Home Loan EMI Calculator – Calculate Your Housing Loan EMI Online

Use our Home Loan EMI Calculator to instantly find out your monthly EMIs – simple, quick and accurate. Just enter a few basic details to plan your repayment journey and ensure a hassle-free home-buying process.

What is a Home Loan EMI Calculator?

Buying a home is every person’s dream. However, a home is an expensive asset, especially in large cities, and hence you need a loan to fund the home. When you decide to go for a home loan, the first consideration is who is offering the best package in the market, and what EMI you can afford.

As a starting point, you can use the home loan EMI calculator. In this calculator, you input the amount of loan required, the rate of interest, and the tenure, and it immediately generates the EMI for you.

The EMI (equated monthly installment) is what you need to pay to the bank each month, and it has an interest component and a principal component, too. In the initial years, the interest component is higher, while in the later years, it is the principal component that is higher.

Best Home Loan EMI Interest Rates

The Formula for Calculating the Home Loan EMI Amount

The 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 the rate of interest is 7.2% p.a., then r = 7.2/12/100 = 0.006

For example, if a person avails a loan of ₹10,00,000 at an annual interest rate of 7.2% for a tenure of 120 months (10 years), then his EMI will be calculated as under:

EMI= ₹10,00,000 * 0.006 * (1 + 0.006)120 / ((1 + 0.006)120 – 1) = ₹11,714.

The total amount payable will be ₹11,714 × 120 = ₹ 1,40,05,703. Principal loan amount is ₹10,00,000, and the Interest amount will be ₹4,05,703

Advantages of using the Home Loan EMI calculator

There are numerous advantages of using the calculator available at this website.

1. It’s easy to use. All you have to do is insert a few necessary details, and the calculator will do the rest.
2. It’s free for everyone. You don’t even have to register on the website.
3. There is no limit on the number of times you can use it. So, you can quickly check the EMI for different home loan amounts.

As a debt category, the home loans corpus is expected to grow faster in the coming years. An online bank EMI calculator for a home loan is the go-to tool for all prospective debtors.

Home Loan EMI Calculator FAQs

Why use the online EMI calculator?

The online EMI calculator provides you with an accurate estimate and helps you save time.

What is a Home loan, and how does it work?

Home loans are availed either for the purchase of an under-construction or a ready property from a developer, purchase of a resale property, to construct a housing unit on a plot of land, to make improvements and extensions to an already existing house, or to transfer your existing home loan from a financial institution to Bank. Click here to know what a home loan is.

When will my Home Loan EMI be due?

Your Home Loan EMI is due on a fixed date each month, as specified in your loan agreement. Bank offers its customers the flexibility of the auto-debit option, which allows the EMI to be seamlessly deducted from your bank account without any hassle. All you have to do is maintain enough funds in your linked account for the deduction to take place.

What is the minimum down payment required for home loans in India?

Most lenders offer up to 90% LTV (Loan-to-Value), meaning you need a minimum 10% down payment. For loans above ₹30 lakh, some banks may require 15-20% down payment.

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

Plot Purchase Loan
Plot purchase loans are availed for the purchase of a plot through direct allotment or a second sale transaction, as well as to transfer your existing plot purchase loan availed from another bank /financial Institution.
Balance Transfer Loan
Transferring your outstanding home loan availed from another Bank / Financial Institution to HDFC Bank is known as a balance transfer loan.
House Renovation Loans
House Renovation Loan is a loan for renovating (without altering the structure/carpet area) your home in many ways, such as tiling, flooring, internal/external plaster, and painting etc.
Home Extension Loan
It is a loan to extend or add space to your home, such as additional rooms or floors.

How to reduce the Home Loan EMI amount?

• Increase your loan tenure to reduce your monthly EMI amount. However, this increases your total interest amount payable. Therefore, review the loan amortization schedule before making a decision.
• Make a higher down payment amount. This can directly lower your EMI amount.
• Make partial prepayments whenever possible during the loan tenure. This can bring down the principal amount and, thereby, the EMI amount.
• Use our Home Loan Calculator to compare the various EMI options before making a decision.