Question: How Is EMI For Home Loan Calculated?

What is the interest on 20 lakhs?

Formula of Calculation of EMILoan amountInterest RateEMI per month5 Lakh8.35%Rs.

6,15910 Lakh8.50%Rs.

9,84715 Lakh8.60%Rs.

13,11220 Lakh8.70%Rs.

17,610.

How much home loan can I get if my salary is 30000?

Suppose, your monthly income is ₹ 30,000 and the loan amount you are eligible for is ₹ 15 Lakh, If you add your spouse as co-applicant, earning ₹ 20,000 per month, can increase your eligibility to ₹ 25 Lakh.

What is the EMI for 12 lakhs home loan?

Check EMI Calculation for 12 Lakh home loan for 5, 10, 15, 20 Years or How much EMI you have to pay for 12 Lakh home loan amount per month?…EMI Calculation for 12 Lakh Home Loan amount for Various Tenure Options:Tenure OptionsEMI Per Month5 YearsRs. 2433610 YearsRs. 1455615 YearsRs. 1147220 YearsRs. 100322 more rows

How much loan can I get on 30000 salary?

For example, if you are wondering how much personal loan can I get on a ₹30,000 salary. If you have no other EMIs, you can multiply your monthly salary by 27 to get the maximum loan amount you would be eligible for. In this case, it would be ₹8,10,000 with a tenure of 60 months.

How do banks calculate interest on home loans?

How is interest calculated on my home loan?Each day, we multiply your loan balance by your interest rate, and divide this by 365 days (even in leap years). This is your daily interest charge.At the end of the month, we add together the daily interest charges for each day in the month. This is the monthly interest amount you see on your statements.

What is the EMI for 60 lakhs home loan?

For example, let’s consider you have availed a home loan of Rs. 60 Lakh at 9% (0.75% per month) rate of interest with tenure of 20 years (240 months). Then, EMI = [60,00,000 x 0.75% x (1+0.75%)^240]/[(1+0.75%)^ (240-1)].

How much loan can I get on 35000 salary?

If you are taking a home loan for 35,000 salary, you can get a maximum loan amount of Rs. 20,16,481 at say an 8.5% interest rate for a tenure of 20 years. In this situation, the home loan EMI amount you would pay is not more than Rs. 17,500.

What is the EMI for 40 lakhs home loan?

SBI Home Loan EMI Calculator 2020Loan Amount10 Year Loan15 Year loan₹ 10 Lakh₹ 11,585₹ 8,960₹ 25 Lakh₹ 28,963₹ 22,401₹ 40 Lakh₹ 46,340₹ 35,8414 days ago

Can we pay more than EMI in home loan?

If you can, then pay more than the regular EMI. The surplus amount will not only reduce your principal outstanding, but also your interest burden. You can also pay one more EMI (than the usual number of EMIs) every year. This is an effective trick to reduce your loan tenure, and in turn the interest cost.

What is the EMI for 20 lakhs home loan?

Housing Loan Interest CalculatorEMI for various home loan amounts15 years20 years₹ 20 Lakh₹ 17,809₹ 15,326₹ 25 Lakh₹ 22,262₹ 19,158₹ 30 Lakh₹ 26,714₹ 22,990₹ 50 Lakh₹ 44,523₹ 38,3161 more row

What is the EMI for 25 lakhs home loan?

25 Lakh Home Loan EMI DetailsRepayment PeriodEMI Per Month15 YearsRs. 2390020 YearsRs. 2090025 YearsRs. 1930030 YearsRs. 183502 more rows

How much house loan can I get on 50000 salary?

How much home loan can I get on my salary?Net Monthly incomeHome Loan AmountRs.25,000Rs.18,64,338Rs.30,000Rs.22,37,206Rs.40,000Rs.29,82,941Rs.50,000Rs.37,28,6761 more row

Which bank is offering lowest interest rate on home loan?

Top 10 Banks Lowest Home Loan Interest Rate Nov 2020BankHome Loan RateEMI Per LakhSBI6.95%₹ 662HDFC6.90%₹ 659Bank of Baroda6.85%₹ 780Citibank7.05%₹ 7106 more rows

How is principal and interest calculated on EMI?

The EMI can be calculated using either the flat-rate method or the reducing-balance method. The EMI flat-rate formula is calculated by adding together the principal loan amount and the interest on the principal and dividing the result by the number of periods multiplied by the number of months.

Which bank is best for home loan?

Best Banks Which Offers Home Loans in IndiaS.NoBank NameMarket Percentage1SBI Home Loan34.00%2HDFC Ltd24.13%3LIC Housing05.83%4ICICI Bank13.10%4 more rows

What is the EMI for 15 lakhs home loan?

What is home loan EMI?Loan AmountTenure10 Years15 YearsRs. 30 LakhRs. 35,611Rs. 27,810Rs. 40 LakhRs. 47,481Rs. 37,080Rs. 50 LakhRs. 59,351Rs. 46,3511 more row

What is the EMI for 10 lakhs personal loan?

Personal Loan EMI Calculator:PERIODRATE OF INTERESTCALCULATED EMI24 months15%48,487/-32 months11.99%36,666/-48 months20%30,430/-