How is EMI Calculated?

EMI (Equated Monthly Installment) is calculated using the formula: EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is the principal loan amount, r is the monthly interest rate, and n is the number of monthly installments.

Home loan interest rates in India typically range from 8% to 10% depending on the lender, loan amount, and your credit score. Most banks offer tenure of up to 30 years.