What is an EMI and how is it calculated?

EMI, which stands for Equivalent Monthly Instalments, is the monthly amount we make for the loan we have chosen. The amount of a mortgage that a borrower can afford is determined primarily by the Equated Monthly Instalment (EMI) that the borrower will have to pay. Though there are many EMIs available in the financial world, we will only be discussing home loan EMIs and how to calculate them here.

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