How to calculate the EMI Component in case of Floating Interest Rate Appplied by Bank? Will the principal and Interest component change? How principal amount is considered? Eg.Loan Amount of Rs. 80,00,000
Interest Rate 11% for the period of 6 years
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Housing loan emi in case of floating interest rate
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for calculating principal component from emi, you just need to subtract intt charged for the month from instalment paid in the month.. for example, emi paid for july is 15000 and intt charged for month of july is 8000, then principal component is (15000-8000) =7000... .... principal and intt portion in emi will keep changing depending upon loan amt outstanding.
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