Here’s how to Calculate Home Loan Interest

When you apply for a loan, you need to pay a fixed or floating interest charge on it. 

It is availed by a lender to make a huge loan amount available. In short, it is what they earn while disbursing the loan amount to you. 

And home loans are no exceptions. 

It is a secured debt and comes with a lower home loan rate. 

But do you want to know how to calculate home loan interest amount? 

Let’s understand in this post!

Here’s how to calculate home loan interest amount

1. The first step is to land on the website of the lender you want to apply for the housing loan with. Open the home loan EMI calculator on a lender’s website. 
2. Enter your desired home loan amount, the applicable home loan interest rate, and the repayment tenor. 
3. Once done, you will come to know about your exact payable home loan EMIs. Along with this, you will also come to know about the actual home loan rates. You will also be able to know your exact home loan cost (principle + interest). 

This way, you can know how to calculate home loan interest figure online without doing that manually. 

If you have a robust CIBIL score, a consistent employment history and a financial record, you can get your home loan approval faster. 

It may also be awarded to you at lower home loan rates. 

You can improve your CIBIL score by making timely repayments towards your ongoing loan EMIs, credit cards and more.