Are you thinking about getting a Home Loan but unsure about the exact EMI amount you will have to pay? The Piramal Finance home loan EMI calculator helps you figure out the monthly amount you need to pay. Our house loan EMI calculator helps you make smart choices when buying your dream home and manage your monthly finances effectively.
By trusting Piramal Finance, you can take pleasant home loans with low-interest rates and a long repayment period. With our Home Loan Interest Rate calculator , you can find out the total interest on your loan amount.
|Principal Amount||Tenure||Rate of Interest||EMI|
₹ 10 lakhs
₹ 25 lakhs
₹ 50 lakhs
₹ 50 lakhs
₹ 75 lakhs
EMI refers to Equated Monthly Instalment and is the amount that you need to pay your lender every month. You can calculate home loan EMI by adding the interest on the outstanding balance of your housing loan. If you want to reduce the EMI, choose a longer repayment schedule. The maximum time you can take to repay a home loan from Piramal Finance is 30 years.
Using the Piramal Finance housing loan calculator is quite simple. You need to enter the following information to determine the house EMI:
Home Loan EMI calculation is a crucial financial tool that can greatly assist you in planning the purchase of your dream home. It helps you understand the financial implications of taking a home loan, enabling you to make informed decisions.
The Piramal Finance home loan calculator clearly explains the amount you will have to pay your lender every month. It ensures that you know how much of your monthly earnings will go towards housing loans. Here's how EMI calculation assists in the planning process:
The EMI calculation helps you figure out if you can afford to buy your dream home. It also helps you make smart financial decisions. We do this while considering your overall financial health.
Using an EMI calculator for home loans will mean that you can get accurate results instantly. When you know how much to pay each month, you can handle your money well and repay the loan easily. The features and benefits of using the Piramal Finance home EMI calculator are as follows:
The formula for home loan EMI calculation is as follows:
P x R x (1+R)^N / [(1+R)^N-1]
P = Principal loan amount or the amount you borrowed (Principal Component)
R = Monthly interest rate charged by your lender (Interest Component)
N = Loan duration in months (Tenure Component)
The rate of interest on your housing loan is calculated on a per-month basis. Therefore,
R = Annual rate of interest/ 12/ 100
Suppose the annual rate of interest is 11%. Then, R = 11/ 12/ 100 = 0.009
For instance, you are planning to apply for a 30-lakh home loan EMI at an interest rate of 11% per annum. Consider the tenure of your loan as 240 months (20 years). In that case, you will calculate the EMI amount using this formula:
EMI = ₹ 30,00,000 * 0.009 * (1 + 0.009) 240 / [(1 + 0.009) 240 - 1) = ₹ 30,966
Calculating the home loan EMI manually can be extremely tedious. Moreover, you are likely to make mistakes while calculating it manually. That's why the Piramal Finance home loan calculator will aid you whenever you are wondering how to calculate home loan EMI.
At Piramal Finance, both salaried and self-employed individuals can apply for home loans.
Age: 21 years to 70 years
Employment: Government institution, private sector, public sector, partnership firms, NGOs or related organizations, a proprietorship concern, MNCS, or related companies.
Age: 23 years to 70 years
Employment: Self-employed professionals (doctors, architects, and more), business owners, partners of partnership firms, proprietors