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A 1 crore home loan is a loan of ten million Indian rupees or fifteen lakhs, equating to one hundred and fifty thousand American dollars ($150,000). Generally, home loans are types of loans provided to individuals by banks to pay for the purchase, building or renovation of residential properties.
If you want to get a home loan, the eligibility criteria usually depend on whether you are self-employed or a salary earner.
EMI, also known as equated monthly instalment, is a fixed amount of money that borrowers are obliged to pay to their lenders on a fixed date every month in a calendar year for a period of time till they complete their loan.
EMIs are affected by varying factors which include but are not limited to:
You can calculate your 1 crore home loan EMI using the mathematical formula given below:
P × r × (1 + r) ^ n / ((1 + r) ^ n – 1), where P = Amount of the Loan,r = Interest rates calculated on a monthly basis, and n = Tenor of the loan in months.
For a more accurate and easier calculation, you can use home loan EMI calculator here.
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Last update on 11-Mar-2021
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