Most buyers only look at the interest rate, but your EMI depends on three things: loan amount, interest rate and tenure.
The EMI Formula
EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the principal, r is the monthly interest rate and n is the number of months.
What Actually Matters
A longer tenure lowers your monthly EMI but sharply increases the total interest you pay. A 20-year loan can cost almost as much in interest as the amount you borrowed.
Quick Tips
Keep your EMI under 40% of your monthly income, compare at least 3 banks, and check processing fees — not just the headline rate.
Use the EMI calculator on our Home Loan page to plan your budget in seconds, and contact us for loan assistance with leading banks.