Home Loan Calculator

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What is a Home Loan EMI Calculator and How to
Use it?
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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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Home Loan EMI Calculator Formula
EMI P x R x (1R) N/ (1R) N-1 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. 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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How to check EMIs Using a Home Loan Calculator?

• 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.

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Benefits of Using a Home Loan EMI Calculator

• 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.

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