EMI stands for Equated Monthly Instalment. EMI is the monthly repayment that a home loan borrower must make to repay the home loan within the specified loan tenor.
The following table illustrates the EMI on several home loan amounts with different tenures. The applicable rate of interest is 8.55%* onwards.
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₹ 20 Lakh | ₹ 25,119 | ₹ 20,048 | ₹ 17,738 |
₹ 30 Lakh | ₹ 37,679 | ₹ 30,072 | ₹ 26,607 |
₹ 40 Lakh | ₹ 50,238 | ₹ 40,096 | ₹ 35,476 |
₹ 50 Lakh | ₹ 62,798 | ₹ 50,120 | ₹ 44,345 |
The following table shows the EMI, total payable interest, and total payable amount for a loan of Rs. 1 Lakh at an 8.55%* onwards rate of interest with several tenures.
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EMI | ₹ 2,066 | ₹ 1,256 | ₹ 1,002 | ₹ 887 |
Total Payable interest | ₹ 3,969 | ₹ 50,715 | ₹ 80,433 | ₹ 1,12,857 |
Total Payable amount | ₹ 1,23,969 | ₹ 1,50,715 | ₹ 1,80,433 | ₹ 2,12,857 |
Following table shows the EMIs for various loan amount based on different tenures at 8.55%* onwards
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₹ 10 Lakh | ₹ 20,661 | ₹ 12,560 | ₹ 10,024 |
₹ 15 Lakh | ₹ 30,992 | ₹ 18,839 | ₹ 15,036 |
₹ 25 Lakh | ₹ 51,654 | ₹ 31,399 | ₹ 25,060 |
₹ 35 Lakh | ₹ 72,315 | ₹ 43,959 | ₹ 35,084 |
₹ 50 Lakh | ₹ 1,03,307 | ₹ 62,798 | ₹ 50,120 |
The mathematical formula for calculating EMIs is = [P x R x (1+R)^N]/[(1+R)^N-1] where:
Using the EMI Calculator is a very simple process. All you need to do is follow these steps–
That’s all! You will instantly get your home loan EMI amount along with the interest amount payable on the loan.
A home loan amortization schedule is the table or record which details all the periodic payments on your loan. This is generated through an amortization calculator.
Amortization is basically the procedure of repaying a loan through regular payments over a specified period of time. An amortization schedule is the total tally of loan payments showing the amount of interest and principal contained in each payment, until the loan is repaid in full.