Before opting for any kind of home loan facility, it’s important to have a rough estimate about the Equated Monthly Installments (EMI) that you will have to pay at the time of loan repayment. Not having your EMI calculated beforehand can hurt your overall finances. To save yourself from this, you can use the Aditya Birla EMI calculator.
It takes less than one second to get the exact EMI amount according to the details you put in the calculator. The process is so fast and seamless that you won’t even feel anything. Everything will happen in an eye’s blink. It will also give you the total interest outgo and total repayment amount. This calculator is nothing short of an amazing tool to efficiently manage your overall finances and to keep your monthly budget in check. If you’re someone who is planning to opt for a home loan facility of Aditya Birla and looking to have an estimate about the EMI amount, then look nowhere than the Aditya Birla Home Loan EMI Calculator.
What are the details that you need to use the Home Loan EMI Calculator?
When you decide to have an estimate about the monthly installments with the help of the EMI calculator, you will need a few basic details so that you can don’t face any kind of problems. You can look below to know about all these details so that you can calculate your EMI amount easily.
Required Loan Amount – You can get the loan amount starting from 75% to 90% of the property value. It can vary from one individual to another.
Aditya Birla Home Loan Rate of Interest – There are a number of factors that can determine your interest rate. These are your age, nature of employment, the length of employment with the current company or the running period your business, property type, and CIBIL score. Your credit score plays a huge role in determining your interest rate.
Desired number of Months – With the help of Aditya Birla home loan facility, you can opt for the loan amount for a maximum of 30 years.
Let me give you an example. Suppose that you want to take the loan amount of INR 20,00,000 for a period of 15 years (180 months) at an interest rate of 10% per annum. You can see all the calculations in the below table.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| Loan Amount | Interest Rate | Tenure | Monthly Instalment | Total Interest Amount | Total Amount |
|---|---|---|---|---|---|
| ₹ 20,00,000 | 10% | 1 | ₹ 1,75,832 | ₹ 1,09,981 | ₹ 21,09,981 |
| ₹ 20,00,000 | 10% | 2 | ₹ 92,290 | ₹ 2,14,956 | ₹ 22,14,956 |
| ₹ 20,00,000 | 10% | 3 | ₹ 64,534 | ₹ 3,23,237 | ₹ 23,23,237 |
| ₹ 20,00,000 | 10% | 4 | ₹ 50,725 | ₹ 4,34,808 | ₹ 24,34,808 |
| ₹ 20,00,000 | 10% | 5 | ₹ 42,494 | ₹ 5,49,645 | ₹ 25,49,645 |
| ₹ 20,00,000 | 10% | 6 | ₹ 37,052 | ₹ 6,67,721 | ₹ 26,67,721 |
| ₹ 20,00,000 | 10% | 7 | ₹ 33,202 | ₹ 7,88,999 | ₹ 27,88,999 |
| ₹ 20,00,000 | 10% | 8 | ₹ 30,348 | ₹ 9,13,440 | ₹ 29,13,440 |
| ₹ 20,00,000 | 10% | 9 | ₹ 28,157 | ₹ 10,40,996 | ₹ 30,40,996 |
| ₹ 20,00,000 | 10% | 10 | ₹ 26,430 | ₹ 11,71,618 | ₹ 31,71,618 |
| ₹ 20,00,000 | 10% | 11 | ₹ 25,040 | ₹ 13,05,248 | ₹ 33,05,248 |
| ₹ 20,00,000 | 10% | 12 | ₹ 23,902 | ₹ 14,41,825 | ₹ 34,41,825 |
| ₹ 20,00,000 | 10% | 13 | ₹ 22,957 | ₹ 15,81,286 | ₹ 35,81,286 |
| ₹ 20,00,000 | 10% | 14 | ₹ 22,164 | ₹ 17,23,561 | ₹ 37,23,561 |
| ₹ 20,00,000 | 10% | 15 | ₹ 21,492 | ₹ 18,68,578 | ₹ 38,68,578 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 60,634 | ₹ 1,97,271 | ₹ 19,39,365 |
| 2 | ₹ 66,983 | ₹ 1,90,922 | ₹ 18,72,382 |
| 3 | ₹ 73,997 | ₹ 1,83,908 | ₹ 17,98,384 |
| 4 | ₹ 81,746 | ₹ 1,76,159 | ₹ 17,16,638 |
| 5 | ₹ 90,305 | ₹ 1,67,599 | ₹ 16,26,332 |
| 6 | ₹ 99,762 | ₹ 1,58,143 | ₹ 15,26,570 |
| 7 | ₹ 1,10,208 | ₹ 1,47,697 | ₹ 14,16,361 |
| 8 | ₹ 1,21,748 | ₹ 1,36,156 | ₹ 12,94,612 |
| 9 | ₹ 1,34,497 | ₹ 1,23,408 | ₹ 11,60,115 |
| 10 | ₹ 1,48,581 | ₹ 1,09,324 | ₹ 10,11,533 |
| 11 | ₹ 1,64,139 | ₹ 93,766 | ₹ 8,47,394 |
| 12 | ₹ 1,81,327 | ₹ 76,578 | ₹ 6,66,066 |
| 13 | ₹ 2,00,314 | ₹ 57,591 | ₹ 4,65,752 |
| 14 | ₹ 2,21,290 | ₹ 36,615 | ₹ 2,44,462 |
| 15 | ₹ 2,44,639 | ₹ 13,443 | ₹ 0 |
Home Loan EMI Calculation Formula
In order to calculate an EMI, the calculator uses the below formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
where,
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments