Home Loan EMI Calculator

A Home Loan EMI Calculator is an online tool that helps in determining your monthly home loan instalments with ease. The home loan calculator gives results on the basis of a few basic home loan details, loan amount, interest rate and loan tenure. You can adjust input values in the housing loan EMI calculator several times till you get an EMI that fits your budget.

Besides calculating your home loan EMI, the house loan calculator also displays total interest payable, total principal payable and amortization schedule.

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%
8% 18%
Years
0 30
EMI

( Equated Monthly Installments )

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EMI Details

For a loan amount of `50,00,000, interest rate 8.5% and tenure 20 Years, the EMI will be

  • Monthly EMI

    `39,390
  • Total Amount Payble

    `70,90,125 (Principal + interest)
  • Principal Amount

    `50,00,000
  • Total Interest Payble

    `30,90,125

Break-up of Total Payment

Loan Payment Details

Year Principal Interest Total Payment (Principal + Interest) Balance
24,093.35 1,06,080.14 1,30,173.48 49,75,906.65
Oct 7,974.50 35,416.67 43,391.16 49,92,025.50
Nov 8,030.98 35,360.18 43,391.16 49,83,994.52
Dec 8,087.87 35,303.29 43,391.16 49,75,906.66
1,01,641.09 4,19,052.85 5,20,693.92 48,74,265.56
Jan 8,145.16 35,246.01 43,391.16 49,67,761.50
Feb 8,202.85 35,188.31 43,391.16 49,59,558.65
Mar 8,260.95 35,130.21 43,391.16 49,51,297.70
Apr 8,319.47 35,071.69 43,391.16 49,42,978.23
May 8,378.40 35,012.76 43,391.16 49,34,599.83
Jun 8,437.75 34,953.42 43,391.16 49,26,162.08
Jul 8,497.51 34,893.65 43,391.16 49,17,664.57
Aug 8,557.70 34,833.46 43,391.16 49,09,106.86
Sep 8,618.32 34,772.84 43,391.16 49,00,488.54
Oct 8,679.37 34,711.79 43,391.16 48,91,809.17
Nov 8,740.85 34,650.31 43,391.16 48,83,068.33
Dec 8,802.76 34,588.40 43,391.16 48,74,265.57
1,10,625.26 4,10,068.71 5,20,693.92 47,63,640.30
Jan 8,865.11 34,526.05 43,391.16 48,65,400.45
Feb 8,927.91 34,463.25 43,391.16 48,56,472.54
Mar 8,991.15 34,400.01 43,391.16 48,47,481.39
Apr 9,054.84 34,336.33 43,391.16 48,38,426.56
May 9,118.97 34,272.19 43,391.16 48,29,307.59
Jun 9,183.57 34,207.60 43,391.16 48,20,124.02
Jul 9,248.62 34,142.55 43,391.16 48,10,875.40
Aug 9,314.13 34,077.03 43,391.16 48,01,561.28
Sep 9,380.10 34,011.06 43,391.16 47,92,181.17
Oct 9,446.55 33,944.62 43,391.16 47,82,734.63
Nov 9,513.46 33,877.70 43,391.16 47,73,221.17
Dec 9,580.85 33,810.32 43,391.16 47,63,640.33
1,20,403.49 4,00,290.43 5,20,693.92 46,43,236.81
Jan 9,648.71 33,742.45 43,391.16 47,53,991.62
Feb 9,717.05 33,674.11 43,391.16 47,44,274.56
Mar 9,785.88 33,605.28 43,391.16 47,34,488.68
Apr 9,855.20 33,535.96 43,391.16 47,24,633.48
May 9,925.01 33,466.15 43,391.16 47,14,708.47
Jun 9,995.31 33,395.85 43,391.16 47,04,713.16
Jul 10,066.11 33,325.05 43,391.16 46,94,647.05
Aug 10,137.41 33,253.75 43,391.16 46,84,509.64
Sep 10,209.22 33,181.94 43,391.16 46,74,300.42
Oct 10,281.53 33,109.63 43,391.16 46,64,018.89
Nov 10,354.36 33,036.80 43,391.16 46,53,664.52
Dec 10,427.70 32,963.46 43,391.16 46,43,236.82
1,31,046.08 3,89,647.85 5,20,693.92 45,12,190.73
Jan 10,501.57 32,889.59 43,391.16 46,32,735.25
Feb 10,575.95 32,815.21 43,391.16 46,22,159.30
Mar 10,650.87 32,740.30 43,391.16 46,11,508.43
Apr 10,726.31 32,664.85 43,391.16 46,00,782.12
May 10,802.29 32,588.87 43,391.16 45,89,979.83
Jun 10,878.80 32,512.36 43,391.16 45,79,101.03
Jul 10,955.86 32,435.30 43,391.16 45,68,145.17
Aug 11,033.47 32,357.69 43,391.16 45,57,111.70
Sep 11,111.62 32,279.54 43,391.16 45,46,000.08
Oct 11,190.33 32,200.83 43,391.16 45,34,809.75
Nov 11,269.59 32,121.57 43,391.16 45,23,540.16
Dec 11,349.42 32,041.74 43,391.16 45,12,190.74
1,42,629.35 3,78,064.59 5,20,693.92 43,69,561.38
Jan 11,429.81 31,961.35 43,391.16 45,00,760.93
Feb 11,510.77 31,880.39 43,391.16 44,89,250.16
Mar 11,592.31 31,798.86 43,391.16 44,77,657.85
Apr 11,674.42 31,716.74 43,391.16 44,65,983.43
May 11,757.11 31,634.05 43,391.16 44,54,226.32
Jun 11,840.39 31,550.77 43,391.16 44,42,385.93
Jul 11,924.26 31,466.90 43,391.16 44,30,461.67
Aug 12,008.72 31,382.44 43,391.16 44,18,452.94
Sep 12,093.79 31,297.38 43,391.16 44,06,359.16
Oct 12,179.45 31,211.71 43,391.16 43,94,179.70
Nov 12,265.72 31,125.44 43,391.16 43,81,913.98
Dec 12,352.60 31,038.56 43,391.16 43,69,561.38
1,55,236.49 3,65,457.43 5,20,693.92 42,14,324.89
Jan 12,440.10 30,951.06 43,391.16 43,57,121.28
Feb 12,528.22 30,862.94 43,391.16 43,44,593.06
Mar 12,616.96 30,774.20 43,391.16 43,31,976.10
Apr 12,706.33 30,684.83 43,391.16 43,19,269.77
May 12,796.33 30,594.83 43,391.16 43,06,473.43
Jun 12,886.97 30,504.19 43,391.16 42,93,586.46
Jul 12,978.26 30,412.90 43,391.16 42,80,608.20
Aug 13,070.19 30,320.97 43,391.16 42,67,538.01
Sep 13,162.77 30,228.39 43,391.16 42,54,375.24
Oct 13,256.00 30,135.16 43,391.16 42,41,119.24
Nov 13,349.90 30,041.26 43,391.16 42,27,769.34
Dec 13,444.46 29,946.70 43,391.16 42,14,324.88
1,68,958.00 3,51,735.96 5,20,693.92 40,45,366.89
Jan 13,539.69 29,851.47 43,391.16 42,00,785.18
Feb 13,635.60 29,755.56 43,391.16 41,87,149.58
Mar 13,732.19 29,658.98 43,391.16 41,73,417.40
Apr 13,829.46 29,561.71 43,391.16 41,59,587.94
May 13,927.41 29,463.75 43,391.16 41,45,660.53
Jun 14,026.07 29,365.10 43,391.16 41,31,634.46
Jul 14,125.42 29,265.74 43,391.16 41,17,509.05
Aug 14,225.47 29,165.69 43,391.16 41,03,283.57
Sep 14,326.24 29,064.93 43,391.16 40,88,957.34
Oct 14,427.71 28,963.45 43,391.16 40,74,529.62
Nov 14,529.91 28,861.25 43,391.16 40,59,999.71
Dec 14,632.83 28,758.33 43,391.16 40,45,366.88
1,83,892.35 3,36,801.61 5,20,693.92 38,61,474.54
Jan 14,736.48 28,654.68 43,391.16 40,30,630.40
Feb 14,840.86 28,550.30 43,391.16 40,15,789.54
Mar 14,945.99 28,445.18 43,391.16 40,00,843.55
Apr 15,051.85 28,339.31 43,391.16 39,85,791.70
May 15,158.47 28,232.69 43,391.16 39,70,633.23
Jun 15,265.84 28,125.32 43,391.16 39,55,367.39
Jul 15,373.98 28,017.19 43,391.16 39,39,993.41
Aug 15,482.88 27,908.29 43,391.16 39,24,510.54
Sep 15,592.55 27,798.62 43,391.16 39,08,917.99
Oct 15,702.99 27,688.17 43,391.16 38,93,215.00
Nov 15,814.22 27,576.94 43,391.16 38,77,400.78
Dec 15,926.24 27,464.92 43,391.16 38,61,474.54
2,00,146.74 3,20,547.20 5,20,693.92 36,61,327.80
Jan 16,039.05 27,352.11 43,391.16 38,45,435.49
Feb 16,152.66 27,238.50 43,391.16 38,29,282.83
Mar 16,267.07 27,124.09 43,391.16 38,13,015.75
Apr 16,382.30 27,008.86 43,391.16 37,96,633.45
May 16,498.34 26,892.82 43,391.16 37,80,135.11
Jun 16,615.20 26,775.96 43,391.16 37,63,519.91
Jul 16,732.90 26,658.27 43,391.16 37,46,787.01
Aug 16,851.42 26,539.74 43,391.16 37,29,935.59
Sep 16,970.78 26,420.38 43,391.16 37,12,964.80
Oct 17,090.99 26,300.17 43,391.16 36,95,873.81
Nov 17,212.06 26,179.11 43,391.16 36,78,661.76
Dec 17,333.97 26,057.19 43,391.16 36,61,327.78
2,17,837.91 3,02,856.04 5,20,693.92 34,43,489.89
Jan 17,456.76 25,934.41 43,391.16 36,43,871.02
Feb 17,580.41 25,810.75 43,391.16 36,26,290.62
Mar 17,704.94 25,686.23 43,391.16 36,08,585.68
Apr 17,830.35 25,560.82 43,391.16 35,90,755.33
May 17,956.64 25,434.52 43,391.16 35,72,798.69
Jun 18,083.84 25,307.32 43,391.16 35,54,714.85
Jul 18,211.93 25,179.23 43,391.16 35,36,502.92
Aug 18,340.93 25,050.23 43,391.16 35,18,161.99
Sep 18,470.85 24,920.31 43,391.16 34,99,691.14
Oct 18,601.68 24,789.48 43,391.16 34,81,089.46
Nov 18,733.44 24,657.72 43,391.16 34,62,356.01
Dec 18,866.14 24,525.02 43,391.16 34,43,489.87
2,37,092.80 2,83,601.14 5,20,693.92 32,06,397.09
Jan 18,999.78 24,391.39 43,391.16 34,24,490.10
Feb 19,134.36 24,256.80 43,391.16 34,05,355.74
Mar 19,269.89 24,121.27 43,391.16 33,86,085.85
Apr 19,406.39 23,984.77 43,391.16 33,66,679.46
May 19,543.85 23,847.31 43,391.16 33,47,135.61
Jun 19,682.28 23,708.88 43,391.16 33,27,453.33
Jul 19,821.70 23,569.46 43,391.16 33,07,631.63
Aug 19,962.10 23,429.06 43,391.16 32,87,669.52
Sep 20,103.50 23,287.66 43,391.16 32,67,566.02
Oct 20,245.90 23,145.26 43,391.16 32,47,320.12
Nov 20,389.31 23,001.85 43,391.16 32,26,930.81
Dec 20,533.74 22,857.43 43,391.16 32,06,397.07
2,58,049.66 2,62,644.29 5,20,693.92 29,48,347.43
Jan 20,679.18 22,711.98 43,391.16 31,85,717.89
Feb 20,825.66 22,565.50 43,391.16 31,64,892.23
Mar 20,973.18 22,417.99 43,391.16 31,43,919.05
Apr 21,121.74 22,269.43 43,391.16 31,22,797.32
May 21,271.35 22,119.81 43,391.16 31,01,525.97
Jun 21,422.02 21,969.14 43,391.16 30,80,103.95
Jul 21,573.76 21,817.40 43,391.16 30,58,530.19
Aug 21,726.57 21,664.59 43,391.16 30,36,803.62
Sep 21,880.47 21,510.69 43,391.16 30,14,923.15
Oct 22,035.46 21,355.71 43,391.16 29,92,887.70
Nov 22,191.54 21,199.62 43,391.16 29,70,696.16
Dec 22,348.73 21,042.43 43,391.16 29,48,347.42
2,80,858.87 2,39,835.06 5,20,693.92 26,67,488.56
Jan 22,507.03 20,884.13 43,391.16 29,25,840.39
Feb 22,666.46 20,724.70 43,391.16 29,03,173.93
Mar 22,827.01 20,564.15 43,391.16 28,80,346.92
Apr 22,988.70 20,402.46 43,391.16 28,57,358.21
May 23,151.54 20,239.62 43,391.16 28,34,206.67
Jun 23,315.53 20,075.63 43,391.16 28,10,891.14
Jul 23,480.68 19,910.48 43,391.16 27,87,410.46
Aug 23,647.00 19,744.16 43,391.16 27,63,763.46
Sep 23,814.50 19,576.66 43,391.16 27,39,948.95
Oct 23,983.19 19,407.97 43,391.16 27,15,965.76
Nov 24,153.07 19,238.09 43,391.16 26,91,812.69
Dec 24,324.16 19,067.01 43,391.16 26,67,488.54
3,05,684.26 2,15,009.68 5,20,693.92 23,61,804.30
Jan 24,496.45 18,894.71 43,391.16 26,42,992.08
Feb 24,669.97 18,721.19 43,391.16 26,18,322.12
Mar 24,844.71 18,546.45 43,391.16 25,93,477.40
Apr 25,020.70 18,370.46 43,391.16 25,68,456.71
May 25,197.93 18,193.24 43,391.16 25,43,258.78
Jun 25,376.41 18,014.75 43,391.16 25,17,882.37
Jul 25,556.16 17,835.00 43,391.16 24,92,326.21
Aug 25,737.18 17,653.98 43,391.16 24,66,589.02
Sep 25,919.49 17,471.67 43,391.16 24,40,669.53
Oct 26,103.09 17,288.08 43,391.16 24,14,566.45
Nov 26,287.98 17,103.18 43,391.16 23,88,278.46
Dec 26,474.19 16,916.97 43,391.16 23,61,804.27
3,32,703.97 1,87,989.97 5,20,693.92 20,29,100.33
Jan 26,661.71 16,729.45 43,391.16 23,35,142.56
Feb 26,850.57 16,540.59 43,391.16 23,08,291.99
Mar 27,040.76 16,350.40 43,391.16 22,81,251.23
Apr 27,232.30 16,158.86 43,391.16 22,54,018.93
May 27,425.19 15,965.97 43,391.16 22,26,593.74
Jun 27,619.46 15,771.71 43,391.16 21,98,974.28
Jul 27,815.09 15,576.07 43,391.16 21,71,159.19
Aug 28,012.12 15,379.04 43,391.16 21,43,147.07
Sep 28,210.54 15,180.63 43,391.16 21,14,936.53
Oct 28,410.36 14,980.80 43,391.16 20,86,526.17
Nov 28,611.60 14,779.56 43,391.16 20,57,914.57
Dec 28,814.27 14,576.89 43,391.16 20,29,100.31
3,62,111.98 1,58,581.98 5,20,693.92 16,66,988.35
Jan 29,018.37 14,372.79 43,391.16 20,00,081.94
Feb 29,223.91 14,167.25 43,391.16 19,70,858.02
Mar 29,430.92 13,960.24 43,391.16 19,41,427.11
Apr 29,639.39 13,751.78 43,391.16 19,11,787.72
May 29,849.33 13,541.83 43,391.16 18,81,938.39
Jun 30,060.76 13,330.40 43,391.16 18,51,877.62
Jul 30,273.70 13,117.47 43,391.16 18,21,603.93
Aug 30,488.13 12,903.03 43,391.16 17,91,115.79
Sep 30,704.09 12,687.07 43,391.16 17,60,411.70
Oct 30,921.58 12,469.58 43,391.16 17,29,490.12
Nov 31,140.61 12,250.56 43,391.16 16,98,349.52
Dec 31,361.19 12,029.98 43,391.16 16,66,988.33
3,94,119.37 1,26,574.56 5,20,693.92 12,72,868.98
Jan 31,583.33 11,807.83 43,391.16 16,35,405.00
Feb 31,807.04 11,584.12 43,391.16 16,03,597.96
Mar 32,032.34 11,358.82 43,391.16 15,71,565.62
Apr 32,259.24 11,131.92 43,391.16 15,39,306.38
May 32,487.74 10,903.42 43,391.16 15,06,818.64
Jun 32,717.86 10,673.30 43,391.16 14,74,100.77
Jul 32,949.61 10,441.55 43,391.16 14,41,151.16
Aug 33,183.01 10,208.15 43,391.16 14,07,968.15
Sep 33,418.05 9,973.11 43,391.16 13,74,550.10
Oct 33,654.77 9,736.40 43,391.16 13,40,895.33
Nov 33,893.15 9,498.01 43,391.16 13,07,002.18
Dec 34,133.23 9,257.93 43,391.16 12,72,868.95
4,28,955.95 91,738.01 5,20,693.92 8,43,913.03
Jan 34,375.01 9,016.16 43,391.16 12,38,493.94
Feb 34,618.50 8,772.67 43,391.16 12,03,875.45
Mar 34,863.71 8,527.45 43,391.16 11,69,011.74
Apr 35,110.66 8,280.50 43,391.16 11,33,901.08
May 35,359.36 8,031.80 43,391.16 10,98,541.71
Jun 35,609.82 7,781.34 43,391.16 10,62,931.89
Jul 35,862.06 7,529.10 43,391.16 10,27,069.83
Aug 36,116.08 7,275.08 43,391.16 9,90,953.74
Sep 36,371.91 7,019.26 43,391.16 9,54,581.84
Oct 36,629.54 6,761.62 43,391.16 9,17,952.30
Nov 36,889.00 6,502.16 43,391.16 8,81,063.30
Dec 37,150.30 6,240.87 43,391.16 8,43,913.00
4,66,871.77 53,822.19 5,20,693.92 3,77,041.26
Jan 37,413.44 5,977.72 43,391.16 8,06,499.56
Feb 37,678.46 5,712.71 43,391.16 7,68,821.10
Mar 37,945.35 5,445.82 43,391.16 7,30,875.75
Apr 38,214.13 5,177.04 43,391.16 6,92,661.63
May 38,484.81 4,906.35 43,391.16 6,54,176.82
Jun 38,757.41 4,633.75 43,391.16 6,15,419.41
Jul 39,031.94 4,359.22 43,391.16 5,76,387.47
Aug 39,308.42 4,082.74 43,391.16 5,37,079.05
Sep 39,586.85 3,804.31 43,391.16 4,97,492.20
Oct 39,867.26 3,523.90 43,391.16 4,57,624.94
Nov 40,149.65 3,241.51 43,391.16 4,17,475.29
Dec 40,434.05 2,957.12 43,391.16 3,77,041.25
3,77,041.25 13,479.21 3,90,520.44 0.00
Jan 40,720.45 2,670.71 43,391.16 3,36,320.79
Feb 41,008.89 2,382.27 43,391.16 2,95,311.90
Mar 41,299.37 2,091.79 43,391.16 2,54,012.54
Apr 41,591.91 1,799.26 43,391.16 2,12,420.63
May 41,886.52 1,504.65 43,391.16 1,70,534.11
Jun 42,183.21 1,207.95 43,391.16 1,28,350.90
Jul 42,482.01 909.15 43,391.16 85,868.89
Aug 42,782.92 608.24 43,391.16 43,085.97
Sep 43,085.97 305.19 43,391.16 0.00

How to Use Home Loan EMI Calculator?

You can calculate your home loan EMI in less than a second using Paisabazaar’s Home Loan Calculator. It is accurate and easy for anyone to use. The housing loan calculator requires just a few key home loan details from the user to display results.

Here’s a step-by-step guide to using the home loan EMI calculator:

Step 1: Input the amount you wish to borrow
Step 2: Input the applicable home loan interest rate
Step 3: Input the tenure over which you want to repay your home loan

As soon as you complete the above steps, your home loan EMI will be displayed along with other details such as total interest payable and the total amount payable.

How does Home Loan EMI Calculator work?

Most Home Loan EMI Calculators work on the basis of a mathematical formula given as below:

Home Loan EMI Calculation Formula:
EMI=[P x R x (1+R)^N]/[(1+R)^N-1]

In this formula,

EMI – Equated Monthly Instalment
P – Principal amount (the amount borrowed as a loan)
R – Monthly rate of interest

Home loan interest rates are annual. To get the monthly home loan rate, divide the annual rate by 12.
For example, if the applicable home loan rate of interest is 9%, your monthly interest would be 0.0075 (0.09/12 = 0.0075)

N – Loan tenure or the number of EMIs to be paid

The loan tenure should be in months. To get the loan term in months or the number of EMIs for your loan, multiply the number of years in your loan term by 12.
For example, a 15-year home loan would have 180 payments (15×12 = 180)

Why should you know your home loan EMI in advance?

Knowing your home loan EMI in advance will help you answer the following questions:

How much should you borrow on your home loan?
Should you go for a long-term or a short-term home loan?
How much should you contribute towards your home down payment?

It will also help you plan out your finances beforehand to ensure timely loan repayments.

What factors affect your home loan EMI?

1. Loan Amount: It is the amount that you borrow as a home loan from your lender. The higher the amount borrowed, the higher will be your home loan EMI, provided the tenure and the interest rate remains fixed.

Read also: Learn how you can improve your home loan eligibility

2. Interest Rate: Home loan interest rates can be fixed or floating. Fixed home loan rates remain the same throughout the loan period. However, floating type home loan rates fluctuate with the change in the base rate and hence, the EMIs may vary during the loan period. Higher home loan rate leads to higher home loan EMI as well as the total interest cost.

Note: Home loan interest rates vary from one lender to another, so it is best to check the latest rates before calculating the home loan EMI or applying for a home loan.

Also check out: Which home loan interest type you should go for: fixed or floating

3. Loan Tenure: It is the period during which the entire loan is repaid. Home loan tenure is usually of up to 30 years. Longer tenure leads to lower EMI but higher total interest payable as compared to a shorter tenure for the same loan.

How can you reduce your home loan EMI?

You can reduce your housing loan EMI by one of three ways:

1. Take a home loan of a lower amount
2. Choose longer EMI tenure
3. Get approved for a home loan at the lowest possible rate
4. Partially prepay your home loan and ask your lender to reduce your EMI instead of tenure, if you are struggling to pay your current EMI
5. Go for a home loan balance transfer to get a lower rate on the outstanding amount

Also read: When should you go for a home loan balance transfer

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FAQs

Q. What is home loan EMI?

A. Home Loan EMI (Equated Monthly Instalment) is a fixed amount that a housing loan borrower must pay every month to clear off their home loan within a stipulated repayment period. The EMI of a home loan comprises of two components – principal amount and interest amount. The first EMI paid towards home loan repayment has the highest interest component and the lowest principal component. With every subsequent EMI payment, the interest component reduces while the principal component increases, resulting in the highest principal component and the lowest interest component in the last EMI.

Q. What is a home loan EMI calculator?

A. A Home Loan EMI Calculator is an online tool used for calculating EMI of a home loan. Paying off home loans along with the accrued interest within the stipulated period requires precise financial planning. It is important to assess the repayment capability before opting for the loan in order to avoid any financial mess. This is where a Home Loan EMI Calculator can be best put to use.

Paisabazaar’s Home Loan EMI Calculator is an easy-to-use online tool, which can be used anytime free of cost to calculate the monthly instalments to be paid towards the home loan repayment. Based on a few details about the home loan, the calculator gives an accurate amount of the EMI to be paid. The home loan calculator also functions as a home loan interest calculator as it allows users to know the interest amount due on their housing loans. The loan calculator also provides charts that display payment schedule and the break-up of the total payment in just a few simple steps.

Q. What are the components of a Home Loan EMI Calculator?

A. The information given by an EMI calculator usually has 3 components:

  • Home Loan EMI: The home loan EMI is an amount that every borrower is liable to pay every month to its lender until the loan is fully repaid. It is the most important piece of information as it helps the borrower to know how much of a loan he/she can afford.
  • Payment Breakup: The second component of the EMI calculation result is the break-down of the total amount that borrowers will be paying to their lender. This break-down will include details, such as principal amount and interest amount.
  • Amortization Schedule: An amortization schedule is a tabular presentation of the payments made towards a home loan. It shows after each EMI payment, how much of the amount is going towards paying off your interest component and principal component. The amortization schedule includes all the information regarding your home loan repayment, such as loan amount, period of scheduled payments and outstanding loan after each loan payment during the entire loan period. It further provides the home loan EMI breakup detailing the repayment towards the interest and the outstanding principal of the loan. The schedule helps borrowers make an informed decision regarding home loan prepayment or balance transfer.

Q. What are the benefits of using Paisabazaar Home Loan EMI Calculator?

A. Paisabazaar’s Home Loan EMI Calculator takes you a step closer to deciding on the home loan you want to apply for. The other benefits of using our home loan calculator are:
1. Instant results: Our EMI calculator for home loans cuts short your lengthy and tedious calculations to seconds. It gives results instantly, at the click of a mouse without the hassle of using a pen, paper or calculator
2. Easy-to-use: Paisabazaar’s online home loan calculator is simple in its design and easy for anyone to use. To get the result, all you need to do is type-in a few simple details about your housing loan in the given input fields or use sliders to adjust the value of your inputs
3. Try different combinations: You can try different variations by adjusting sliders in the loan calculator. You can change the loan amount, interest rate and loan tenure and recalculate your home loan EMI till you find the monthly payment that suits your budget
4. No charges: You can use this calculator any number of times you wish to without any cost. This online tool is available 24*7 on Paisabazaar website

Also Read: Documents Required for Home Loan

Q. How to calculate home loan EMI manually?

A. The home loan EMI calculation formula is EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

where,
P: Principal amount
R: Interest rate (per month)
N: Number of monthly instalments/loan tenure in months

Alternatively, you can use MS Excel to know your home loan EMI.

The formula to calculate home loan EMI in MS Excel is PMT (rate, nper, pv)

where,
rate: home loan interest rate (in percentage)
nper: loan tenure in months
pv: loan principal (present value)

Q. How loan amount affects the home loan EMI?

A. With the increase in the loan amount, the home loan EMI increases too provided the loan tenure and the interest rate remains unchanged. For a clearer understanding, check the table below to see the change in home loan EMI, total interest payable and total amount payable for different loan amounts based on loan tenure stretching up to 20 years and rate of interest fixed at 6.95% p.a.

Loan Particulars EMI for Rs. 40 lakh (Rs.) EMI for Rs. 60 lakh (Rs.) EMI for Rs. 1 crore (Rs.)
EMI 30,892 46,338 77,230
Total Interest Payable 34,14,085 51,21,127 85,35,212
Total Amount Payable 74,14,085 1,11,21,127 1,85,35,212

As one can see in the table, with the increase in the loan amount, the home loan EMI has also increased. Hence, if you want to reduce your home loan EMI, one of the ways is to contribute more towards home loan down payment so that you have to borrow less from the lender.

If you want to be eligible for a higher loan amount, you can add a co-applicant such as your spouse or sibling who has a good repayment history, stable income and a good credit score.

Q. How loan tenure influence your home loan EMI?

A. Home loan EMI decreases with the increase in the loan tenure and vice-versa. However, longer loan tenure also results in higher total interest payable. The following table shows change in the home loan EMI, total payable interest and total payable amount for a home loan of Rs. 60 lakh at an interest rate of 6.95% for different loan tenures.

Loan Particulars EMI for 15 Years (Rs.) EMI for 20 Years (Rs.) EMI for 30 Years (Rs.)
EMI 53,762 46,338 39,717
Total Interest Payable 36,77,181 51,21,127 82,98,077
Total Amount Payable 96,77,181 1,11,21,127 1,42,98,077

In the table above, it can be observed that with the increase in the loan tenure, home loan EMIs decrease. But despite the decreasing EMI, the total interest payable increases with the increase in the loan tenure. And due to an increase in the total interest amount, the total amount payable towards your home loan also increases. Hence, one should be careful when choosing their home loan tenure.

One should opt for longer home loan tenure only when they are having trouble paying the current EMI. Even in case of home loan prepayment, instead of decreasing your home loan EMI, one should opt for decreasing their home loan tenure as doing so will help you save on the total interest amount.

Q. What is the effect of home loan rates on home loan EMIs?

A. When looking for a home loan, every borrower should first enquire about the interest rate. This is because home loan interest rate is one of the major factors that influence affordability to own a house. It affects the overall cost of the home loan. Higher home loan rates increase the home loan EMI and reduce the ability to take on a larger loan amount. Lower home loan interest rates decrease the loan EMI and increase the possibility to:

1. take on a larger loan amount
2. take up a top up loan or a second loan
3. reduce the loan tenure
4. prepay EMIs as much as possible

As per the fund requirements and current financial situation, you can choose any of the above options.

When applying for a home loan, borrowers can opt for either fixed interest rate or floating interest rate. In case of fixed rate home loans, the EMIs will remain constant throughout the loan period. However, in case of floating rate home loans, if the interest rate decreases any time during the loan period, one of the two things could happen – decrease in the subsequent EMI amount or decrease in the loan tenure or a mix of both. And the reverse happens when the home loan rate increases. In a scenario when your home loan rate decreases, you should always ask your lender to decrease your loan tenure and keep your current EMI amount constant as it will help you save on the total loan interest. But if you are having a hard time paying your monthly installments, you can opt for lower EMI.

The following table shows changes in the home loan EMI, total payable interest and the total payable amount for a home loan of Rs. 60 lakh at different interest rates for 20 years.

Loan Particulars EMI @ 7.00% p.a. (Rs.) EMI @ 7.50% p.a. (Rs.) EMI @ 8.00% p.a. (Rs.)
EMI 46,518 48,336 50,186
Total Interest Payable 51,64,30 56,00,539 60,44,737
Total Amount Payable 1,11,64,305 1,16,00,539 1,20,44,737

Q. How home loan prepayments impact your home loan EMIs?

A. If a borrower partially prepays his/her home loan, then either the subsequent EMIs will get reduced or the original loan tenure will get reduced or a mix of both. The reverse happens when the borrower misses paying an EMI (due to EMI holiday or cheque dishonour or bounce or insufficient balance). In such a scenario, either the subsequent EMIs rise, the tenure of the loan increases or a mix of both, besides attracting a financial penalty, if any.

It is always advisable to prepay your home loan as soon as possible as the interest component in the initial years of loan repayment is high. Doing so will reduce the loan burden and help to save on the interest amount, which you can otherwise invest to build wealth.

Q. Is GST applicable to home loan EMI?

A. No, GST (Goods and Services Tax) is not applicable to home loan EMI. However, it is applicable on several other home loan charges such as processing fees, late payment charges and prepayment charges.

Q. How can I pay my home loan EMI?

A. Usually, home loan EMI is paid through ECS (Electronic Clearing System), wherein the monthly payment is directly debited from your linked bank account. You can also pay your home loan EMIs through post-dated cheques.

Q. How does home loan EMI help in reducing tax obligation?

A. To reduce loan burden and to encourage more people to buy and invest in properties, the Government of India offers a host of home loan tax benefits to people. The Section 80C of the Income Tax Act, 1961, allows home loan borrowers to claim tax deductions of up to Rs. 1.5 lakh on the principal amount repaid through your EMIs annually. As per the Section 24b of the Income Tax Act, you can claim tax deductions of up to Rs. 2 lakhs on the home loan interest paid during the financial year.

Click to learn more about home loan benefits.

Q. What if home loan EMI is not paid?

A. If you do not pay your home loan EMI, the lender will levy penal charges in the form of late payment fees and penal interest on the amount remaining unpaid. After a 3-month period, if the amount is still unpaid, the lender will try to recover it using recovery agents and subsequently offer you a settlement. The lender will also report this delayed payment/default to credit agencies, leading to a drop in your credit score. This further will make it difficult for you to get approved for new loans/credit cards in the future.

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