your loan is calculated per month.
R = Annual Rate of interest/12/100

For example : If a person avails a loan of ₹5,00,000 at an annual interest rate of 7.2% for a tenure of 120 months (10 years), then his EMI will be calculated as under:

EMI = ₹5,00,000 *&0.006 * (1 + 0.006)120 / ((1 + 0.006)120 - 1)
&&&&&& = ₹5,811

### How to use Home Loan EMI Calculator?

• Use the slider for selecting the loan amount.
• After that select the loan tenure in month format.
• Move the slider and select the rate of interest.
• The calculator will show you the EMI payable, Total interest, and Total Payable Amount.
• Recalculate your EMI anytime by changing the input sliders.
• EMI will be calculated instantly when you move your sliders.

### Benefits of Home Loan EMI Calculator

• It’s simple and convenient to use
• There is no way you can go wrong with numbers especially when it’s about your home.
• Thus, a Home Loan EMI Calculator comes as a handy and very useful tool to be used.
• It’s fast
• Using a pen and paper, you will end up wasting hours and even then the right figure isn’t guaranteed.
• However, with the Home Loan EMI Calculator, you are guaranteed the results.
• It helps in financial planning
• It is a great way to plan your Home buying budget in an efficient manner without any kind of discrepancy.