EMI stand for Equated Monthly Installment, is the amount of money that have to pay monthly to
the bank or the finance institute from where we have taken loan. EMI is calculated in such a way that the monthly amount to be pay will be equal. This equal amount also make easy to keep in mind. EMI is calculated with the help of principal (Amount of loan taken), Rate of interest (in per annum) and the time duration (how much time is taken to pay loan return). This calculator is design to make easy for planning for loan, deciding amount of loan for reasonable and affordable emi value. We can use this EMI Calculator for home loan to choose suitable loan period/tenure. This calculator also gives us more clear cut data vision like monthly interest paying value, monthly principal paying value and how much load value is in balance to pay. we can also choose any load sanction date for EMI calculation and easy print it for loan planning.

EMI is calculate using a general emi formula P ×R×(1+R)^n / ((1+R)^n-1). This emi formula calculates interest as a compound interest, means that the  value principal for next interest calculation is (current principal value + previous interest value).

Formula of EMI calculation:

Where,
n=t x 12,
n=Number of month for emi calculation (Loan duration)
t= Number of year for emi calculation (Loan duration)

R=(r / 12) / 100,
R=Fraction of interest rate per month
R=Rate of interest per year or annum
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This EMI calculator includes repayment of the principal amount and payment of the interest on the outstanding amount of your home loan. This Groomix EMI calculator for home loan, calculates emi value with yearly payable interest amount, yearly payable principal amount and balance of principal amount. It also calculate total amount that has to pay during loan tenure and total interest amount.

HDFC ltd offers home loan with interest starting from 8% per annum and with minimum EMI of ₹734 per lac with long home loan tenure. You can use this calculator for planning for HDFC home loan

This EMI calculator calculate equated monthly installments for your ICICI home loan.With lower EMIs, ICICI Bank Home Loans are light on your wallet. Lower interest rate and long repayment tenure of up to 30 years ensure a comfortable EMI for you during the entire loan tenure. You can estimate your EMI by using our feature rich Home Loan EMI Calculator.