Home / Finance / Home Loan / How to calculate 10% interest on the total cost of a flat?
Q.

How to calculate 10% interest on the total cost of a flat?

view 60Views

1 Year

Comment

1 Answers

0 2022-11-09T10:01:17+00:00
⤺ Reply

Hi there,

 

I believe you are asking about interest rates on home loans. Simple interest rates are calculated on the basis of a formula. The formula is:

 

A = P (1+rt)

 

P = Principal Amount

R = Rate of interest

t = Number of years

A = Total accrued amount (Both principal and the interest)

 

Interest = A – P.

 

Now, let me give you an example:

Let’s say the principal amount is Rs. 10,000 and the interest rate is 10% and you have to pay your loan for a tenure of 6 years. The simple interest will be calculated as:

 

A = 10,000 (1+0.1*6) = Rs 16,000.

 

Interest = A – P = 16000 – 10000 = Rs 6,000.

 

The easiest way to know about your home loan interest is to use the NoBroker EMI calculator.

 

Click here to know the EMI for a home loan.

   Get home loans at the lowest interest rate!   Read more: How much home loan can I get on 25000 salary? How much home loan can I get on 35000 salary?

Most Viewed Questions

How to Change Email ID in PAN Card?How Much Money Can Be Transferred Through YONO SBI?What is Cooling Period in SBI YONO?How to Increase Transfer Limit in SBI YONO?How to Check Personal Loan Eligibility in SBI Yono App?How to Pay SBI Home Loan EMI Online?How to Add Beneficiary in SBI YONO App?How to Transfer Money From YONO SBI?How to Pay Loan Amount in YONO SBI?How to Preclose ICICI Personal Loan?See All

Recently Published Questions

How to Check Aditya Birla Personal Loan Status?How to Get Instant Approval for Personal Loan?What is IOB Personal Loan Interest Rate?What is HDB Personal Loan Interest Rate?What is YONO SBI customer care number?What are Navi Personal Loan Reviews?How Can I Apply For a Personal Loan?What is Finnable Personal Loan Interest Rate?What is Assam Gramin Vikash Bank Personal Loan Interest Rate?What is AU Bank Personal Loan Interest Rate?See All

Authors Of The Question

profile
Kartik Modak

0 Total Answers


0


profile

Recently Answered Questions

How to calculate 10% interest on the total cost of a flat? How can I know if any number is link to any bank How to check 7/12 online I want to buy a 2BHK flat which is 10 years old for Rs 30 lakhs in Hyderabad. What would be the registration charges? How to find my account details to make a payment? How to remove my Gmail id? How to get bank statement? What is the process to change mobile number? We have a layout. In that, a single plot has got DTCP approval and has been sold by us. For further plots what is the procedure for getting DTCP approval? We have a land of 80 cents only. In that still, we have 8 plots. What is the way for getting DTCP approval? What is SWIFT copy of remittance?
Flat 25% off on Home Painting
Top Quality Paints | Best Prices | Experienced Partners
Get your Home Sparkling Clean
Best Price | 5-Star Rated Partner | Safe Chemicals
Get Rs.1000 off on Your Lowest Quote
On-Time Delivery | Reliable Packing | Professional Labour
Buy Your Dream Home with NoBroker.com & Enjoy Exclusive Benefits on Home Loan & Interior Services
Fastest Sanction in 7 Days from 15+ Banks | Max Funding | No Hidden Charges
Get upto ₹10 Lacs Instantly in your bank account | Instant Disbursal |
Save Lakhs on Brokerage
Get Dedicated Expert to Search Property, Contact Owners & Negotiate for You