Building a house from scratch or buying it, is so sweating. Not only in literal terms but also money wise. It is the costliest purchase that a person undertakes in his lifetime. Mahindra Finance Home Loan gets you closer to your dream with its awesome home loan package. For better planning and management of your finance, Mahindra provides you with a calculator that helps you determine your EMI instantly, only with a couple of details entered. Mahindra Finance Home Loan EMI Calculator is ergonomically designed.
How Can Mahindra Home Loan EMI Calculator Help You?
Planning & Management: As stated before, purchasing or constructing a house is a financially exhaustive process. Every month, 30%-40% of your net monthly income will go towards paying your Equated Monthly Installments (EMIs). Thus, the need for planning. Understand, servicing the debt is of utmost importance here. Sooner you get done, the better it is for you. Home loan calculator by Mahindra gives you an estimate of the EMI you’ve to pay, basis which you can plan and manage your expenses to pay off the loan as soon as possible.
Easy to Use: Like we said, it is ergonomically designed for the customers. Infact, it is easier and more convenient than the normal calculator. Mahindra finance Home Loan Calculator is based on an algorithm which takes three factors into consideration – interest rate, loan amount and tenure loan. All you have to do is just enter these three details and the EMI result will be on your screen in no-time.
No Errors & Time Saver: Imagine calculating the EMI for your home loan all by yourself. It might seem easy at first, ut when you actually sit down to do it, it can be a real pain. It also leaves scope for a lot of errors to happen. But with the Mahindra Finance Home Loan EMI calculator, the problem of errors is mitigated. It takes into consideration the EMI formula and calculates it faster. So error free and save a hell lot of time.
Amortization Table: Alongwith the Mahindra Finance Home Loan EMI calculator comes an amortization table. This table shows how your loan progresses monthly till the time of maturity. This table helps you know the relationship between your principal amount and interest rate over time.
How to Use the Mahindra Finance home Loan Calculator?
The calculator’s algorithm works around three factors – interest rates, loan amount and tenure of the loan. You have to input these three details and the calculator processes the EMI in a matter of few milliseconds. Either you can feed these values by typing or adjust the sliders, whichever is comfortable for you. Enter the loan amount, the interest rate you desire and the time period you want the home loan for. That’s all! You’ve the EMI result on your screen along with an amortization table.
What is the Formula to Calculate the EMI?
Mahindra Finance used the below mentioned EMI calculation formula:
EMI = P x R x (1+R)^N]/[(1+R)^N-1]
EMI is Equated Monthly Installment
P represents PrincipalAmount
R stands for Monthly Interest Rate
N stands for the Number of Months the loan is taken for