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Home Loan EMI Calculator
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Home Loan EMI Calculator – Calculate Your Housing Loan EMI Online
Given the high price of real estate in India, purchasing a house can be a challenging task without an external source of finance. An increasing number of prospective home buyers are opting for this type of credit to fund their house purchase. It is no surprise that housing credit grew by over 16% in FY18.
The primary responsibility of a potential borrower is to have an exact estimate of the EMI amount they are liable to pay. One can take advantage of a home loan EMI calculator to arrive at the precise number.
How can home loan EMI calculator help you?
Equated Monthly Instalment or EMI is a fixed amount that a borrower must pay back to the lender every month till their tenure ends.
Calculating the EMI and its components can be a cumbersome exercise for first-time financers. A home loan EMI calculator India can do these complex calculations in no time, and save you from the trouble of doing it manually.
- Manually performing such complicated home loan EMI calculations can be both time-consuming and inaccurate. A housing loan EMI calculator saves the valuable time of prospective home buyers.
- It gives you an accurate estimate, which is pivotal for financial planning. There is no probability of any inaccuracies or ambiguity.
- The EMI calculation procedure for each type of loan is different. For example, home loan EMI calculation is different from personal loan EMI. The EMI Calculator for Home Loan is specific only for home loans.
- The online calculator is free for unlimited use. You can check the EMI for various loan amounts and determine which amount suits your financial situation.
The formula to determine home loan EMI amount
All online calculators use a specific home loan EMI calculator formula to arrive at the exact EMI amount, which is:
Where:
E = EMI amount
P = Principal amount
R = Rate of interest (monthly)
N = Loan tenure (in months)
A home loan EMI calculator online can help you find the exact amount without fail.
How to use Groww online home loan EMI calculator?
Groww is one of the leading financial resources providers. The housing loan calculator India available here is very easy to use.
All you have to do is enter the loan amount, interest rate and the loan tenure in years.
The exact EMI value will be calculated and displayed within seconds.
Advantages of using Groww Home Loan EMI calculator
There are numerous advantages of using the calculator available at this website.
- It's easy to use. All you have to do is insert a few necessary details, and the calculator will do the rest.
- It's free for everyone. You don't even have to register to the website.
- There is no limit on the number of times you can use it. So, you can quickly check the EMI for different home loan amounts.