EMI Calculator

Home loan calculator allows you to easily calculate your house loan EMI. An EMI calculator for home loans will help you make an informed decision about purchasing a new property. The EMI calculator can help you arrange your financial flow to service your home loan. Use our simple home loan EMI calculator to calculate the EMI you would be required to pay.

What is a Home Loan EMI Calculator?

The house Loan EMI Calculator assists in calculating the loan installment, or EMI, for your house loan. It is an easy-to-use calculator that serves as a financial planning aid for homebuyers.

What is Home Loan EMI?

EMI stands for Equated Monthly Installment. It entails repaying the principal and paying the interest on the outstanding balance of your home loan. A longer loan length (up to 30 years) reduces the EMI.

Illustration: How is EMI on a Loan Calculated?

Formula for EMI Calculation is -
P x R x (1+R)^N / [(1+R)^N-1] where-
P = Principal loan amount
N = Loan tenure in months
R = Monthly interest rate
The rate of interest (R) on your loan is calculated per month.
R = Annual Rate of interest/12/100
If rate of interest is 7.2% p.a. then r = 7.2/12/100 = 0.006
For example, if a person takes a loan of ₹10,00,000 at an annual interest rate of 7.2% for 120 months (10 years), their EMI will be computed as follows:
EMI= ₹10,00,000 * 0.006 * (1 + 0.006)120 / ((1 + 0.006)120 - 1) = ₹11,714.
The total payment amount is ₹14,05,703, calculated by multiplying ₹11,714 by 120. The loan amount is ₹10,000,000. The interest amount is ₹4,05,703.
Manually calculating the EMI using the formula might be cumbersome.
With EMI Calculator, you can easily calculate your loan EMI.

How does EMI calculation assist you in planning your property purchase?

Home Loan EMI calculator provides a clear idea of the amount that must be paid towards the EMIs and assists in making an informed decision regarding the monthly outflow to the housing loan. This helps to estimate the loan amount that can be obtained as well as to calculate the personal contribution obligations and property cost. As a result, understanding the EMI is critical for determining house loan eligibility and better planning your home purchase process.

How to use the Home Loan EMI Calculator?

All you need to do is input the following to arrive at your EMI:
Loan Amount: Enter the desired loan amount that you want to avail.
Loan Tenure (In Years): Input the chosen loan term you intend to avail the housing loan. A longer tenure helps to improve the eligibility.
Interest Rate (% P.A.): Input interest rate.

What is the Home Loan Amortisation Schedule?

Loan amortization is the practice of lowering debt over time through monthly payments. A house loan amortisation schedule is a table that details the repayment amount, principal, and interest components.

EMI calculators provide reasonable knowledge of the principal-to-interest-due ratio based on loan tenure and interest rates. The EMI calculator also includes an amortization table that details the repayment timeline. Home loan calculator provides a comprehensive breakdown of the interest and principle amounts.

1. What does an EMI mean?

The 'Equated Monthly Installment' (EMI) is the amount you will pay to us on a certain date each month until the loan is fully repaid. The EMI is made up of principal and interest components that are arranged in such a manner that the interest component is considerably greater than the principal component in the first few years of your loan, while the principal component is much larger in the second half.

2. When do my home loan EMIs start?

EMIs begin the month after the loan is disbursed. For loans for under-construction residences, EMIs typically begin once the entire home loan is disbursed; however, clients can choose to begin their EMIs as soon as they receive their first disbursement, and their EMIs will grow proportionally with each consecutive payment. For resale cases, because the complete loan amount is disbursed in one go, the EMI on the whole loan amount starts from the month following the month of disbursement.

3. What are the advantages of utilizing an EMI Calculator for a house loan?

The following are the advantages of an EMI calculator for a house loan.

Helps in planning your finances in advance

An EMI calculator helps you plan your cash flows ahead of time, allowing you to make your house loan payments with ease if you take out a home loan. In other words, an EMI calculator is a valuable tool for financial planning and loan servicing.

Easy to use
EMI calculators are quite simple and straightforward to use. You must offer only three input values, namely:
a. Loan Amount
b. Interest Rate
c. Tenure

Based on these three input numbers, the EMI calculator will calculate the monthly installment you must pay to your home loan provider. Some EMI calculators for house loans also provide a full breakdown of the interest and principal amounts you will pay over the loan's term.

Helps bring focus on property search
The EMI calculator assists you in determining the optimal home loan amount for your monthly budget by advising you on the loan EMI and tenure that are most appropriate for your financial situation. This helps you focus more on your home hunt.

Easily accessible
An online EMI calculator is conveniently accessible from anywhere. You can test as many permutations of the input variable as you need to get the optimal house loan amount, EMIs, and tenure for your needs.

4. What is the pre-EMI interest rate on a home loan?

Pre-EMI refers to the monthly interest payment on your home loan. This sum is paid until the loan is fully disbursed. Your true loan tenure, including EMI (principal and interest) payments, begins once the Pre-EMI phase is over, i.e., once the loan has been fully disbursed.

5. What are the different types of Home Loans available in India?

Housing finance institutions in India typically offer the following sorts of home loan products:

Home Loans
These are Loans availed for:
1. The acquisition of a flat, row house, or bungalow from private developers in approved schemes;
2. Home loans for the purchase of properties from Development Authorities such as DDA and MHADA, as well as Existing Co-operative Housing Societies, Flat Owners' Associations, Development Authorities settlements, or privately built-up residences;
3. Loans for construction on a freehold, leasehold, or property given by a Development Authority

Plot Purchase Loan
Plot purchase loans are available for the purchase of a plot through direct allocation or a second sale transaction, as well as for transferring an existing plot purchase loan from another bank or financial institution.

Balance Transfer Loan
A balance transfer loan is one that transfers an outstanding house loan from one bank or financial institution to another.

House Renovation Loans
House Renovation Loan is a loan for upgrading your home (without changing the structure or carpet area) in a variety of ways, including tiling, flooring, internal/external plastering, and painting.

Home Extension Loan
It is a loan for expanding or adding space to your home, such as additional rooms and levels.

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