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Benefits of Using Home Loan EMI Calculator
With EMI calculator for Home Loan, you can know your monthly installments before applying for a housing loan, which in turn will help you decide:
- How much you can afford to borrow on your home loan
- Whether you should go for a long-term or a short-term home loan
- How much should you contribute towards your home down payment
- How to plan out your finances to ensure timely loan repayments
What are the Fees and Charges Applicable on Missing your Home Loan Installment(s)?
If due to some reason, you do not pay home loan EMI(s) on time, you might have to pay these home loan charges over and above the actual EMI payable:
- Cheque/NACH/SI bounce charges: It is applicable when a home loan EMI payment fails due to insufficient account balance or the closure of the account used for EMI payments. This is usually a fixed charge levied each time an automated EMI deduction fails
- Late payment charges: This charge can either be a fixed amount or a percentage of the unpaid amount
- Penal interest charges: It is applicable on the unpaid EMI amount. This charge is usually a fixed percentage amount payable per month on the principal amount unpaid till the due EMI is paid
Click to check other home loan fees and charges
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How to Reduce Home Loan EMI?
If you are searching for ways to lower your home loan EMI payments, consider the following practices:
- Make part prepayments whenever possible: When you make a part prepayment, you pay a portion of the outstanding principal early, which in turn gives you an option to either reduce EMI or tenure. Choose lower EMI only when you are striving to make loan payments in full. A home loan generally has a lock-in of about one year after which you can fully or partially prepay the loan amount. Also, unlike before, banks and NBFCs cannot levy foreclosure charges/ prepayment penalties on floating rate housing loans sanctioned to individuals, for purposes other than business.
- Opt for home loan balance transfer: You can transfer your outstanding loan amount to lenders offering lower home loan interest rates, longer loan tenure, or both. However, before going for a home loan balance transfer, do a cost-benefit analysis to ensure that your interest savings outweigh the transfer costs. Also, use an online EMI calculator for home loan to know exactly how much your EMIs can go down on a lower home loan rate.
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Can My Home Loan EMI Amount Change During The Loan Tenure?
Yes, even though your housing loan EMI is usually a fixed amount, it can change during the loan tenure but under certain circumstances, listed as below:
- When you have step-up or step-down loans: If you have opted for flexible EMIs such as in the case of step-up or step-down property loans, then there will be a change in your loan EMIs. In the case of step-up loans, your EMI will gradually increase over the tenure. In the case of step-down loans, your EMIs will decrease as time passes.
- Partly disbursed loan: In the case of partly disbursed loans, the pre-EMIs will increase with each disbursement.
- Loan prepayment: Prepayments impact your EMIs as well. You can either choose to reduce the EMI for the same loan tenure or reduce the loan tenure and keep the EMIs constant. The latter is more beneficial since you will pay lower interest. Use the home loan EMI calculator to know the exact amount you will save on your interest payout.
- The rise/fall in the floating interest rate: Whenever benchmark rates change, the floating rate of interest also changes. If the floating rate increases, the lender will normally increase the loan tenure while keeping your EMI the same. If the new tenure exceeds the maximum period permitted, then the bank may increase your EMI.
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Compare Home Loan Interest Rates of Leading Banks and HFCs
Calculate home loan EMIs for the top banks and HFCs against varying interest rates, loan amounts and tenures.
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
| SBI | 8.50% - 10.15% | 8.50% - 10.05% | 8.50% - 10.05% |
| HDFC | 8.50% - 10.35% | 8.50% - 10.60% | 8.50% - 10.70% |
| LIC Housing Finance | 8.45% – 10.35% | 8.45% – 10.55% | 8.45% – 10.75% |
| ICICI Bank | 9.00%-9.80% | 9.00%-9.95% | 9.00%-10.05% |
| Kotak Mahindra Bank | 8.85% onwards | 8.85% onwards | 8.85% onwards |
| PNB Housing Finance | 8.75% - 14.50% | 8.75% - 13.00% | 8.75%-11.35% |
| Punjab National Bank | 8.65%-9.60% | 8.60%-9.50% | 8.60%-9.50% |
| Bank of Baroda | 8.60% - 10.65% | 8.60% - 10.65% | 8.60% - 10.90% |
| Union Bank of India | 8.50% – 10.75% | 8.50% – 10.95% | 8.50% – 10.95% |
| IDFC First Bank | 8.85% onwards | 8.85% onwards | 8.85% onwards |
| L&T Housing Finance | 8.60% onwards | 8.60% onwards | 8.60% onwards |
| Bajaj Housing Finance | 8.50% onwards | 8.50% onwards | 8.50% onwards |
| Tata Capital | 9.15% onwards | 9.15% onwards | 9.15% onwards |
| Federal Bank | 10.15%-10.20% | 10.20%-10.25% | 10.25%-10.30% |
Note: Interest rates as of 5th June 2023
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FAQs
1. What do you understand by an EMI?
Ans. EMI or Equated Monthly Instalment is the set amount paid by home loan borrowers to the lender on a set day every month. It consists of two components- the principal component and the interest component. Home loan applicants can calculate their home loan EMIs and the total interest cost using housing loan EMI calculator for various home loan interest rates and tenures.
2. How can I pay my home loan EMI?
Ans. To pay your home loan EMIs, you can:
- Issue Standard Instructions (SI) to your bank
- Submit post-dated cheques to your lender
- Opt for direct deduction of monthly installments by your employer
Note: The different EMI payment options mentioned above may or may not be available with all the lenders.
3. Is GST applicable to home loan EMI?
Ans. No, GST (Goods and Services Tax) does not apply to home loan EMI. However, it is applicable on several other home loan charges such as processing fees, late payment charges, and prepayment charges.
4. How does paying home loan EMI help in reducing tax obligations?
Ans. To reduce the 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. 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 Section 24b of the Income Tax Act, you can claim tax deductions of up to Rs. 2 lakh on the home loan interest paid during the financial year.
5. Does home loan EMI change with the increase in home loan interest rates?
Ans. Increased home loan interest rates would impact your home loan EMI only from the date of interest rate reset date set by your lender. Till then, you would continue to pay your home loan EMIs on the basis of your older rates.
When the interest rate for the existing home loan increases, you can choose to increase either the loan tenure or EMI with the consent of your lender. However, if the revised loan tenure exceeds the maximum period permitted, then your lender may increase your EMI. Note that opting for longer loan tenure would lead to higher interest cost than opting for higher EMI.
6. How loan amount affects the home loan EMI?
Ans. Your home loan EMI is a function of your home loan amount, interest rate and tenure. Higher home loan amount would result in higher EMIs as would higher interest rate. On the contrary, opting for longer loan tenure reduces the home loan EMI. Note that many banks/HFCs charge higher interest rate for bigger loan amounts. Thus, opting for a higher home loan amount can also increase your interest rate and EMIs.
7. What is the EMI for an Rs. 20 lakh home loan?
Ans. EMI calculation for a Rs. 20 lakh home loan for different loan tenures assuming an interest rate of 7% p.a.:
| Particulars | 15 years | 20 years | 30 years |
| EMI for Rs. 20 lakh @ 7% p.a. | Rs. 17,976 | Rs. 15,505 | Rs. 13,306 |
| Total Interest Payable | Rs. 12,35,781 | Rs. 17,21,434 | Rs. 27,90,177 |
| Total Amt. Payable | Rs. 32,35,781 | Rs. 37,21,434 | Rs. 47,90,177 |
Also Check: How much home loan can a salaried individual get?
8. How much is the EMI for an Rs. 30 lakh home loan? Illustrative Example:
Ans. EMI calculation for Rs. 30 lakh home loan assuming 7% p.a. for different loan tenures:
| Particulars | 15 years | 20 years | 30 years |
| EMI for Rs. 30 lakh @ 7% p.a. | Rs. 26,964 | Rs. 23,258 | Rs. 19,959 |
| Total Interest Payable | Rs. 18,53,672 | Rs. 25,82,152 | Rs. 41,85,266 |
| Total Amt. Payable | Rs. 48,53,672 | Rs. 55,82,152 | Rs. 71,85,266 |
9. What is the EMI for Rs. 50 lakh home loan?
Ans. Below is the home loan EMI calculation of Rs. 50 lakh home loan assuming 7% p.a. for different loan tenures:
| Particulars | 15 years | 20 years | 30 years |
| EMI for Rs. 50 lakh @ 7% p.a. | Rs. 44,941 | Rs. 38,764 | Rs. 33,265 |
| Total Interest Payable | Rs. 30,89,454 | Rs. 43,03,587 | Rs. 69,75,444 |
| Total Amt. Payable | Rs. 80,89,454 | Rs. 93,03,587 | Rs. 1,19,75,444 |
10. How much is the EMI for Rs. 75 lakh home loan?
Ans. Home loan EMI calculation for different loan tenures at 7% p.a.:
| Particulars | 15 years | 20 years | 30 years |
| EMI for Rs. 75 lakh @ 7% p.a. | Rs. 67,412 | Rs. 58,147 | Rs. 49,897 |
| Total Interest Payable | Rs. 46,34,181 | Rs. 64,55,380 | Rs. 1,04,63,167 |
| Total Amt. Payable | Rs. 1,21,34,181 | Rs. 1,39,55,380 | Rs. 1,79,63,167 |
11. What is the EMI for 1 crore home loan for 30 years?
Ans. EMI calculation for a Rs. 1 crore home loan for different loan tenures assuming an interest rate of 10% p.a.:
| Particulars | 15 years | 20 years | 30 years |
| EMI for Rs. 1 crore @ 10% p.a. | Rs. 1,07,461 | Rs. 96,502 | Rs. 87,757 |
| Total Interest Payable | Rs. 93,42,892 | Rs. 1,31,60,519 | Rs. 2,15,92,577 |
| Total Amount Payable | Rs. 1,93,42,892 | Rs. 2,31,60,519 | Rs. 3,15,92,577 |
12. How home loan prepayments impact your home loan EMIs?
Ans. Making part-prepayment would either lead to a reduction in EMI or in the loan tenure depending what you opt for. Choosing a shorter tenure would lead to lower interest cost than the EMI reduction option. Opt for the EMI reduction option only if you want to reduce your monthly EMI burden. Or else opt for tenure reduction.
13. What if the home loan EMI is not paid?
Ans. Non-payment of home loan EMI will incur you late fees, penal interest. It will also lead to a drop in your credit score, thereby reducing your loan and credit card eligibility. If your EMIs remain unpaid for 90 days, your loan will be marked as a Non-Performing Asset (NPA) and the lender would start the process of recovering the dues as allowed within the framework of the SARFAESI Act, 2002.