The best part about EMI is that you get to repay back the loan in small parts which are easier for most salaried individuals. It’s a monthly payment that the borrower makes towards repayment of the home loan. How Home Loan EMI works?ĮMI stands for Equated Monthly Installment. Wrong! It’s on the contrary quite easy.Īnd once you understand how EMI works, you will be in a better position to understand how changing the variables like principal, loan interest rate and tenure results in changing the monthly EMIs. Many people think that EMI calculations are tough and even if they tried, they won’t be able to figure things out. In this post, we discuss how to calculate home loan EMI yourself and also provide you with Free Excel-based Home Loan EMI Calculator (Free download) The banks will no doubt be willing to tell you the EMI you need to service, but it’s in your interest to understand the calculation of home loan EMIs Right? So you should understand how to calculate EMI on home loan correctly even if you have to use a loan EMI calculator in excel or otherwise. At least for the vast majority of people who aren’t into business requiring business loans. So you are looking for Home Loan EMI Calculator (Free Excel sheet download) for the year 2023?Ī home loan is probably the biggest loan you will ever take in your life.
