Calculate your Equated Monthly Installment (EMI) for home loans, car loans, and personal loans instantly.
| Year | Opening Balance | EMI | Principal | Interest | Closing Balance |
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Complete amortization table showing year-wise principal and interest breakdown.
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Common questions about EMI calculations and home loans
EMI (Equated Monthly Installment) is the fixed amount you pay every month to repay your loan. It's calculated using the formula: EMI = [P x R x (1+R)^N] / [(1+R)^N-1], where P is the principal amount, R is the monthly interest rate, and N is the number of monthly installments.
Three main factors affect your EMI: 1) Loan Amount - Higher loan amount means higher EMI, 2) Interest Rate - Higher interest rate increases EMI, 3) Loan Tenure - Longer tenure reduces EMI but increases total interest paid.
As of 2024, home loan interest rates in India typically range from 8.5% to 12% per annum, depending on the lender, your credit score, loan amount, and tenure. SBI, HDFC, ICICI, and other major banks offer competitive rates.
Yes, most lenders allow loan prepayment. You can either reduce your EMI amount or loan tenure. Prepaying reduces the principal amount, which in turn reduces the total interest payable. However, some lenders may charge prepayment penalties.
Most banks in India offer home loans for a maximum tenure of 30 years. However, the actual tenure depends on your age, income, and retirement age. The loan typically needs to be repaid before you turn 65-70 years old.
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Calculate NowDisclaimer: This EMI calculator is provided for informational purposes only. The results are estimates based on the values entered and may vary depending on the lender's terms, applicable taxes, charges, and interest rate changes. Actual EMI amounts may differ based on processing fees, insurance premiums, and other charges levied by the financial institution. Please consult your bank or financial advisor for exact loan details and terms before making any financial decisions. PrimeMumbaiHomes does not guarantee the accuracy of calculations and is not responsible for any financial decisions made based on these estimates.
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