What are the benefits of taking a loan? If you are thinking about taking a home loan, then you need to have information about different home loans, various institutions such as banks and financial companies that are in the business of lending money and different options for loan payment. It is fairly common now-a-days to tale a home loan and then pay it back in easy installments, also commonly known as EMI (Estimated Monthly Installment). It gives us a chance of owning a house even in situations when we are not able to pay the whole amount at one time. Also, it helps us to meet our monetary obligations in our time of need.

What is EMI?

EMI is the amount which is paid to the bank till the time the loan is fully paid back. It consists of the principal amount along with interest and is divided into small fixed monthly installments which are then paid back to the lender. The interest part of EMI is more in the initial months, with principal amount increasing as the tenure of the loan progresses. The prevailing interest rate decides the percentage of EMI amount allocated towards principal payment.

How to calculate EMI?

People generally use home loan calculators to get an idea of the EMI that they would have to pay for the loans taken by them. But loan calculators present on some websites can be time consuming and prone to errors, which can create havoc with your loan calculations. To get an idea of what would be the EMI of the loan amount required by you, you can use the EMI calculator or Loan calculator present on top financial website, investmentyogi.com. It quickly digests the details given by you and gives the result immediately with details of payment schedule and how the total payment has to be paid.

How to use loan calculator?

With detailed graphical charts and payment details,  EMI calculator is very user friendly and quick to perform. It can calculate the home loan details in an instant. If you require any home loan, use the home loan calculator of investmentyogi to have information about the EMI payment. All you have to do is to just enter the Loan amount that you require, time period for which you require the loan and percentage of interest rate. After getting the result, you can judge for yourself whether the loan is affordable for you or not.

A graphical chart displaying the break-up in detail of total payment consisting of the interest and principal amount will also be shown. The total percentage of interest against the principal amount is shown, with payment schedule revealing details of payments made every year for the complete tenure of the loan.

If you want to have accurate information about what will be the monthly installment that you will have to pay for you home loan, then use an EMI Calculator.

 


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