UCO Bank is a leading government-owned commercial bank in India. The famous industrialist, G.D. Birla established the United Commercial Bank Limited in 1943 with headquarters in Kolkata. As of 30th March 2017, the financial institution had more than 49 zonal offices and 4000+ service units pan India.

Naturally, with its pronounced brand repute and far-flung network, numerous individuals across India resort to UCO Bank to avail home loans. However, due to the high-value funding involved in housing credit, the financial responsibility it entails is also considerable. Thus, several aspiring homeowners use the UCO bank home loan EMI calculator before they commit to such credit.

In this article

**UCO Bank Home Loan Calculator**

When a borrower applies for a home loan with a lender, he/she needs to provide documents reflecting the property’s value. Based on that and the individual’s credentials, the lender sanctions a loan amount. This loan amount along with applicable interest forms the total loan liability, which the borrower must repay over a stipulated term in fixed monthly instalments or EMIs.

Individuals can use the home loan calculator UCO Bank to compute this EMI. It involves three variables that a user must input, namely, the loan amount, rate of interest, and repayment tenure. Besides the instalment amount, it also shows the total cost of loan and net payable amount.

**How is UCO Bank Home Loan EMI calculated?**

In order to calculate home loan EMI, the UCO Bank uses the following formula –

*E = [p x r x (1 + r)^**n**] / [(1 + r)^**n-1**]*

The UCO home loan calculator is also based on this mathematical expression. In this formula, p denotes the loan amount; r stands for interest rate divided by the number of instalments in a year and n represents the repayment tenure in months.

The following example may provide for a more elaborate understanding of how such a calculation takes place manually.

The particulars of a loan that Ms Sharma has availed from UCO Bank are provided in the following table:

Loan amount |
Rs. 30 lakh |

Rate of interest |
9% |

Maturity period |
20 years (240 months) |

With regards to the above-mentioned formula, here, p is Rs. 30 lakh, r is 0.0075 (9%/12 x 100), and n is 240.

Thus, EMI = [3000000 x 0.0075 x (1 + 0.0075)^240] **/ **(1+0.0075)^240-1]

Or, EMI = Rs. 26,992

Since the manual calculation of home loan EMI can be time-consuming and error-prone, a UCO home loan EMI calculator may be a better alternative.

**Which Factors Affect Home Loan EMIs?**

As discussed earlier, the EMI calculation is based on three key variables – the loan amount, tenure, and the interest rate. Let’s take a look at how these factors determine home loan EMIs:

- Opting for a higher loan amount translates to heftier instalments and vice versa.
- Contrarily, EMI is lower when the repayment tenure is more extended and vice versa. But, the total interest payable moves in proportion to the maturity period.
- A higher rate would mean increased cost of a loan, and, thus, more substantial EMIs.

**How can Individuals Benefit with a UCO Bank Housing Loan EMI Calculator?**

- Borrowers can compare between different tenures and loan amount options to determine the EMI that suits their convenience.
- It provides error-free results.
- Individuals can use it to plan their prepayments as well to reduce their repayment burden.

Sound planning is quintessential when it comes to home loan repayment. With the UCO Bank home loan EMI calculator, individuals can learn about the monthly payouts in advance and plan their finances accordingly with ease.