1. What is House Loan EMI?

The Equated Monthly Installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. For house loans via Groww app, rates start at 6.70% p.a. for HDFC.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (INR)
• \( r \) — Monthly interest rate (annual rate divided by 12, in decimal)
• \( n \) — Loan tenure in months
• \( PMT \) — Monthly EMI payment (INR)

Explanation: The formula calculates the fixed payment amount required each month to pay off the loan over the specified term.

3. Importance of EMI Calculation

Details: Calculating EMI helps borrowers understand their monthly financial commitment and plan their budget accordingly before taking a home loan.

4. Using the Calculator

Tips: Enter principal amount in INR, annual interest rate (starting at 6.70% for HDFC via Groww), and loan tenure in years. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the current home loan interest rate via Groww?
A: Rates start at 6.70% p.a. for HDFC through Groww app, but may vary based on credit profile and other factors.

Q2: How does tenure affect EMI?
A: Longer tenures reduce EMI but increase total interest paid. Shorter tenures increase EMI but reduce total interest.

Q3: Are there prepayment charges?
A: This depends on the lender. Many lenders allow partial prepayments without charges after a lock-in period.

Q4: What factors affect home loan eligibility?
A: Income, credit score, existing obligations, property value, and applicant's age are key factors.

Q5: How accurate is this calculator?
A: It provides standard EMI calculation. Actual EMI may vary slightly due to rounding or lender-specific processing fees.