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?Your Feedback Matters! How was this Answer?
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Authors Of The Question
How to calculate 10% interest on the total cost of a flat?
Prajakta Dhawalskar
63 Views
1 Answers
2 Year
2022-11-07T12:13:02+00:00 2022-11-09T09:56:33+00:00Comment
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