Dear Friends,
I had taken a house loan from LICHFL for800000 in 25th july 2009. The interest rate is fixed for 3 years which is 8.9%. The period is 180 months (15 years).
The EMI finalized by LICHFL is8064 and I am paying it from 7-9-2009 onwards.
Here my doubt is as per EMI calculating formula the EMI is worked out as8066.61 but I am paying only 8064. The outstanding principal amount as on every month as per LICHFL is found to be slightly higher than the EMI schedule for 8066.61 calculated according to formula. (Please see attached file)
So when I made an adjustment (by trial & error method) by putting figures of 976.3 in the formula for principal and 955.5 in the formula for interest, the outstanding principal amount as on every month is exactly tallying with that of LICHFL schedule. I am attaching this file herewith for reference.
Expecting clarification on whether EMI of 8066.61 with schedule or EMI of 8064 with adjusted schedule is the correct one. This is for my academic interest.
Sunilkumar KS
CAclubindia
