Willing to buy a home loan but don’t know the exact amount of EMIs you need to pay to the lender? Well, if that is the case with you, all you need to know about a home loan EMI Calculator. That’s Right! Being a smart, time-saving and effective online tool, an EMI Calculator allows you to know the exact and accurate results related to your EMI, Interest Outgo and Total Amount Payable in the least time frame.
The device after taking into consideration:
- Loan Amount
- Tenure
- Interest Rate
Lets you know the exact calculations in the least time frame. When it comes to using the device for home loan calculations, it is absolutely easy to use the same and due to its online availability, you can use the same anytime.
Central Bank of India Home Loan EMI Calculator
In order to have a better understanding of the same, let’s just take the help from an example below.
Suppose, Rajat Verma, a 28-year-old, PHP Developer by profession is looking for a home loan of INR 30 Lakh. And, in order to avail the same loan amount, Rajat has applied in the Central Bank of India. After evaluating his profile, the lender has agreed to offer the said loan amount at an interest rate of 8.30% per annum for a tenure of 30 years. But before availing the loan, Rajat wants to be fully sure about the EMI and Interest Outgo. He wants to be fully sure, whether his monthly installments are going to be affordable or not. So, let’s just find out the same by looking at the table below.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| Loan Amount | Interest Rate | Tenure | Monthly Instalment | Total Interest Amount | Total Amount |
|---|---|---|---|---|---|
| ₹ 30,00,000 | 8.30% | 1 | ₹ 2,61,382 | ₹ 1,36,579 | ₹ 31,36,579 |
| ₹ 30,00,000 | 8.30% | 2 | ₹ 1,36,093 | ₹ 2,66,225 | ₹ 32,66,225 |
| ₹ 30,00,000 | 8.30% | 3 | ₹ 94,425 | ₹ 3,99,294 | ₹ 33,99,294 |
| ₹ 30,00,000 | 8.30% | 4 | ₹ 73,662 | ₹ 5,35,774 | ₹ 35,35,774 |
| ₹ 30,00,000 | 8.30% | 5 | ₹ 61,261 | ₹ 6,75,649 | ₹ 36,75,649 |
| ₹ 30,00,000 | 8.30% | 6 | ₹ 53,040 | ₹ 8,18,898 | ₹ 38,18,898 |
| ₹ 30,00,000 | 8.30% | 7 | ₹ 47,208 | ₹ 9,65,497 | ₹ 39,65,497 |
| ₹ 30,00,000 | 8.30% | 8 | ₹ 42,869 | ₹ 11,15,414 | ₹ 41,15,414 |
| ₹ 30,00,000 | 8.30% | 9 | ₹ 39,524 | ₹ 12,68,618 | ₹ 42,68,618 |
| ₹ 30,00,000 | 8.30% | 10 | ₹ 36,876 | ₹ 14,25,069 | ₹ 44,25,069 |
| ₹ 30,00,000 | 8.30% | 11 | ₹ 34,733 | ₹ 15,84,728 | ₹ 45,84,728 |
| ₹ 30,00,000 | 8.30% | 12 | ₹ 32,969 | ₹ 17,47,548 | ₹ 47,47,548 |
| ₹ 30,00,000 | 8.30% | 13 | ₹ 31,497 | ₹ 19,13,481 | ₹ 49,13,481 |
| ₹ 30,00,000 | 8.30% | 14 | ₹ 30,253 | ₹ 20,82,476 | ₹ 50,82,476 |
| ₹ 30,00,000 | 8.30% | 15 | ₹ 29,192 | ₹ 22,54,477 | ₹ 52,54,477 |
| ₹ 30,00,000 | 8.30% | 16 | ₹ 28,278 | ₹ 24,29,428 | ₹ 54,29,428 |
| ₹ 30,00,000 | 8.30% | 17 | ₹ 27,487 | ₹ 26,07,267 | ₹ 56,07,267 |
| ₹ 30,00,000 | 8.30% | 18 | ₹ 26,796 | ₹ 27,87,934 | ₹ 57,87,934 |
| ₹ 30,00,000 | 8.30% | 19 | ₹ 26,190 | ₹ 29,71,363 | ₹ 59,71,363 |
| ₹ 30,00,000 | 8.30% | 20 | ₹ 25,656 | ₹ 31,57,488 | ₹ 61,57,488 |
| ₹ 30,00,000 | 8.30% | 21 | ₹ 25,183 | ₹ 33,46,242 | ₹ 63,46,242 |
| ₹ 30,00,000 | 8.30% | 22 | ₹ 24,763 | ₹ 35,37,555 | ₹ 65,37,555 |
| ₹ 30,00,000 | 8.30% | 23 | ₹ 24,389 | ₹ 37,31,358 | ₹ 67,31,358 |
| ₹ 30,00,000 | 8.30% | 24 | ₹ 24,054 | ₹ 39,27,579 | ₹ 69,27,579 |
| ₹ 30,00,000 | 8.30% | 25 | ₹ 23,754 | ₹ 41,26,148 | ₹ 71,26,148 |
| ₹ 30,00,000 | 8.30% | 26 | ₹ 23,484 | ₹ 43,26,991 | ₹ 73,26,991 |
| ₹ 30,00,000 | 8.30% | 27 | ₹ 23,241 | ₹ 45,30,037 | ₹ 75,30,037 |
| ₹ 30,00,000 | 8.30% | 28 | ₹ 23,021 | ₹ 47,35,214 | ₹ 77,35,214 |
| ₹ 30,00,000 | 8.30% | 29 | ₹ 22,823 | ₹ 49,42,450 | ₹ 79,42,450 |
| ₹ 30,00,000 | 8.30% | 30 | ₹ 22,644 | ₹ 51,51,673 | ₹ 81,51,673 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 23,607 | ₹ 2,48,115 | ₹ 29,76,392 |
| 2 | ₹ 25,642 | ₹ 2,46,080 | ₹ 29,50,750 |
| 3 | ₹ 27,853 | ₹ 2,43,868 | ₹ 29,22,896 |
| 4 | ₹ 30,255 | ₹ 2,41,467 | ₹ 28,92,640 |
| 5 | ₹ 32,864 | ₹ 2,38,858 | ₹ 28,59,775 |
| 6 | ₹ 35,698 | ₹ 2,36,024 | ₹ 28,24,076 |
| 7 | ₹ 38,777 | ₹ 2,32,945 | ₹ 27,85,299 |
| 8 | ₹ 42,121 | ₹ 2,29,601 | ₹ 27,43,178 |
| 9 | ₹ 45,753 | ₹ 2,25,969 | ₹ 26,97,425 |
| 10 | ₹ 49,698 | ₹ 2,22,024 | ₹ 26,47,726 |
| 11 | ₹ 53,984 | ₹ 2,17,738 | ₹ 25,93,742 |
| 12 | ₹ 58,639 | ₹ 2,13,083 | ₹ 25,35,103 |
| 13 | ₹ 63,695 | ₹ 2,08,027 | ₹ 24,71,407 |
| 14 | ₹ 69,188 | ₹ 2,02,534 | ₹ 24,02,219 |
| 15 | ₹ 75,154 | ₹ 1,96,568 | ₹ 23,27,064 |
| 16 | ₹ 81,635 | ₹ 1,90,087 | ₹ 22,45,429 |
| 17 | ₹ 88,674 | ₹ 1,83,048 | ₹ 21,56,755 |
| 18 | ₹ 96,321 | ₹ 1,75,401 | ₹ 20,60,433 |
| 19 | ₹ 1,04,627 | ₹ 1,67,095 | ₹ 19,55,806 |
| 20 | ₹ 1,13,649 | ₹ 1,58,073 | ₹ 18,42,157 |
| 21 | ₹ 1,23,449 | ₹ 1,48,273 | ₹ 17,18,707 |
| 22 | ₹ 1,34,094 | ₹ 1,37,628 | ₹ 15,84,613 |
| 23 | ₹ 1,45,657 | ₹ 1,26,065 | ₹ 14,38,955 |
| 24 | ₹ 1,58,218 | ₹ 1,13,504 | ₹ 12,80,736 |
| 25 | ₹ 1,71,861 | ₹ 99,861 | ₹ 11,08,875 |
| 26 | ₹ 1,86,681 | ₹ 85,041 | ₹ 9,22,194 |
| 27 | ₹ 2,02,779 | ₹ 68,943 | ₹ 7,19,414 |
| 28 | ₹ 2,20,265 | ₹ 51,457 | ₹ 4,99,149 |
| 29 | ₹ 2,39,258 | ₹ 32,464 | ₹ 2,59,890 |
| 30 | ₹ 2,60,046 | ₹ 11,832 | ₹ 0 |
Central Bank of India Home Loan EMI Calculation Formula
The calculator uses the below formula to calculate an EMI.
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