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In general, your monthly installments are affected by 3 major factors.
Loan amount or sanction: These terms refer to the same thing. It directly affects the EMI amount, thus choosing to borrow more money would result in higher EMI payments.
Interest rate: For the duration, this is the interest rate applied to the principal amount. A higher rate would entail a greater EMI, therefore you must work to obtain the lowest mortgage loan rates possible.
Home Loan Tenure: The payback period has a duration of up to 15 years. In contrast to the sanction or interest rate, lengthening the tenure lowers the EMI payment. This is so that your monthly payments are lower because you have more time to pay back your debts. You will, however, have to pay interest for a longer time. Similar to this, choosing a shorter tenure raises your EMI payment while lowering your interest-only obligation.
Loan Amount is
No. of Month is
Rate of Interest (ROI) is
There are three methods for calculating a Home Loan’s EMI, each with a different level of complexity and work required.
The simplest, quickest, and most straightforward approach to figure monthly installments is to utilize a Home Loan interest rate calculator, often known as a Home Loan EMI calculator. All you have to do here is enter the values for the three major components, and the outcome is created automatically in seconds.
Microsoft Excel: This approach is straightforward, although there is an opportunity for error. In this section, enter the 'PMT' formula into the Excel software. Once selected, correctly enter loan data into the following fields.
‘Rate’: It refers to the monthly rate of interest
‘NPER’: It denotes loan tenure in months
‘PV’: It refers to the loan amount or principal value
After feeding these details, make sure to leave the values for ‘FV’ and ‘Type’ as 0 and 1, correspondingly.
Manual method: This is considered the hardest way to calculate business loan EMI as it involves a manual calculation based on the following formula.
EMI = [P x R x (1+R) ^ N] / [(1+R) ^ (N-1)]
‘P’ refers to the principal amount
‘N’ means tenure in months
‘R’ refers to the monthly interest rate applicable
There are many benefits to using the ICICI Home Loan EMI Calculator. An EMI calculator can help you estimate what you would have to pay for a specific loan amount. This tool is free to use as often as you like.
The amount you need to pay can be changed by changing one variable or decreasing another. Depending on your budget, you can adjust the number of years or loan amount. By doing so, you can ensure that the Home Loan is used to its fullest potential.
There are a few ways to reduce the professional loan EMI amount.
Before trying any of these tactics, be sure to use a professional loan calculator and conduct a thorough cost-benefit analysis.
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