Home Loan EMI (Equated Monthly Installment) is the fixed monthly payment you make to repay your home loan. It includes both principal and interest.
1. How is EMI calculated?
EMI is calculated using loan amount, interest rate and tenure.
2. What is a good home loan interest rate?
Usually between 7% to 10% depending on bank and credit score.
3. Can I reduce my EMI?
Yes, by increasing tenure or getting lower interest rate.
4. What happens if I miss EMI?
Bank may charge penalty and it affects your credit score.
5. Is EMI same every month?
Yes, EMI remains fixed unless loan terms change.