EMIs are calculated depending on the principal amount borrowed and at what interest rate it is borrowed at. The tenure period is also considered while calculating your home loan EMI. So the amount repayable will be the amount borrowed plus the amount payable towards interest, which will be divided throughout the tenor of the loan with uniform monthly payments.The EMI for a 30 lakh home loan will depend on the interest rate and the tenure period that you and your lender agree upon. For instance, if you get an interest rate of 9% and a tenure period of 10 years, your Equated Monthly Instalment(EMI) will be Rs.38,003.
Only with a good credit score will you be able to bargain with your lender for a low interest loan and for the loan amount you want. When your lender checks your credit report and finds an unresolved negative account, you might not get the loan at the terms that you wanted or worse, you wouldn’t even be eligible for a loan. So it’s better to keep a good credit score before applying for the home loan you want.