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How to calculate EMI?- Property Hotline
Posted
November 25, 2016
Views
93
November 25, 2016
93
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4:12Now PlayingExpert: Harsh Roongta CEO, Apnapaisa.com, Home Finance Expert.
Question: I need to know if there is a thumb rule to calculate EMI. People are availing house loan but they don't know how to calculate EMI. We have no idea what are the charges and if they can charge higher. I have availed loans at an interest rate of 7.25% & 10%
Answer: This cannot be a serious issue any longer with so many EMI calculators available on so many independent sites. Rule of thumb is not a good way to calculate an arithmetical concept such as EMI. However if you insist for a 20 year loan for Rs 1 lakh the EMI is Rs. 900 at 9%. It will increase/decrease by Rs. 16 for every 0.25% increase/decrease in interest rate. So if the 20 year loan is at 9.25% the EMI will be 916 per Rs 1 lakh and if it is 8.75% the EMI will be 884 per Rs 1 lakh.
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