1. What is the EMI Calculation?

The EMI (Equated Monthly Installment) calculation helps determine the fixed payment amount a borrower makes each month to repay a home loan. This calculator is specifically designed for Maybank refinance home loans and provides comparable results to HDFC Bank's calculations.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (MYR or INR)
• \( R \) — Monthly interest rate (annual rate divided by 12, in decimal)
• \( N \) — Loan tenure in months

Explanation: The formula accounts for both principal and interest components of the loan, with interest being front-loaded in the initial payments.

3. Importance of EMI Calculation

Details: Accurate EMI calculation helps borrowers plan their finances, compare loan offers, and understand the total cost of borrowing before committing to a home loan.

4. Using the Calculator

Tips: Enter the principal amount in MYR or INR, annual interest rate as a percentage, and loan tenure in months. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: How does Maybank's refinance compare to HDFC?
A: This calculator provides comparable EMI results between Maybank refinance options and HDFC Bank home loans, helping you evaluate options.

Q2: What affects my EMI amount?
A: EMI depends on three factors - loan amount, interest rate, and loan tenure. Higher amounts/rates increase EMI, while longer tenures reduce it.

Q3: Is prepayment considered in this calculation?
A: No, this calculates standard EMI without prepayments. Prepayments would reduce total interest and potentially shorten loan tenure.

Q4: Are there any hidden charges in EMI?
A: This calculates pure principal+interest EMI. Processing fees, insurance, or other charges would be additional.

Q5: How often can interest rates change?
A: For fixed-rate loans, EMI stays constant. For floating rates, EMI may change when banks adjust rates based on market conditions.