Jammu and Kashmir Bank Home Loan EMI Calculator

₹ 50,000 ₹ 1,00,00,000
1.00 % 50.00 %
12 Months 50 years
Loan Amount ₹ 2,50,000
Interest Rate 10.99%%
Tenure(Months) 224
Monthly Instalment (EMI) ₹ 2,631
Total Interest Amount ₹ 3,39,334
Total Amount (Principal + Interest) ₹ 5,89,334

About Jammu and Kashmir Bank Home Loan EMI Calculator

In a mood to apply for a home loan at Jammu and Kashmir Bank? Do apply, but don’t take your eyes off from the EMI calculator which computes the installment you need to pay over the course of a home loan that can be as long as 20-30 years. Having an idea of the EMI in advance helps you plan your spends better for a smooth repayment of the installments.

What is EMI?

EMI refers to the monthly installments to be paid by a borrower till the expiry of the loan tenure. The installments combine a portion of both principal and interest. As you would know, Jammu and Kashmir Bank generally provides a home loan on floating rate basis which means the interest rates will keep changing according to the RBI’s take on repo rate, the rate at which the central bank lends to commercial banks. The cut or hike in repo rate can make lenders revise their interest rates. Though the equated monthly installments (EMIs) remain constant throughout the tenure, the interest and principal components undergo a change with the change in interest rates over the course of a loan.

Formula to Calculate EMI

Want to compute the EMI? Check out the formula below.

E = P . R . (1+R)^N/((1+R)^N – 1),

Where E = EMI
P = Principal Loan Amount
R = Interest Rate
N = Monthly Loan Tenure

Can’t calculate from the formula? You have an EMI calculator readily available online to compute. Just enter the following to get an indicative EMI on the screen.

  • Loan Amount
  • Interest Rate
  • Loan Tenure

In addition to computing the EMI, the calculator also indicates the amount of interest to be paid by a borrower over the loan tenure, along with providing a schedule of interest and principal repayments on a year-on-year basis. You can also check the outstanding balance of a home loan at the end of each year.