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What are the key features and benefits of home loans?
What are the different types of home loans available?
What are the factors you should know before applying for a home loan?
What are the different types of home loan fees and charges?
How does Credit score impact your interest rate?
What's the benefit of having a female co-applicant?
An EMI Calculator helps you calculate your monthly EMI instantly based on principal, interest rate, and tenure.
To use the Home Loan EMI Calculator, all you need to do is enter the variables like principal amount, interest rate, tenure, etc. in the calculator and it will give you the EMI amount instantly.
It is a free tool available on Magicbricks 24 X 7. You can use the EMI Calculator to make an informed decision by comparing various loan EMIs before you finalise a Home Loan.
The classic way of calculating the EMI is by using the formula stated below:
EMI = [P × R × (1+R)^T] / [(1+R)^T – 1]Let's take an example to understand this clearly. For instance, you have taken a Home Loan of Rs 2 Lakh which is to be paid in 2 years at an interest rate of 20% per annum.
First, convert the yearly interest rate into months. We can obtain the monthly interest rate by dividing the yearly interest rate by no. of months in a year i.e. 12. So, monthly interest will be 20/12 = 1.66%