20 Lakh Home Loan amount details. It will give you roughly idea how much you have to pay for Interest & Total Amount with Interest.

1. EMI DETAILS OF 20
LAKH HOME LOAN
EMAIL : homeloans@regrob.co.in
MOBILE : 9529331331
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2. HOME LOAN
A sum of money borrowed from a financial institution or bank to
purchase a house. Home loans consist of an adjustable or fixed
interest rate and payment terms.
There are different types of home loans available in the market to
cater borrower’s different needs.
Home Purchase Loan
Home Improvement Loan
Home Extension Loan
Home Conversion Loan
Home Construction Loan
Land Purchase Loan
Bridge Loan

3. Equated Monthly Installment – EMI for short is the amount
payable every month to the bank or any other financial
institution until the loan amount is fully paid off. It consists of
the interest on loan as well as part of the principal amount to
be repaid. The sum of principal amount and interest is
divided by the tenure i.e. number of months in which the
loan has to be repaid. This amount has to be paid monthly.
The interest component of the EMI would be larger during
the initial months and gradually reduce with each payment.

4. Formula to calculate to EMI
E = P x r x (1+r)^n/((1+r)^n – 1)

5. where,
E is EMI
P is Principal Loan Amount
r is rate of interest calculated on monthly basis. (I.e. r = Rate
of Annual interest/12/100. If rate of interest is 10.5% per
annum, then r = 10.5/12/100=0.00875)
n is loan term / tenure / duration in number of months.

6. Our loan amount is Rs. 20, 00,000.
Assumed rate of interest is 10.5% and tenure of loan is 10
years.
In a nutshell, the Loan EMI comes out to be Rs. 26,987. The
total interest payments over the years will be a total of Rs. 12,
38,440. The total payment, Interest as well as EMI will be Rs
32, 38,440.
EXAMPLE

7. thank you
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