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

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0 2022-11-09T10:01:17+00:00
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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?

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Kartik Modak

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