Home Loan EMI Calculator

Important Notes

These calculators are provided only as general self-help Planning Tools. Results depend on many factors, including the assumptions you provide. We do not guarantee their accuracy, or applicability to your circumstances.

NRIs should input net income.

Home Loan EMI Calculator

This home loan calculator helps you calculate your Home Loan EMI with ease. The EMI calculator for a home loan can help you make an informed decision about buying a new house. The EMI calculator is useful in planning your cashflows for servicing your home loan. Many lenders offer home loans with features such as flexible repayment options and top-up loans. With competitive interest rates and longer repayment tenure options, EMIs can be structured to be comfortable for most budgets. Calculate the EMI that you will be required to pay for your home loan with this easy to understand home loan EMI calculator.

What is Home Loan EMI Calculator?

Home Loan EMI Calculator assists in calculation of the loan installment i.e. EMI towards your home loan. It is an easy to use calculator and acts as a financial planning tool for a home buyer.

What is Home Loan EMI?

EMI stands for Equated Monthly Installment. It includes repayment of the principal amount and payment of the interest on the outstanding amount of your home loan. A longer loan tenure (for a maximum period of 30 years) helps in reducing the EMI.

Illustration: How is EMI on Loan Calculated?

Formula for EMI Calculation is:

P × R × (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 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 = ₹14,05,703. Principal loan amount is ₹10,00,000 and the Interest amount will be ₹4,05,703.

Calculating the EMI manually using the formula can be tedious.

This EMI Calculator can help you calculate your loan EMI with ease.

How does EMI calculation help in planning the home purchase?

This Home Loan EMI calculator gives a clear understanding of the amount that needs to be paid towards the EMIs and helps make an informed decision about the outflow towards the housing loan every month. This helps estimate the loan amount that can be availed and helps in assessing the own contribution requirements and cost of the property. Therefore knowing the EMI is crucial for calculation of home loan eligibility and planning your home buying journey better.

Home Loan Key Features and Benefits

• Home Loans for purchase of a flat, row house, bungalow from private developers in approved projects
• Home Loans for purchase of properties from Development Authorities such as DDA, MHADA etc
• Loans for purchase of properties in an existing Co-operative Housing Society or Apartment Owners' Association or Development Authorities settlements or privately built up homes
• Loans for construction on a freehold / lease hold plot or on a plot allotted by a Development Authority
• Expert legal and technical counselling to help you make the right home buying decision
• Integrated branch network for availing and servicing the Home Loans anywhere in India
• Special arrangement with AGIF for Home Loans for those employed in the Indian Army

Our tailor made home loans caters to customers of all age groups and employment category. We provide longer tenure loans of up to 30 years, telescopic repayment option, under adjustable rate option that specifically caters to younger customers to become home owners at an early stage of their life.

With our experience of providing home finance for over 4 decades, we are able to understand the diverse needs of our customers and fulfill their dream of owning a home.

How to use the Home Loan EMI Calculator?

• Loan Amount: Input the desired loan amount that you wish to avail
• Loan Tenure (In Years): Input the desired loan term for which you wish to avail the housing loan. A longer tenure helps in enhancing the eligibility
• Interest Rate (% P.A.): Input interest rate

Click Here to Know the Prevailing Home Loan Interest Rates

What is Home Loan Amortization Schedule?

Loan amortization is the process of reducing the debt with regular payments over the loan period. A home loan amortization schedule is a table giving the details of the repayment amount, principal and interest component.

EMI calculators give a fair understanding about the ratio of the principal amount to the interest due, based on the loan tenure and interest rates. An amortization table elucidates the repayment schedule. This home loan calculator provides a complete break-up of the interest and principal amount.

Repayment Plans Enhancing Home Loan Eligibility

There are various repayment plans for maximizing home loan eligibility to suit diverse needs.

Step Up Repayment Facility (SURF)

SURF offers an option where the repayment schedule is linked to the expected growth in your income. You can avail a higher amount of loan and pay lower EMIs in the initial years. Subsequently, the repayment is accelerated proportionately with the assumed increase in your income.

Flexible Loan Installments Plan (FLIP)

FLIP offers a customized solution to suit your repayment capacity which is likely to alter during the term of the loan. The loan is structured in such a way that the EMI is higher during the initial years and subsequently decreases in proportion to the income.