One of the most common reasons for saving on finance all throughout the years is to acquire a home or house. However, the whole process of  obtaining a loan against a mortgage can prove to be a very time-consuming task and often requires evaluating alternative options and factors. 

But today, with the help of the mortgage loan EMI calculator, the whole process of selecting the best possible loan for your house is a quick and straightforward task. Here is your detailed guide to calculating the EMI for choosing the best viable option of loans for your home. (Calculate your Mortgage Loan EMI)

Steps To Calculate Your Through Mortgage Loan EMI Calculator 

The steps listed below will help you calculate your EMI account against the loan taken.

Step 1: Determination of Loan Amount 

In the first step, you need to determine the amount of loan you wish to take as a loan to meet your requirements.  The maximum limit for such loans is fixed at Rs. 10 crores. 

Step 2: Choosing the Period

In the second step, the period for which the loan will be taken must be determined. It must be done according to the time you will gather funds to repay the principal amount with interest. 

Step 3: Rate of Interest

In this step, you will need to determine the interest rate charged permanently on the loan amount. The interest rate on such loans is not fixed and varies from time to time. 

Step 4: Calculation of EMI

In the last step, the EMI is calculated against the entered mortgage loan amount, period, and interest rate. 

Must Read: What are the 4 Basics of Qualifying for a Mortgage Loan?