Home Loan Calculator

What is a home loan EMI?

A home Loan EMI, or equated monthly instalment, is the fixed monthly payment you make towards repaying your home loan. It comprises both the principal amount and the interest on the loan, ensuring the loan is paid off within a specified tenure. Calculating your EMI accurately is crucial for financial planning, helping you manage your budget and avoid financial strain. The EMI amount is influenced by the loan amount, interest rate, and tenure. Metra Trust’s Home Loan EMI calculator simplifies the EMI calculation process, providing error-free and accurate calculations, aiding you in making informed financial decisions.

How is a home loan EMI calculated?

A home loan EMI is calculated using the formula: EMI = [P x R x (1+R) ^N] / [(1+R) ^N-1], where P is the principal loan amount, R is the monthly interest rate, and N is the loan tenure in months. For example, if you take a loan of ₹50 lakhs at an annual interest rate of 8% for 20 years, your monthly EMI would be approximately ₹41,822. Metra Trust’s Home Loan EMI calculator automates this, giving you instant and precise results.

The online calculator  is an easy-to-use tool to help you plan your home loan EMI. It processes the basic details you provide based on the assumptions. Therefore, the results generated solely and completely depend on the information provided by you.

How to use a Home Loan Calculator?

Using the Metra Trust Home Loan EMI calculator is simple and convenient. Follow the steps given below to use the calculator. 

·  Adjust the slider to enter the principal loan amount,

·  Move the slider left to right to enter the desired loan tenure in months,

·  Similarly follow the same to enter the applicable interest rate.

·  Once you have input these details, the tool will instantly display your monthly EMIs, along with a detailed repayment schedule known as the amortisation schedule.

You can adjust the inputs to compare different scenarios and find an EMI that best fits your budget. This intuitive tool helps you make informed financial decisions with ease and accuracy.

To know the current home loan interest rate, click here.

Home Loan Calculator Features and Benefits

Features of the Metra Trust Home Loan EMI calculator

1.  User-friendly interface: The calculator boasts a clean, intuitive interface, ensuring that even first-time users can navigate it effortlessly. Clear instructions and easy-to-understand prompts guide you through the process seamlessly.

2.  Instant calculations: One of the key features is it provides instant results. As soon as you input the necessary details—loan amount, tenure, and interest rate—the calculator instantly computes the EMI, saving you valuable time and effort.

3.  Detailed breakdown: The tool does not just give you a lump sum EMI figure. It provides a detailed breakdown of the principal and interest components of each EMI, allowing for better understanding and transparency of your repayment schedule.

4.  Adjustable parameters: Flexibility is at the core of this calculator. You can easily adjust the loan amount, tenure, and interest rate to see how different scenarios impact your EMI. This feature is particularly useful for comparing various loan options and finding the one that best fits your financial situation.

5.  Accessible anytime, anywhere: The calculator is available online on the Metra Trust website, meaning you can access it anytime and from anywhere, be it your home, office, or while on the go. This accessibility ensures you have the information you need at your fingertips whenever you need it.

What is a home loan amortisation schedule?

An amortisation schedule for a home loan is a detailed table that outlines each periodic payment on a loan over time. It shows how much of each payment goes towards the principal amount and how much goes towards interest. With each payment, the principal balance decreases, and the interest portion of subsequent payments reduces. This schedule helps borrowers understand their repayment process, track their outstanding loan balance, and plan their finances effectively. Metra Trust’s Home Loan EMI calculator provides a clear amortisation schedule, offering transparency and aiding in better financial planning throughout the loan tenure.

How to reduce EMI amount on home loan?

Reducing the EMI amount on your home loan can ease financial pressure and help you manage your finances better. Here are five effective ways to lower your EMI:

1. Opt for a longer tenure
Extending the loan tenure reduces the monthly EMI burden, as the repayment period is spread over a longer duration. However, keep in mind that this might increase the total interest paid over the loan term.

2. Make a larger down payment
By making a larger down payment, you reduce the principal loan amount, which directly lowers your EMI. This also means you will pay less interest over the loan tenure.

4. Prepay part of the loan
Making periodic prepayments reduces the principal outstanding, thereby lowering the EMIs. Ensure there are no prepayment penalties with your lender or choose a loan with favourable prepayment terms.

5. Balance transfer to Metra Trust
If you are looking take advantage of Metra Trust’s competitive interest rates, you can easily opt for a home loan balance transfer. This balance transfer can significantly reduce your EMI if the new lender offers better terms.