The formula for calculating the EMI (Equated Monthly Installment) for a home loan in India is: EMI = [P x R x (1+R)^N]/[(1+R)^N-1] Where, P = Principal amount (the amount you borrow) R = Rate of interest per month (calculated by dividing the annual rate of interest by 12) N = Number of monthly installments (tenure of the loan in months) For example, if you borrow Rs. 50 lakhs at an interest rate of 7.5% per annum for a tenure of 20 years, the calculation of EMI using the above formula would be as follows: P = Rs. 50 lakhs R = 7.5%/12 = 0.625% per month N = 20 years x 12 months = 240 months EMI = [50,00,000 x 0.00625 x (1+0.00625)^240]/[(1+0.00625)^240-1] EMI = Rs. 39,173 (approx.) So, the EMI for the above-mentioned home loan would be Rs. 39,173 per month. This means that if you take a home loan of Rs. 50 lakhs at an interest rate of 7.5% per annum for a tenure of 20 years, you would have to pay Rs. 39,173 every month for the next 240 months to repay the loan amount along with the interest. It's important to note that the EMI amount is dependent on the loan amount, interest rate and tenure of the loan. If any of these variables change, the EMI amount would also change accordingly. Additionally, it's recommended to use an online EMI calculator to get an accurate estimate of your monthly EMI as these calculators take into account other factors like processing fees, pre-payment charges, and other miscellaneous charges that may be applicable to your home loan.