L&T HFL Home Loan EMI Calculator

Using an L&T hfl home loan calculator will benefit the borrowers in the following ways —

• The EMI calculator comes with a user-friendly design that enables borrowers to use it without any outside help
• It allows you to find a home loan scheme that blends well with your repayment capacity and future finances
• It eliminates all possibility of errors and delivers only the accurate results

How To Calculate Home Loan EMI

Well, there is a standardized formula available for the calculation of EMIs. However, calculating your EMI manually can generate faulty or incorrect results due to complex mathematical calculations.

Magicbricks offers a free online tool to its customers to check their EMIs in seconds without any hassle. It allows you to plan your spending and repayment process better.

How To Use Magicbricks' Home Loan EMI Calculator

Using a Magicbricks Home Loan EMI calculator has to be the easiest task. Follow these steps to check your EMI in seconds –

• Go to the home loan EMI calculator page
• Enter the principal amount
• Fill in the loan tenure
• Enter the rate of interest
• Click on the option 'Calculate Your EMI'

Home Loan EMI Calculation Formula

To bring uniformity in EMI calculations, most reliable EMI calculators use a common or standardized EMI formula which is as follows —

E = P.r. (1+r)^n/([(1+r)^n]-1)

where P = Loan/Principal Amount
E= applicable EMI
r = rate of interest per month (annual rate of interest divided by 12)
n = tenure or number of EMIs
For example, if any borrower avails a loan of 70 lakh for a 25-year tenure at a 9% p.a. rate of interest, the applicable EMI will be –
E = 70,00,000 × 0075(1+.0075)^300/([(1+0075)^300]-1)

L&T hfl Home Loan Amortization Schedule

An amortization schedule put up a list for the payment cycle for a loan. It includes calculation of principal and interest to help the borrower keep a track of the overall remaining principal amount to be repaid easily.

If you have taken a loan of Rs 65 lakh over a 7-year tenure at an interest rate of 9% p.a., you will have an amortization schedule that looks like the following –