Edelweiss Home Loan Calculator
The Edelweiss home loan EMI calculator helps you calculate your EMI instantly on the basis of your prospective loan amount, interest rate, and loan tenure. The home loan EMI calculator also displays the total interest payable, the total principal payable, and the EMI amount. This can help you understand and plan your home loan repayment better.
A home loan is a borrowed sum of money used to finance the acquisition of real estate rather than using cash. Most people get a house loan for buying a primary residence but others also use the loan towards acquiring a second house or investment property. A majority of the loans require collateral in the form of the house itself. This means that the lender can take back the property and sell it to recover their losses if the borrower fails to repay the loan.
An EMI or Equated Monthly Installment is a fixed amount that a person needs to pay every month (on a fixed date) to clear off an outstanding loan within a fixed time frame. In simple words, the total payable amount is divided into equal amounts as per the repayment tenure chosen by borrowers.
How Does The Edelweiss Home Loan EMI Calculator Work?
The Edelweiss home loan EMI calculator works based on the below formula:
Where,
P is the principal home loan amount
r is the rate of interest per month
n is the loan tenure in months
Example:
You are planning to get a home loan for ₹67 lakhs. The loan carries an interest rate of 8.6%. The repayment period of the loan is 20 years. Here's how much you would need to pay as an EMI amount for the loan.
EMI = 67,00,000 x 0.086/12 x (1 + 0.086/12)^240 / [(1 + 0.086/12)^240 - 1]
EMI = 67,00,000 x 0.007167 x (5.550818) / (4.550818)
EMI = 2,66,544.1744602 / 4.550818
EMI = ₹58,571 (approximately).
So, if you take a home loan for ₹67 lakhs at an interest rate of 8.6% for a tenure of 20 years, you would have to pay an EMI amount of around ₹58,571.
How Should You Use The Edelweiss Home Loan EMI Calculator?
The Edelweiss home loan EMI calculator is an easy-to-use online tool. All you need to follow a few simple steps to use the calculator.
- Enter the amount of loan you want to borrow from the lender.
- Mention the repayment period (in years).
- Specify the rate of interest charged by the lender.
The calculator will use the details and show you the total loan amount, the interest payable, and the EMI amount.
Example:
Mr. Jeyanth is looking to take a home loan for ₹29 lakhs to construct a new house. The interest rate of the home loan is 10.8% per annum. The tenure of the loan is 25 years. When we put the above values in the formula, we get:
EMI = 29,00,000 x 0.108/12 x (1 + 0.108/12)^300 / [(1 + 0.108/12)^300 - 1]
EMI = 29,00,000 x 0.009 x 14.70110 / 13.70110
EMI = 3,83,698.71 / 13.70110
EMI = ₹28,005.
So, if Mr. Jeyanth takes a home loan for ₹29 lakhs at an interest rate of 10.8% per annum for a tenure of 25 years, his monthly EMI amount will be ₹28,005.
Benefits Of Using The Edelweiss Home Loan EMI Calculator
- The home loan EMI calculator simplifies housing finance planning. It offers important details such as the EMI amount, net interest payable, and the total loan amount.
- With a few simple inputs, the calculator delivers instant results. This saves you a lot of time and effort.
- The calculator can enable you to evaluate home loan offers from several lenders by calculating EMIs at different interest rates. This tool empowers you to secure the best financing deal for your dream home.
- The calculator can help you figure out the ideal loan tenure based on your repayment capacity.