dholera.app / emi-calculator
EMI calculator
Standard reducing-balance EMI for a plot or construction loan. Banks price land loans differently from home loans, so treat the rate field as the rate you were actually offered.
In rupees.
Monthly EMIRs 0
Total interestRs 0
Total paymentRs 0
The formula, in the open
EMI = P x r x (1+r)^n / ((1+r)^n - 1), where P is principal, r the monthly rate and n the number of months. A Rs 20,00,000 loan at 9.5 percent for 10 years works out to an EMI of about Rs 25,880, with roughly Rs 11.05 lakh of interest over the term.
Plot loans are not home loans. Many lenders finance land only up to a lower loan-to-value ratio, at slightly higher rates, and some require construction within a set period. Confirm the product terms before you plan around an EMI.