Union Home Loan Calculator
The Union Bank Home Loan EMI calculator is an online tool that can help you calculate the EMI (Equated Monthly Installment) for your home loan. With the calculator, you can easily calculate the monthly instalment amount you will need to pay towards your home loan.
A home loan is the amount of money an individual borrows from banks or other financial institutions after meeting certain loan eligibility criteria to buy a residential or commercial property. The borrowed money has to be paid back to the lender in EMIs at a particular rate of interest.
An EMI is a fixed monthly amount that you pay each month to repay the lender. Since many people cannot pay the entire amount in one go to purchase their dream home, they opt for the EMI facility, which is a flexible repayment option.
How Does The Union Bank of India Home Loan EMI Calculator Work?
To calculate your EMI amount, the calculator uses the following 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 buy your dream home and want to take a home loan for ₹32 lakhs. The bank is charging you an interest rate of 8.1% per annum. The tenure of the loan is 20 years. Let's calculate your monthly EMI amount.
EMI = P x ( r x (1 + r)^n) / [( 1 + r)^n - 1]
EMI = 32,00,000 x (0.081/12 x (1 + 0.081/12)^20 / [(1 + 0.081/12)^20 - 1]
EMI = ₹26,966
If you take a home loan for ₹32 lakhs at an interest rate of 8.1% per annum, you would have to pay a monthly EMI of nearly ₹27,000 every month for 20 years.
How To Use The Union Bank of India Home Loan EMI Calculator?
The calculator uses the below details to calculate your total amount and EMI amount.
- Enter the loan amount you wish to take from the lender.
- Mention the rate of interest carried by the loan.
- Specify the duration of the home loan.
Once done, the calculator will show you the total amount, interest amount, and monthly EMI amount.
Example:
Ms Shaanu is planning to take a home loan for ₹73 lakhs. The bank is offering the loan at an interest rate of 9% per annum. The duration of the loan is 30 years. Let's calculate her monthly EMI using the formula.
EMI = P x ( r x (1 + r)^n) / [( 1 + r)^n - 1]
EMI = 73,00,000 x (0.09/12 x (1 + 0.09/12)^30) / [(1 + 0.09/12)^30 - 1)
EMI = ₹58,737
Ms Shaanu has to pay a monthly EMI of ₹58,737 for 30 years, if she takes a loan for ₹73 lakhs at an interest rate of 9% per annum.
Benefits Of Using The Union Bank of India Home Loan EMI Calculator
Here are the benefits you can enjoy by using the home loan EMI calculator
- The home loan EMI calculator is a simple calculator that anyone can use.
- The calculator saves you a lot of time by performing the calculations quickly.
- The calculator helps you decide on the loan tenure you should choose while keeping your monthly expenses and other loan EMIs in mind.
- The calculator assists in better financial planning.