Hi, if you are trying to learn about the EMI for 18 lakh home loan, then I can assist you with that. Though I haven’t taken a home loan of 18 lakhs, I took out a loan of 40 lakhs last year. There are three things that you need to know to calculate the EMI amount. Those include loan amount, interest rate and so on.
How much is the 18 Lakh Home Loan EMI?
The three things that you need to know are.
Loan Amount
Interest Rate and
Loan Tenure
So, we already know that the loan amount is Rs. 18 Lakhs. So, let\'s assume that the interest rate is 9% and loan tenure is 20 years (240 months).
To calculate the EMI, you need to substitute the above values in the below formula.
EMI = P * [r * (1 + r) ^ n] / [(1 + r) ^ n - 1]
= 18 [9 (1+18) ^ 240] / [(1+18) ^ 240-1]
= Rs. 22,802
And that’s how you calculate the home loan 18 lakh EMI. Now, if you have different interest rates and loan tenures, then you can just substitute the values, and you will get the EMI amount.
I hope you find this helpful.
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Are you planning to buy a home and get a home loan of Rs. 18 lakh but unable to figure out what would be the EMI? You can check out your EMI via the 18 lakh home loan EMI calculator of NoBroker. Principal or loan amount, interest rate, and tenure are the three main variables that will affect your EMI for 18 lakhs home loan.
Calculate your EMI on a home loan via the NoBroker EMI calculatorWhat is EMI for 18 Lakh home loan?
With the aid of an example, let's now comprehend your monthly EMI for 18 lakhs home loan. Apart from the online EMI calculator, you should additionally, be able to manually calculate the 18 lakh rupee home loan EMI amount yourself. The formula for manually calculating it is:
EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1}
In the formula mentioned above,
P represents the principal or loan amount
R indicates the monthly interest rate divided by 100.
N denotes the monthly EMIs you will need to pay.
To avoid this complicated formula, you can use the NoBroker online EMI calculator. I’d like to share data that I obtained using the NoBroker EMI calculator while calculating the online EMI of 18 Lakh home loans for a period of 10 and 20 years.
| Interest Rates | Repayment Period | EMI Per month |
8.39% approx |
18 lakh home loan EMI for 20 years |
Rs. 15,496 |
8.39% approx |
18 lakh home loan EMI for 10 years |
Rs. 22,212 |
It is better if you use the 18 lakh home loan EMI calculator of NoBroker to determine your monthly home loan EMI.
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Read More:
When Home Loan EMI Starts for Under Construction Property? How to Pay HDFC Home Loan EMI Online? How to pay home loan EMI through a credit card?
What is EMI for 18 Lakh Home Loan?
Karishma
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2023-05-30T16:40:28+00:00 2025-02-17T16:05:45+00:00Comment
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