Why Is Property Loan EMI Calculator Needed?

Buying a property or a house is a dream of many people and many of them try to buy the house of their dreams by taking a Property Loan. However, before taking the loan, you should know the approximate amount of the EMI or the Equated Monthly Installment that you would have to pay monthly to complete your loan amount. Here’s when the Property Loan EMI Calculator comes to the rescue. The property Loan EMI calculator provides an idea of the property loan instalments that you would have to pay at regular intervals.

What is property loan EMI?

As the name suggests, a property loan is obtained from a financial institution to purchase a property. You can own a property easily by taking out a property loan from a bank. Once you get a property loan, repaying the loan amount takes a long time. The banks provide the loan for supposing ten years, and in these years, you will have to pay the instalment with interest charge regularly every month. These instalments are known as EMI or Equated Monthly Installments.

How does the Property Loan EMI calculator help fulfil your dream of buying a property?

By getting a property loan, one can easily fulfil their dream of buying a house or any other property. And before getting a property loan, it is essential to know what amount you have to pay monthly as EMI to make further decisions. If not appropriately calculated, you can face many problems in the future. The problem may happen if the instalment amount exceeds the amount of what you might have paid according to your salary and savings. The property loan EMI calculator saves you from indulging in a problem and helps you plan the loan amount properly. Thus, the property loan EMI calculator is an excellent tool for financial planning to get a property loan conveniently. Using it, you can make your decision wisely and get the property of your dreams.

What are the benefits of checking property loan EMI through a property loan EMI calculator?

By using a property loan EMI calculator, you can get the following benefits:

  1. You can easily know about the total loan amount and tenure.
  2. You can conveniently plan for the repayment of the loan.
  3. You can see whether you have the capacity to take the loan or not.
  4. You can learn the approximate amount of instalments you need to pay at regular intervals.

What formula does the property loan EMI calculator use, or what is the formula to calculate EMI?

The formula to calculate EMI is :

E = P x r x ( 1 + r )n / ( ( 1 + r )n – 1 )


E is EMI

P is Principal Loan Amount

r is the monthly rate of interest. For example, if the rate of interest is 12% per annum, then r = 14/12/100=0.01

n is loan duration in the number of months.

For example, if you take a loan of ₹1,00,000 from the bank at 12% annual interest for a period of 4 years, then EMI = ₹1,00,000 * 0.01* (1 + 0.01)48 / ((1 + 0.01)48 – 1) = ₹2633.

This would mean that you shall be paying ₹2633 for 48 months to repay the loan completely. Therefore, your total repayment amount shall be ₹1,26,402, including the principal of ₹1,00,000 and interest of ₹26,402.

Where can you find a property loan EMI calculator?

You can find a property loan EMI calculator on any financial websites or banks’ websites such as HDFC, Axis Bank, ICICI Bank, Bank Of Baroda, etc. To get the EMI amount through these, you need to enter the loan amount, the tenure, and the interest rate, and the result of the calculation will appear.