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Updated: Dec 24, 2021, 13:00 ISTShare:
How does one calculate the Home Loan EMI?
EMI = P × r × (1 + r)n/((1 + r)n - 1),
Where P = Loan Amount, r = Interest Rate, n = Tenure in Number of Months.
Example:
Loan Amount = Rs 50 lakh
Interest = 7%
Tenure = 20 years
EMI = Rs 38,765
A Home Loan Calculator tells you about the:
Monthly payment to be made
Total interest to be paid
Total amount payable
