Calculating your Housing Loan EMI is surprisingly easy and does not involve any complex calculations, thanks to availability of online Home Loan EMI Calculators. However, let’s first look at the bases EMI calculation formula:
EMI = P x R x (1+R) ^N / [(1+R) ^N-1]
P = Principal amount
N = Loan repayment tenor in months
R = Home Loan interest rate (monthly)
Calculating the Home Loan EMI amount manually can be tedious and lead to more errors. On the other hand, you can use the Home Loan EMI Calculator and get your results in minutes. Here is how you can make optimal use of the online tool:
The calculator window shows you the final EMI amount and the breakup of your total repayment amount down to how much interest you have to pay upon your principal amount. You also have the option of viewing a tentative repayment schedule based on the information you provided.
Having a repayment schedule prepared before you make your Home Loan application allows you to tailor your Home Loan request to your repayment capacity. Here are some other benefits of calculating your Housing Loan EMI beforehand:
- Helps you choose a feasible Home Loan amount
- Helps you pick a comfortable repayment tenor
- Helps you plan your finances in advance
Apply for a Housing Loan today with Bajaj Housing Finance to benefit from competitive interest rates and favourable lending terms.
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