Home Loan EMI Calculator
Your Monthly EMI: ₹0
Frequently Asked Questions
1. What is a Home Loan EMI?
EMI (Equated Monthly Installment) is the fixed monthly payment towards repaying your home loan.
2. How is EMI calculated?
EMI is calculated using the formula: EMI = [P × R × (1+R)^N] / [(1+R)^N-1]
3. Can EMI change over time?
Yes, EMI can change if the interest rate is floating or if a prepayment is made.
4. Is EMI same for all banks?
No, EMI depends on the interest rate offered by different banks.
5. What is the tenure for home loans?
Home loans usually have a tenure between 5 to 30 years.
6. Can I reduce my EMI?
Yes, by increasing your loan tenure or making a prepayment.
7. What happens if I miss an EMI?
Missing EMI can result in penalties and a lower credit score.
8. How does a higher interest rate affect EMI?
A higher interest rate increases your EMI amount.
9. Can I prepay my home loan?
Yes, you can make a prepayment to reduce the total interest cost.
10. How does credit score affect home loans?
A good credit score can help you get lower interest rates.
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