A home loan is an amount borrowed by a home buyer from a bank or a financial institute. It is then repaid in EMIs (Equated Monthly Instalment) with some percent of annual interest on the borrowed amount.

EMI (Equated Monthly Instalment) is a specific amount that needs to be paid monthly by the home loan borrower to the bank every month. It includes the principal amount and the interest.

An EMI calculator is easy to use. In this calculator, you can select a particular home loan amount, tenure, and the applicable interest rate to know the EMI suitable for you. The tool helps with financial planning before you apply for a home loan.

You can apply for a home loan by filling out the application form in the bank. After that, document and property verification are done, followed by the final home loan approval.