The process of calculating loan EMIs manually is complex and is prone to mistakes. Thankfully, using a home loan EMI calculator eases the process of estimating your EMIs and provides you with accurate results to help you plan your finances better.
To calculate your EMIs using a calculator, follow the below-mentioned steps:
Visit the official website of your lender and select the preferred product.
You will be redirected to a page where you will have to click on ‘Calculators’.
Share your preferred loan amount, loan tenor and interest rate.
As and when you share the mentioned details on the housing loan calculator, your EMIs along with the total amount payable as interest and the total cost of your home loan will be displayed.
Example 1
Loan amount = Rs. 25 Lakh
Loan tenor = 20 years (240 months)
Interest rate = 8%
EMI = Rs. 20,911
Total interest payable = Rs. 25,18,619
Total cost of loan = Rs. 50,18,619
Example 2
Loan amount = Rs. 25 Lakh
Loan tenor = 15 years (180 months)
Interest rate = 8%
EMI = Rs. 23,891
Total interest payable = Rs. 18,00,490
Total cost of loan = Rs. 43,00,490
Example 3
Loan amount = Rs. 30 Lakh
Loan tenor = 20 years (240 months)
Interest rate = 8%
EMI = Rs. 25,093
Total interest payable = Rs. 30,22,458
Total cost of loan = Rs. 60,22,458
Additional URL: Easy Approach To Improve Your Housing Loan EMI Calculation
Consider altering the loan amount and your tenor to choose the perfect EMI amount as per your budget. A home loan EMI calculator can prove to be an efficient tool to determine your repayment plan and budget.
