You can avail a home loan from a bank or a housing finance Company to buy, construct or repair/renovate your house. You have to repay your home loan in installments called EMI (Equated Monthly Installments).
What is your home loan EMI?
You avail a loan from a bank or a financial institution to buy or construct your house. You have to repay your loan in installments called Home loan EMI's.
The house loan EMI's are divided into 2 Components:
Principal component: Amount you borrow to buy the house.
Interest component:Bank charges you an amount for the money you have borrowed to buy the house called interest. The amount you borrow to buy your house and the total interest charged by the bank is divided by the tenure of your home loan. The tenure of the home loan can be as long as 30 years.
Know your online home loan EMI Calculator
You can calculate home loan EMI using the Home Loan EMI Calculator for different combinations of interest, Principal and tenure. A home loan EMI calculator can do these calculations in seconds with a high degree of accuracy.
Follow 3 simple steps to calculate your home loan EMI's:
Step 1:You adjust the scale to select the home loan amount availed in the home loan EMI calculator slider.
Step 2:You then adjust the scale to select the interest rate on your home loan EMI calculator slider.
Step 3:Finally you select the tenure of the home loan on the slider of your home loan EMI calculator.