Eight Thousand Six Hundred Seventy Eight Rupees and Twenty Three Paise Only
Principal
₹10,00,000
Interest
₹1082776
Total Repayment
₹2082776
PAYMENT BREAKDOWN
48% Principal
52% Interest
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Frequently Asked Questions
Common questions about EMI Calculator
How is EMI calculated?+
Formula: P × R × (1+R)^N / ((1+R)^N - 1). P=principal, R=monthly rate, N=months. Tool calculates instantly. Shows total interest paid.
Home loan vs personal loan EMI?+
Home loan: 20-30 year tenure, 8-9% rate (lower). Personal loan: 1-5 years, 10-15%. Same EMI formula, different parameters.
Fixed vs floating interest?+
Fixed: same EMI throughout. Floating: changes with bank rates. Floating typically 0.5-1% lower initially. Risk of rate increase.
Effect of tenure on EMI?+
Longer tenure = lower EMI but more total interest. 30 vs 20 years on 50L home loan: ₹15K saved monthly but ₹40L extra interest paid.
Prepayment benefits?+
Reduce tenure or EMI. Saves significant interest. Bank may charge prepayment fee (RBI banned for floating home loans). Always calculate before prepaying.
Down payment for home loan?+
Banks finance 75-90% of property value. Higher down payment = lower EMI. Aim for 20-30% down payment if possible.
Eligibility for loan?+
EMI should be 40-50% of net monthly income. Check CIBIL score (750+ ideal). Stable income, employment history, age criteria matter.
Tax benefits on home loan?+
Section 24: ₹2 lakh on interest. Section 80C: ₹1.5 lakh on principal. First-time buyers extra benefits. Significant tax saving.