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If you have taken a home loan or consider taking one soon, you will most likely have to repay your loan via Equal Monthly Instalments or EMIs, designed to distribute the burden over a fixed tenure. A Home Loan EMI calculator is a simple and effective online tool using which you can easily and quickly find out the EMI (inclusive of loan interest) that you need to pay each month to repay the loan.
You can use the Home Loan EMI Calculator online by simply entering the principal amount, applicable rate of interest, and loan tenure (in months or years) and calculate your monthly EMI in seconds.
The principal of a loan is the amount that you have borrowed and that you need to repay.
Applicable Rate of Interest
The rate at which interest will be charged on your home loan principal amount.
Home loan tenure is the period within which a homebuyer is bound to repay the entire loan amount including the applicable interest. You must choose a home loan tenure that is comfortable for you.
Home Loan EMI or Equal Monthly Instalments is the monthly repayment that you ought to pay as per amortisation schedule
A house EMI calculator is generally the easiest and quickest way to get an accurate EMI amount. However, mathematically, the formula to calculate EMI on loan is –
EMI = [P x R x (1+R)^N]/[(1+R)^N-1],
Here P stands for the Principal loan amount, R stands for the rate of interest on the loan, and n is the tenure in number of months.
For example – For a Principal amount of Rs. 20,00,000 borrowed at an interest rate of 10% per annum for a tenure of 10 years (which is 120 months); EMI can be calculated as follows – [20,00,000x10x(1+10)120]/[(1+10)120-1], which is equal to Rs. 26,430 per month.
The following are the many benefits of using a home loan EMI calculator -
Easy to Use
To use a home loan EMI calculator, no complex mathematical formulas need to be solved. All you need to do is enter the loan amount, interest rate, processing fee (if applicable), and tenure and the calculator will give you an accurate answer within seconds.
Selecting the Right Tenure
Knowing the right EMI allows you to decide the right home loan tenure. You can choose a shorter loan period and quickly pay off your loan if you can afford to pay higher EMIs. And if not, you can extend the loan period to what you are comfortable with.
Proper Loan Management
It could be possible that you may have extra funds while paying your EMIs. If you wish to see how your prepayments can impact your EMI before the loan term ends, the home loan EMI calculator can help you know the same.
Comparing Loan Offers
Using the home loan EMI calculator, you can compare between loan offerings by different lenders. The calculator will let you know the total cost of each loan and the EMI of the same. This, in turn, will help you choose the most suitable option.
Note – Alternatively, you can even tap onto the ‘+’ or ‘-‘symbols to increase or decrease the numbers.
Home loan EMI or Equal Monthly Instalment is the fixed amount that a home loan borrower ought to pay every month in order to repay his home loan amount. The following are taken into account while calculating the EMI – Principal Loan Amount, Loan Tenure, and the Rate of Interest.
A home loan EMI calculator calculates your EMI and indicates the total amount you need to pay at the end of your home loan tenure. This amount would be a sum total of the principal amount and the interest amount.
The home loan EMI amount is calculated after taking into consideration the following –
Net Monthly Income
Fixed Monthly Obligations
Applicable Rate of Interest and
An individual is entitled to a deduction of Rs. 3.5 lakhs on interest paid on home loan and an additional tax benefit of Rs. 1.5 lakhs as per Section 80 C of the Income Tax Act. So, EMI payments on your home loan can be a help in reducing tax burden.