Jana Bank Home Loan EMI Calculator

How to Calculate Jana Bank Home Loan EMI?

Home loans support people on their home-buying journey. If you are pursuing one such dream with a Jana Bank home loan, it is important to calculate the monthly EMI using the Jana Bank Home Loan EMI calculator. Your online home loan EMI calculator is the best tool to get the most precise and error-free calculations of your EMI. To calculate the EMI, you can simply fill in the tool with details like the principal amount, interest rate, and the loan tenure.

Jana Bank Home Loan EMI Calculator Formula

There is a simple formula that estimates the monthly EMI of your home loan that you are required to pay to the bank every month. This EMI can be calculated using the Jana Bank home loan calculator online. This calculation helps in evaluating the monthly expenses of the borrower. Below is the Jana Bank Home loan calculation formula:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1] 

Here,
P connotes Principal Amount
R connotes the Rate of Interest, and
N connotes the Total Monthly Repayment Installments 

Factors Affecting Jana Bank Home Loan EMI

If you are planning to avail a home loan from Jana Bank, you must be aware of the Jana Bank home loan criteria that influence the monthly installments of your home loan. A large number of factors influence your home loan EMI. However, we are discussing some key factors here:  

Principal Amount: The principal amount or the loan amount is one of the primary factors considered for calculating the EMI of your home loan. The principal amount is the money that a bank lends to the borrower. Generally, the EMI depends on the principal amount. So, if the principal amount is high, the EMI would be higher, and vice versa.

Tenure: Tenure is the duration of the loan or the period for which a home loan is offered. This is another very significant factor that determines the home loan EMI. If you opt for short-tenured loans, your EMIs would be higher. Similarly, if your loan duration is longer, the EMIs will be lower.

Interest Rate: Interest rate is another significant factor to consider in a home loan. A higher rate of interest increases the amount of monthly installments or EMIS. Hence, it is better to try to avail of home loans at a lower interest rate.

Benefits of Using Jana Bank Home Loan Calculator

Using the Jana Bank home loan calculator online allows the borrower to benefit in numerous ways. This online tool is quick and easy and is a valuable device for potential loan applicants to know the precise monthly EMIs to be paid. Below are the key benefits of the Jana Bank Home Loan EMI calculator:

Accurate results: The first and the most important benefit of using an online EMI calculator is the assurance of getting a 100% accurate result. Being an online tool, it is guaranteed to provide error-free results as compared to manual calculations. 

Smooth Calculations: Utilizing an online EMI calculator streamlines the entire process, allowing you to easily estimate the monthly installment you'll need to pay without any inconvenience. All you can do is simply visit https://www.basichomeloan.com/em, the official portal of BASIC Home Loan, to use the calculator online.

Multiple use: This is another remarkable benefit of home loan EMI calculators. These tools can be used multiple times by the loan applicant/borrower. You can apply several variations to the calculator to find out the preferred amount of EMI that you would be able to pay every month comfortably.  

Jana Bank Home Loan Interest Calculator Formula

Jana Bank home loan interest rate calculator uses a simple formula to evaluate the monthly home loan EMI. Principal amount, Loan tenure, and interest rate are the three components that are considered in the formula as mentioned below:

Total Interest = (P X R X T) / 100

Here, 

P means Principal Amount
R means the Rate of Interest 
T means the number of monthly installments

Jana Bank Home Loan Eligibility Criteria

While the process of seeking a home loan is easy and hassle-free, you have to prove your eligibility to get your home loan approved. To check your eligibility status or to qualify for a Jana Bank home loan, you can use the Jana Bank home loan eligibility calculator. The home loan online calculator evaluates the loan eligibility of the borrower or applicant by considering factors like age, income, credit score, and employment status.