Home loan EMI calculator is a financial tool that allows the applicants to calculate the EMI and total interest cost depending on the loan amount, interest rate and loan tenure. Prospective borrowers can use the home loan EMI calculator available on Paisabazaar to evaluate their financial stability and plan their EMIs as per their budget.
Home loan EMI calculator
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HDFC Bank
Min Loan Amt. ₹15L
Rate of Interest7.2% - 13.2%
Tenure uptoUpto 30 Years
Processing Fee₹ 10,000
ICICI Bank
Min Loan Amt. ₹15L
Rate of Interest7.65% - 9.80%
Tenure uptoUpto 30 Years
Processing Fee₹ 10,000
Axis Bank
Min Loan Amt. ₹30L
Rate of Interest8.35% - 11.90%
Tenure uptoUpto 30 Years
Processing Fee₹ 14,000
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What is Home Loan EMI Calculator
Home Loan EMI Formula
The Home Loan EMI is calculated using a standard mathematical formula that considers the loan amount, interest rate, and loan tenure.
EMI Calculation Formula
EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]
Meaning of Variables
Example Calculation
Suppose:
Monthly Interest Rate (R) = 8.5 ÷ 12 ÷ 100 = 0.00708
Using the formula, your EMI will be approximately ₹26,035 per month.
Features of Home Loan EMI Calculator
How does the Home Loan EMI Calculator Work
Home loan EMI calculator works on a standard mathematical formula. Follow the steps to know the working of a home loan EMI calculator:
Benefits of Using Home Loan EMI Calculator
Examples of EMI Calculations
| Loan Amount (Rs.) | Loan Tenure | Interest Rate (p.a.) | EMI (Rs.) |
|---|---|---|---|
| Rs. 50 lakh | 30 years | 7.10% | 33,602 |
| Rs. 50 lakh | 20 years | 7.20% | 39,367 |
| Rs. 50 lakh | 10 years | 7.45% | 59,220 |
Factors Affecting Your Home Loan EMI
Your home loan EMI primarily depends on the following factors:
How to Reduce Your Home Loan EMI
Why Use Paisabazaar’s EMI Calculator Instead of Others
Home loan applicants prefer using Paisabazaar’s EMI calculator for the following reasons:
How to Use Home Loan EMI Calculator While Planning Your Budget
Prospective borrowers can use the Paisabazaar home loan EMI calculator while planning their budget. All they need to do is enter the loan amount, interest rate and loan tenure in the EMI calculator and get their EMIs and total interest cost.
This helps the applicants in assessing their loan affordability and allows them to plan their EMIs as per their budget. Note that lenders usually consider applicants whose EMI/NMI ratio is generally below 50-55%, including the existing EMIs and EMIs of the proposed home loan.
Relationship Between Home Loan Interest Rates and EMI
Prepayment and Its Impact on EMI
Prepayment usually reduces the home loan EMI. Whenever you have surplus funds, you can repay a lump sum amount towards your outstanding principal over and above the regular EMI. This lowers your principal amount and eventually the EMI and interest cost, provided the loan tenure remains the same.
As per the RBI’s directive, Lenders cannot levy a penalty on prepayment for floating-rate home loans. However, for fixed-rate home loans, lenders might charge a prepayment fee of up to 4% of the outstanding loan amount.
It is advisable to prepay your loan amount in the early years of your loan tenure. This is because the interest component is higher in the early years.
Common Mistakes while Using a Home Loan EMI Calculator
Get Home Loan for Different Budgets
Home Loan Amortization Schedule
Below is the yearly amortization schedule for a Rs. 25,00,000 home loan at 7.10%, outlining the Opening Balance, Total Annual EMI (EMI × 12), Interest Paid During the Year, Principal Repaid, and Closing Balance.
| Year | Opening Balance | EMI*12 | Interest paid yearly | Principal paid yearly | Closing Balance |
|---|---|---|---|---|---|
| 1 | 25,00,000 | 2,01,610 | 1,76,700 | 24,910 | 24,75,090 |
| 2 | 24,75,090 | 2,01,610 | 1,74,872 | 26,737 | 24,48,353 |
| 3 | 24,48,353 | 2,01,610 | 1,72,911 | 28,698 | 24,19,655 |
| 4 | 24,19,655 | 2,01,610 | 1,70,806 | 30,804 | 23,88,851 |
| 5 | 23,88,851 | 2,01,610 | 1,68,546 | 33,063 | 23,55,787 |
| 6 | 23,55,787 | 2,01,610 | 1,66,121 | 35,489 | 23,20,299 |
| 7 | 23,20,299 | 2,01,610 | 1,63,517 | 38,092 | 22,82,207 |
| 8 | 22,82,207 | 2,01,610 | 1,60,723 | 40,886 | 22,41,320 |
| 9 | 22,41,320 | 2,01,610 | 1,57,724 | 43,886 | 21,97,434 |
| 10 | 21,97,434 | 2,01,610 | 1,54,505 | 47,105 | 21,50,329 |
| 11 | 21,50,329 | 2,01,610 | 1,51,049 | 50,560 | 20,99,769 |
| 12 | 20,99,769 | 2,01,610 | 1,47,340 | 54,269 | 20,45,499 |
| 13 | 20,45,499 | 2,01,610 | 1,43,359 | 58,250 | 19,87,249 |
| 14 | 19,87,249 | 2,01,610 | 1,39,086 | 62,524 | 19,24,725 |
| 15 | 19,24,725 | 2,01,610 | 1,34,500 | 67,110 | 18,57,615 |
| 16 | 18,57,615 | 2,01,610 | 1,29,577 | 72,033 | 17,85,582 |
| 17 | 17,85,582 | 2,01,610 | 1,24,292 | 77,317 | 17,08,265 |
| 18 | 17,08,265 | 2,01,610 | 1,18,621 | 82,989 | 16,25,276 |
| 19 | 16,25,276 | 2,01,610 | 1,12,533 | 89,077 | 15,36,200 |
| 20 | 15,36,200 | 2,01,610 | 1,05,999 | 95,611 | 14,40,589 |
| 21 | 14,40,589 | 2,01,610 | 98,985 | 1,02,625 | 13,37,964 |
| 22 | 13,37,964 | 2,01,610 | 91,457 | 1,10,153 | 12,27,811 |
| 23 | 12,27,811 | 2,01,610 | 83,376 | 1,18,233 | 11,09,578 |
| 24 | 11,09,578 | 2,01,610 | 74,703 | 1,26,907 | 9,82,671 |
| 25 | 9,82,671 | 2,01,610 | 65,394 | 1,36,216 | 8,46,456 |
| 26 | 8,46,456 | 2,01,610 | 55,401 | 1,46,208 | 7,00,247 |
| 27 | 7,00,247 | 2,01,610 | 44,676 | 1,56,934 | 5,43,314 |
| 28 | 5,43,314 | 2,01,610 | 33,164 | 1,68,446 | 3,74,868 |
| 29 | 3,74,868 | 2,01,610 | 20,807 | 1,80,802 | 1,94,065 |
| 30 | 1,94,065 | 2,01,610 | 7,544 | 1,94,065 | 0 |
Related Links
Why Choose Paisabazaar?
Compare & Choose the Best Offer
Pre-approved Offers with Instant Disbursals
Know Your Chances of Approval
End-to-End Digital Process
How Can I Apply for a Home Loan Online?
Step 1: Enter your mobile number in the application form.
Step 2: Verify using the OTP sent to your mobile number.
Step 3: Enter details related to your loan requirements.
Step 4: Provide your personal and employment details.
Step 5: Compare offers and apply for the best-suited loan.
Apply Now
FAQs
What is a home loan EMI calculator, and how accurate is it?
A home loan EMI calculator allows prospective borrowers to evaluate their EMIs and total interest cost and eventually plan their EMIs as per their budget.
What happens to EMIs if I change the loan tenure?
If you increase the home loan tenure, the home loan EMI decreases and vice versa. However, the overall interest cost increases with the increase in loan tenure.
How does a lower interest rate affect the EMI?
A lower interest rate reduces the home loan EMI, and vice versa.
Can I pre-pay my home loan and reduce the EMI later?
Yes, you can prepay your home loan and reduce the EMI later. The lender provides two options during prepayment - either to reduce the tenure or the EMI. You can opt for either of the two options.
What is the difference between fixed and floating interest rates?
Floating interest rates are variable in nature and change with the change in external benchmarks, such as the repo rate set by the RBI. On the contrary, fixed interest rates remain constant throughout the loan tenure.
Are there other costs not included in EMI?
Yes, other costs such as processing fees, foreclosure charges, etc., are not included in the EMI.
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