EMI Calculator: Home Loan EMI Calculator Online | Indiabulls Home Loans (2024)

FAQs

What is the formula to calculate Home Loan EMI? ›

EMI= ₹10,00,000 * 0.006 * (1 + 0.006)120 / ((1 + 0.006)120 - 1) = ₹11,714. Calculating the EMI manually using the formula can be tedious. HDFC Bank's EMI Calculator can help you calculate your loan EMI with ease.

As a rule of thumb, your home loan EMI should not exceed more than 35% to 40% of your income.

The formula to calculate EMI is 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 months.

For example, if you borrow Rs. 10,000 at an annual interest rate of 6% for 3 years (36 months), the monthly EMI would be EMI = 10,000 * (0.06/12) * (1 + 0.06/12)^36 / ((1 + 0.06/12)^36 - 1) = Rs. 303.87.

Just enter the loan tenure, amount and interest rate to get the EMI estimate within minutes. Let's understand this with an example. Let's say you have taken a loan of ₹40,000 for a tenure of 3 years at 12% p.a. Upon calculation, your EMI would be ₹6,643.

One rule of thumb is that the cost of your home should not exceed three times your income. On a salary of $70k, that would be $210,000. This is only one way to estimate your budget, however, and it assumes that you don't have a lot of other debts.

How much house can I afford if I make $45000 a year? ›

On a salary of $45,000 per year, you can afford a house priced at around $120,000 with a monthly payment of $1,050 for a conventional home loan — that is, if you have no debt and can make a down payment. This number assumes a 6% interest rate.

At a 7.00% fixed interest rate, a 30-year $100,000 mortgage may cost you around $665 per month, while a 15-year mortgage has a monthly payment of around $899.

Indiabulls Housing Finance Limited

IBHFL is rated 'AA' by leading rating agencies CRISIL and ICRA.

The NCDs are AA/Stable rated securities. AA/Stable-rated securities fall into the category of investment grade hence underlying credit risk is assumed to be quite low. The effective yield is between 9.25% to 10.75% which is much higher than (3 to 4%) higher than FD rates.

To calculate EMI (Equated Monthly Instalment), you can use the following formula: EMI = P * r * (1 + r)^n / ((1 + r)^n - 1), where P is the principal loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the loan tenure in months.

Monthly Payment = (P × r) ∕ n

Again, “P” represents your principal amount, and “r” is your APR. However, “n” in this equation is the number of payments you'll make over a year. Now for an example. Let's say you get an interest-only personal loan for $10,000 with an APR of 3.5% and a 60-month repayment term.

The formula is: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1], where M is the monthly payment, P is the loan amount, i is the interest rate (divided by 12) and n is the number of monthly payments.