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Home Loan EMI Calculator

Tools and Calculator

  • EMI Calculator
Loan Amount
2,00,000 10,00,000 25,00,000
Rate of Interest
%
11.25% p.a. 15% p.a. 19% p.a.
Loan Duration
Mo
12 Months 60 Months 120 Months
  • EMI Amount

    20,000*

  • EMI Amount

    Principal + Interest

    9,59,995*
  • Interest Payable
    2,59,995*
*Final amount may vary and it will depend on the final credit approval
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What is a Home Loan EMI Calculator?

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. 

Terms You Should Know About EMI Calculator

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.

  • Principal Amount 

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. 

  • Tenure 

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.

  • EMIs

Home Loan EMI or Equal Monthly Instalments is the monthly repayment that you ought to pay as per amortisation schedule

How is Home Loan EMI Calculated?

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.

 

What are the Benefits of Using a Home Loan EMI Calculator?

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. 

 

Steps to Calculate Your EMI using a Home Loan EMI Calculator

  • Step 1: Choose the loan amount by typing in the box or by using the slider.
  • Step 2: Similarly, choose the rate of interest by typing in the box or by using the slider.
  • Step 3: Now, choose the loan duration by moving the respective slider or by typing in the box. The tenure can be set both in terms of years or months by selecting the desired option
  • Step 4:  EMI amount and interest payable on the loan will be calculated instantaneously as you move the sliders

 

Note – Alternatively, you can even tap onto the ‘+’ or ‘-‘symbols to increase or decrease the numbers.

How does Tenure Impact Home Loan EMI?

Your home loan EMI is inversely related to the home loan tenure. This means that the higher the EMI amount, shorter will be the housing loan tenure, and lower the EMI amount, longer will be the tenure. Let us understand this with the help of an example – Consider three different principal amounts and three different tenures at a fixed rate of interest – 9%, the table shows how the home loan EMI reduces as the tenure increases, 

 

Principal Amount Tenure
10 years 15 years 20 years

Rs. 10,00,000

Rs. 12,668

Rs. 10,143

Rs. 8,997

Rs. 20,00,000

Rs. 25,335

Rs. 20,285

Rs. 17,995

Rs. 50,00,000

Rs. 63,338

Rs. 50,713

Rs. 44,986

What is the Interest and Principal Component of Home Loan EMI?

Your home loan EMI comprises the principal component and the interest component, wherein the home loan principal component is the amount that has been borrowed and the interest component comprises the amount you need to pay over and above the loan principal at a specified rate for a fixed tenure. The home loan interest component is higher during the early months of the tenure which gradually keeps on decreasing till a major percentage of the home loan in the latter months mainly comprise the principal component. Check out our amortisation schedule to understand how the EMI is broken up over the tenure of your home loan. 

What is Home Loan Amortisation Schedule?

A home loan amortisation schedule is basically a table containing all details related to your home loan. The table begins with details regarding the amount of principal borrowed, the period of scheduled payments, as well as any tax or insurance payments made by the lender. This is followed by details regarding each payment that is due, and finally, displaying the new balance that is carried forward to the next month. Each periodic payment is the same amount at the beginning of the schedule with the payments mainly comprising interest, and further down the schedule, it is the principal loan amount which comprises majority of the payments. The last row of the schedule shows the borrower’s total interest and principal payments for the entire duration of the loan. 

Interest Rate used for Calculation for the amortization schedule

Consider a principal loan amount of Rs. 50,00,000 for a period of 20 years at 10% interest rate. The following is the annual amortisation table for the same:

 

Year

Opening Balance

EMI*12

Interest paid yearly

Principal paid yearly

Closing Balance

1

50,00,000

5,79,013

4,96,276

82,737

49,17,263

2

49,17,263

5,79,013

4,87,612

91,401

48,25,863

3

48,25,863

5,79,013

4,78,042

1,00,971

47,24,891

4

47,24,891

5,79,013

4,67,469

1,11,544

46,13,347

5

46,13,347

5,79,013

4,55,788

1,23,225

44,90,122

6

44,90,122

5,79,013

4,42,885

1,36,128

43,53,994

7

43,53,994

5,79,013

4,28,631

1,50,382

42,03,612

8

42,03,612

5,79,013

4,12,884

1,66,129

40,37,483

9

40,37,483

5,79,013

3,95,488

1,83,525

38,53,958

10

38,53,958

5,79,013

3,76,270

2,02,742

36,51,216

11

36,51,216

5,79,013

3,55,041

2,23,972

34,27,243

12

34,27,243

5,79,013

3,31,588

2,47,425

31,79,818

13

31,79,818

5,79,013

3,05,679

2,73,334

29,06,484

14

29,06,484

5,79,013

2,77,058

3,01,955

26,04,529

15

26,04,529

5,79,013

2,45,439

3,33,574

22,70,955

16

22,70,955

5,79,013

2,10,509

3,68,504

19,02,451

17

19,02,451

5,79,013

1,71,922

4,07,091

14,95,361

18

14,95,361

5,79,013

1,29,215

4,49,718

10,45,642

19

10,45,642

5,79,013

82,203

4,96,810

5,48,832

20

5,48,832

5,79,013

30,181

5,48,832

0

FAQ

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 

  • Loan Tenure

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.

The direct impact of part-payments on EMIs will be that it will significantly reduce, mainly because the principal loan amount on which EMIs are to be paid will reduce to the extent of repayment.

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