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Make your home buying journey seamless with simple, quick, and accurate EMI calculations using the home loan EMI calculator.
Enter your home loan amount, loan tenure, and interest rate, and watch the home loan EMI calculator do its magic instantly.
Loan duration
Monthly EMI
Total Amount Payable
0*
Total Interest Payable
0*
Total Amount Payable
Total Interest Payable
Disclaimer: The aforementioned values, calculations and results are for illustrative and informational purposes only and may vary basis various parameters laid down by Tata Capital.
A home loan requires repayment in Equated Monthly Installments (EMIs). EMI is influenced by the following factors:
Loan amount
Loan tenure
Home loan interest rate
The home loan EMI calculator enables you to estimate the EMI amount you need to pay every month for loan repayment. You can use this tool on Tata Capital’s website in a few simple steps. All you have to do is:
Enter your home loan principal amount
Enter the loan tenure
Enter the interest rate
Tata Capital’s home loan EMI calculator displays the monthly EMI, total interest payable, and total amount payable within seconds. Based on the results, you can plan your finances and learn if the home loan is feasible for you.
Calculating home loan EMIs becomes hassle-free and error-free with a home loan EMI calculator. Here’s the step-by-step process to use Tata Capital’s home loan EMI calculator:
1. Open Tata Capital’s home loan EMI calculator.
2. Enter a loan amount between the range Rs. 5,00,000 and Rs. 5,00,00,000.
3. Add a loan duration between 1 year and 30 years.
4. Enter the rate of interest or move the slider to the correct rate. It can range between 7.75% p.a. and 12% p.a.
5. Within seconds, the EMI amount will be displayed on the right-hand side.
The formula to estimate the EMI is as follows:
EMI = [P x r x (1+r) ^n]/[(1+r) ^n-1], wherein
P = Principal amount
r = Rate of interest per month
n = Loan tenure or number of installments in months
You can also use the following mathematical formula to calculate your house loan EMI:
EMI = [P x r x (1+r) ^n]/[(1+r) ^n-1]
Wherein ‘P’ is the principal home loan amount, ‘r’ is the applicable home loan interest rate, and ‘n’ is the number of installments you need to pay or loan tenure in months.
A home loan calculator helps you know the EMIs that you need to pay for your home loan within a few seconds. Several
lending institutions offer home loan EMI calculators online to make your home buying process easier. Here are a few
benefits of using a house loan EMI calculator:
The home loan EMI is inversely related to the home loan tenure. It means that the higher the home loan tenure, the lower will be the EMI amount, and vice versa. Let us understand this with the help of an example - Consider three different principal amounts and three different tenures for the same interest rate of 7.75% per annum.
The table below depicts that home loan EMI reduces as the tenure increases.
| Principal Amount | 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 |
A home loan amortization schedule is a table containing all the details related to a home loan repayment. It begins with the details of the outstanding principal Home Loan amount, followed by the details of the scheduled payments or EMIs that the borrower will have to pay at fixed intervals.
Then, the total interest and the principal amount paid by the borrower are displayed. The last row of the amortization schedule shows the closing balance that will be carried forward to the next period.
Considering that you have taken a home loan for Rs. 50,00,000 for 20 years at a 10% interest rate, this is what your annual amortization schedule will look like:
| 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 |
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Know MoreThe interest component of your home loan EMI refers to the cost of the loan borrowed, which is calculated based on the interest rate and tenure. The principal component of the home loan EMI refers to the money you borrow from the lender. Initially, most of your EMI goes towards interest payments. Over time, the interest portion decreases, and the EMI goes towards repaying the principal amount.
EMI calculation helps in planning a home purchase by providing clarity on monthly payments in advance. It allows you to choose a suitable loan amount and tenure, ensuring your EMIs fit within your budget without impacting other expenses. This simplifies decision-making and makes home buying more manageable. Use Tata Capital’s free home loan EMI calculator to calculate your EMIs accurately.
Failing to pay the EMI for your home loan can result in a late payment fee of 1% to 2% of the due EMI amount. If you do not pay your EMI for up to 90 days, you may become a Non-Performing Asset (NPA) and receive a legal notice. In addition to this, your credit score may also be affected.
Remember to use the home loan EMI calculator online and pick an EMI amount you can comfortably pay to avoid penalties and hassles later.
Yes, you can pay your home loan EMI early. This is known as prepayment or foreclosure. However, you will have to pay the prepayment and foreclosure charges, as applicable.
You can choose any date for your home loan EMI. However, it can help to stick to a date close to when you receive your salary every month. This helps ensure that you pay your EMIs on time. For instance, if you receive your salary on the 1st, you can pick the EMI date for the 5th.
If you pay more than the fixed EMI for your home loan, the extra money will be considered a prepayment on the loan. The excess amount will be deducted from your principal amount, and your subsequent EMIs will be adjusted accordingly. You may also pay prepayment charges depending on the excess amount paid. It is advised to refer to the home loan amortization schedule or use a housing loan EMI calculator to understand your EMIs and avoid over- or underpaying.
The EMI can be altered if your credit score improves or if you prepay a part of the loan. You can also opt for a step-up/step-down EMI plan where you pay lower/higher EMIs in the initial stages of your tenure and gradually increase/decrease over time. A home loan EMI calculator can help you understand these options and their impact on your finances.
Yes, floating interest rates can impact the EMI every month. Floating interest rates can fluctuate based on market conditions. Floating interest rate home loans are linked to the Reserve Bank of India’s (RBI) repo rate hikes, which may change over time. Make sure to use a home loan EMI calculator when deciding on a fixed and floating-rate home loan to make an informed decision.
Yes, you can choose from part or full prepayment of your home loan to pay your home loan more quickly. However, you would have to pay the prepayment charges on your home loan. Make sure to use the home loan EMI calculator to understand the impact of these charges on your EMIs.
Home loans with longer terms consequently have lower EMIs as the amount gets divided into several years. If you wish to pay a lower EMI, you can choose a longer loan tenure. You can see the actual costs of your EMIs depending on your choice of home loan tenure on the home loan monthly EMI calculator.
Yes, you can make online payments for your home loan. You can link your bank account and set up automatic payments to ensure timely payment of your EMIs. You can also make payments through other payment modes, such as debit cards, Unified Payments Interface (UPI), etc.
If you are unable to pay the home loan EMI on time, you may be given a grace period, also known as the home loan moratorium period. You do not have to make any payments during this time. However, your repayment history, credit score, loan amount, tenure, and other similar factors determine whether or not you qualify for a grace period. It is advised to pick a loan amount and tenor that seamlessly fits into your budget to avoid such a situation in the future.
You may be able to change the frequency of your home loan EMIs, depending on the duration and amount of your loan. It is best to discuss this at the time of the loan application. It is also advised to use the home loan EMI calculator before selecting a payment frequency to understand its long-term impact on your finances.
To use Tata Capital’s home loan EMI calculator, follow the steps below:
Step 1: Slide the bar or enter your loan amount
Step 2: Slide the bar or enter your loan duration
Step 3: Slide the bar or enter your loan’s interest rate
Step 4: Based on the information you shared, the calculator will calculate your monthly EMI, total amount payable, and total interest payable.
The formula for calculating home loan EMI is P x r x (1+r)^n / [(1+r)^n-1]. Here,
P= Principal home loan amount
n= Loan tenure in months
r= Applicable home loan interest rate
Further, the interest rate (R) is calculated per month with the formula- Annual rate of interest/12/100.
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