Are you considering taking a Home Loan but don't know how much EMI you need to pay? The Piramal Finance home loan EMI calculator will come to your rescue in determining the amount you need to pay monthly to your lender. Our house loan EMI calculator will ensure that you make wise decisions while purchasing your dream home.
Our housing loan EMI calculator will help you manage your monthly finances accordingly. By trusting Piramal Finance, you can take pleasant home loans with low-interest rates and a long repayment period. Using our Home Loan Interest Rate calculator, you will be able to determine how much interest gets accumulated on the principal amount.
|Principal Amount||Tenure||Rate of Interest||EMI|
|₹ 10 lakhs||10 years||11%*||₹ 13,775|
|₹ 25 lakhs||10 years||11%*||₹ 34,438|
|₹ 50 lakhs||20 years||11%*||₹ 51,609|
|₹ 50 lakhs||25 years||11%*||₹ 49,006|
|₹ 75 lakhs||25 years||11%*||₹ 73,508|
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 25 years.
Using the Piramal Finance housing loan calculator is quite simple. You need to enter the following information to determine the house EMI:
The Piramal Finance home loan repayment calculator clearly explains the amount you will have to repay your lender every month. It ensures that you are aware of how much of your monthly earnings will be applied to housing loans.
Consequently, you will be able to plan your finances to ensure that you are not defaulting on your EMI payments. Remember that failing to pay your EMIs will make it difficult for you to secure loans in the future. Therefore, a home loan EMI calculator helps make your home-buying journey smoother.
The features and benefits of using the Piramal Finance home EMI calculator are as follows:
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.
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
R = Monthly interest rate charged by your lender
N = Loan duration in months
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 10%. Then, R = 11/ 12/ 100 = 0.009
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
Home loan amortization refers to reducing debts during the loan tenure by making monthly payments. The EMI calculator from Piramal Finance will help you figure out the ratio of the principal housing loan amount to the interest due according to the rate of interest and loan tenure. The calculator will break down the details regarding the principal payments and the interest amount to help you understand the home loan amortization schedule better.
Piramal Finance is a part of Piramal Group Enterprises Limited and is registered under National Housing Bank. It offers retail and wholesale funding opportunities to companies across different industries. It is also involved with financial service businesses. The business loan benefits offered by Piramal Finance enable companies of different sizes to fulfill their goals. But Piramal Finance also offers other kinds of loans, including housing and personal loans.