Loan EMI Calculator
Total Down Payment (TDP)
(TDP = D + P)
Loan EMI (LE)
(PLA= A – D)
(PLA = Principal Loan Amount)
(LE = [PLA x R x (1+R)^T]/[(1+R)^T-1] )
Total Interest Payable (TIP)
(TIP = LE * T)
Total Payment (TP)
(TP = LA + TIP + P)
It is challenging when you are taking a home loan. Lots of factors such as monthly income, interest rate, loan amount, and repayment term need to be known. With the help of a home loan EMI calculator, you will get a clear image and understand basic details before going on a housing loan.
Home Loan Eligibility Criteria
Salaried Employee
- Age: 21 to 58 years
- Salary: Rs. 12,000 or above
- CIBIL Score: -1 / 700+
- Job Experience: Minimum 6 months required
Self Employed
- Age: 21 to 70 years
- 2 years of Income Tax file
- 2 years Trade License
- CIBIL Score: -1 / 700+
- Latest 1 year Proprietor / Individual bank statement
Features of Home Loan EMI Calculator
- The housing loan EMI calculator helps you quick results.
- Compare interest rate and repayment term with your fingertip.
- Get accurate results with 24hr Loan online housing loan calculator.
- The home loan calculator is easy to use for every user.
- Access our calculator without any difficulty and unlimited to use.
How to Use Home Loan EMI Calculator
24hr Loan provides loans on different segments. Whenever applying for a housing loan, the borrower should know the actual EMI amount. Use our housing loan EMI calculator for a better understanding.
- A borrower needs to provide information such as Loan amount, Tenure, and Interest rate.
- After entering the details you will get faster results.
Formula Use for Home Loan Calculator
The housing loan EMI (Equated Monthly Installment) calculator gives the calculation result with the help of a formula. Based on the following formula you will get a calculation result.
E = [P x R x (1+R) ^N] / [(1+R) ^ (N-1)]
- E stands for EMI
- P stands for Principal Amount
- R stands for Rate of Interest
- N stands for Tenure
This formula will fetch the home calculator results with the second. With the formula, get online calculated results.
What is the Advantage of Home Loan EMI Calculator
The housing loan calculator through 24hr Loan provides a bunch of results that are given below the list:
- The housing loan EMI calculator is easy and handy for everyone.
- Put your information like interest rate, and tenure, and compare with other lenders.
- Use the home loan EMI calculator without any limitations.
- Don’t require to installation of any application. Directly use our home loan calculator through your smartphone.
FAQs on Home Loan EMI Calculator
How to get home loan EMI calculator results?
24hr Loan makes a home loan calculator tool to get instant results. But you need to provide basic information like principal loan amount, interest rate & repayment tenure. Enter this information and get results of monthly EMI, total interest, etc.
Is the home loan calculator free to use?
Yes. Our home loan calculator is free for every person. You can use this tool unlimited number.
Why you should use the home loan EMI calculator tool?
The home loan EMI calculator provides results with 100% accuracy. Before choosing a lender, you should know the rate of interest, tenure, and total interest you have to give.
What are the income criteria required for a home loan?
Home loans are available for both salaried and self-employed persons. The salaried person with a minimum of Rs. 12,000 salary obtains a home loan and the self-employed person applies for a home loan with business proof documents like an ITR file, Trade License, etc.