This is the Home Loan EMI calculator tool, You can use this Home loan EMI Calculator to calculate the Home loan equated monthly installment amount (EMI), Total Interest Amount, and total payable amount.
The full form of EMI is Equated Monthly Installment. This means you have to repay the loan amount in a monthly installment. The installment amount consists of interest amounts and Loan amounts.
If you want the home loan then using this home loan calculator you can calculate the Home loan monthly Payable amount, total payable interest amount, and total payable amount (Which means total interest amount + Home Loan amount).
Also using this home loan calculator you can 1 to 30 years Home loan tenure EMI details. So that you can correctly choose tenure according to EMI amount.
The formula of EMI is : E= P.r.(1+r)^n/((1+r)^n-1) [Where E = EMI, P=Loan Amount (Here home loan amount), r= rate of interest amount (r is calculated on monthly basis. r= rate of annual interest/12/100., Example: annually 9% interest rate., So r= 9/12/100, r=0.0075%), n = Loan tenure in month's.]
Example of EMI calculation: For example, you want 5 lakh of a home loan at a 9% interest rate for 6 years. Then P=500000. r=9/12/100=0.0075%. n=6×12=72 months. Then calculation will be: E=500000×0.0075×(1+0.0075)^72/((1+0.0075)^72-1) E=9012.77