Are there other costs not included in EMI?

Yes, other costs such as processing fees, foreclosure charges, etc., are not included in the EMI.

Home loan EMI calculator

Calculate your Home Loan EMI Online

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Enter Loan Amount

₹

1L10Cr

Rate of Interest (Yearly %)

6%30%

Loan Tenure

1Y 30Y

Your Monthly EMI Payment

₹0

Principal Amount₹0

Interest Amount₹0

Total Amount₹0

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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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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.

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What is Home Loan EMI Calculator

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 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

P = Loan Amount (Principal amount borrowed)
R = Monthly Interest Rate (Annual Interest Rate ÷ 12 ÷ 100)
N = Loan Tenure in Months (Number of monthly installments)

Example Calculation

Suppose:

Loan Amount (P) = ₹30,00,000
Interest Rate = 8.5% per annum
Tenure = 20 years (240 months)

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

Calculates EMI and interest cost instantly.
Available online and is free of cost.
User-friendly and easy to operate.
Applicants can adjust the parameters (loan amount, interest rate, loan tenure).
The calculator gives accurate results.
No impact on credit score.

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:

Open the home loan EMI calculator available online.
Enter the loan amount, interest rate and loan tenure.
The tool shows the EMI and total interest cost to be paid throughout the loan tenure.

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Get a Home Loan for
Your Dream Home

Benefits of Using Home Loan EMI Calculator

Helps to know the overall loan cost even before applying for a home loan.
Applicants can plan their EMIs as per their budget.
Helps them assess their loan affordability.
Allows for choosing the right tenure.
Saves time and effort.
The calculator is error-free, unlike manual calculations.

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:

Interest Rate - Home loan interest rate and EMI are directly related to each other. As the interest rate increases, so does the EMI and vice versa.
Loan Amount - Loan amount and EMI are also directly proportional to each other. Applicants borrowing a larger loan amount have to pay higher EMIs.
Loan Tenure - Longer tenure results in smaller EMIs. However, the interest cost incurred is very high for longer tenures.
Part Prepayments - When you pay a small portion of your loan towards your principal amount before the loan maturity date, your outstanding loan amount reduces. This reduces the EMI and eventually the total interest cost.
Balance Transfer - Existing home loan borrowers transfer their existing home loan account to a lender offering a lower interest rate. This reduces the loan EMI and also the overall loan cost.

How to Reduce Your Home Loan EMI

Increase your down payment.
Negotiate for an interest rate reduction with the current lender.
Switch to a lower-interest home loan.
Make part-prepayments.

Why Use Paisabazaar’s EMI Calculator Instead of Others

Home loan applicants prefer using Paisabazaar’s EMI calculator for the following reasons:

Pre-filled with the latest home loan interest rate offered by every lender by default.
Compares different loan options even when the latest interest rate is not known.
Simple, user-friendly and free of cost.
Available online 24*7.
Paisabazaar is a trusted fintech platform and is, hence, reliable.

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

Home loan interest rates and EMIs are directly related to each other.
As the interest rate increases, so does the EMI and vice versa, provided the tenure and loan amount remain the same.
Even a slight change in the interest rate can lead to a considerable change in the 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

Not comparing various offers
Entering incorrect values in the tool
Focusing only on the EMI and ignoring the interest component

Get Home Loan for Different Budgets

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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

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

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FAQs

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.

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.

A lower interest rate reduces the home loan EMI, and vice versa.

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.

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.

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