Convenient Home Loan EMI Calculator with Yes Bank
Home loans have proven to be the most viable option for buying a house or a property. With its comfortable repayment solutions, the number of people applying for a home loan has increased considerably. One such option is EMI (Equated Monthly Installments), which has proven to be the most effective form of repayment of loans. Yes Bank offers an easy solution for calculating home loan EMIs that you have to pay.
What Is EMI?
EMI (Equated Monthly Installment), as the name suggests, is the fixed amount of money a borrower has to pay to their lender as installments every month. This EMI amount is dependent on two factors – Principal and Interest amount. Principal is the actual base loan amount and interest is the percentage of principal amount that you have to pay in addition to the loan amount.
Tenure (in months)
Processing fee (it is the application fee required to process the loan. Generally varies between 0.5-2% of the principle amount)
How Does Home Loan Calculator Calculate the EMIs?
The basic formula for EMI calculation is:
E = EMI
P = Principal amount
R = rate of interest on monthly basis (rate of interest / 12 months / 100)
N = tenure (in months)
The formula might look easy, but there is always a case of human error. Borrowers often confuse themselves for getting an exact amount of installment to pay every month. With factors like inflation, the interest rates might change, that can directly affect the calculation and final amount. So, Yes Bank makes it convenient for you to calculate the exact amount you have to pay at the end of the loan tenure and every month as well. This calculation is made easy with Yes Bank home loan EMI calculator.
Home Loan EMI Calculator by YES Bank
Home loan calculators help in giving you an exact installment amount you need to pay per month, after all the considerations.
All you need to do is mention your principal amount, rate of interest, processing fee and tenure (in months). The computer calculates the final payable amount and helps you understand the figures better through ‘Amortization Table’. This table helps you understand the entire interest payable, as well as outstanding amounts every month.
YES bank eases your loan management calculations with its home loan EMI calculator. You get the benefit of comparing monthly repayment installments and understand various financial break-ups. This easy process will help you save a lot of time and energy, so that you can focus on living your life in your dream home!