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Home Loan EMI Calculator

A Home Loan EMI Calculator is an online service that aids in determining your monthly home loan installments with ease. The home loan calculator gives results based on a few basic home loan details, like the loan amount, interest rate, and loan tenure. The best thing is that you can vary the input values in the home loan EMI calculator multiple times till you get an EMI that fits your budget.

Apart from calculating your Home Loan EMI, the Home Loan calculator also displays the total payable interest, the total principal payable, and also the amortization schedule.

Given that the real estate in India is at sky rocket prices, purchasing a home without an external financial source can often be a challenging task. An ever-increasing number of prospective homeowners are opting for this type of credit to fund their house purchases.

The primary responsibility of a potential home buyer who takes up a loan is to have an exact estimate of the EMI amount they are liable to pay.

Contents

Home Loan – Definition

A house loan or home loan generally is a sum of money borrowed from a bank or Non-Banking Financial Company (NBFC) to purchase a home. Home loans include an adjustable or fixed rate of interest and repayment tenure.

The property is mortgaged to the lender as a security till the loan is fully repaid.

How to Use the Home Loan EMI Calculator ?

You can calculate your home loan EMI almost instantly using the Home Loan Calculator. It is precise and easy to use for anyone. This calculator for Home Loan EMI might require just a few key home loan details from the user to display results.

Here’s an easy guide on how to use the home loan EMI calculator:

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

Using a Home Loan EMI Calculator’s Benefits

An EMI or Equated Monthly Instalment is a fixed amount that a borrower must pay to the lender every month till the tenure of their loan ends.

Calculating the EMI and its components can be a tiring and not-so-efficient task for most first-time financers. A home loan EMI calculator can easily do these complex calculations in seconds, and save you from the trouble of doing it manually.

Performing such complicated home loan EMI calculations manually can be both time-consuming and inaccurate. A home loan monthly EMI calculator thus saves a lot of the valuable time of prospective home buyers.

It gives you an accurate approximate, which is crucial for financial planning. There is almost no possibility for any inaccuracies or ambiguity.

The procedure for calculating EMI for each type of loan is different. Therefore, home loan EMI calculation is different from personal loan EMI. It is recommended you use only specific EMI Calculators for specific types of EMI’s.

The online calculator is also free for unlimited use. You can check the EMI for various amounts of loan amounts thus determine which amount suits your financial situation.

There are a multitude of other advantages of EMI calculators, they are:

The calculator can be accessed anytime and anywhere. You can use the calculator multiple times, for 0 charge, and any number of times whenever you please. You do not have to go to the bank branch or lose yourself with the dilemma of figuring out complex and substantial mathematical calculations; instead, all you have to do is just access the internet and use the EMI calculator.

Anytime Access

Doing calculations manually comes with the potential risk of making mistakes. Further, more mistakes can be made by repeatedly doing the same calculations and this leads to further erroneous results. Also, when you calculate EMIs personally on loans offered by different banks, the chances of errors increase further. Thus, the online EMI calculator aids you in making error-free calculations at the click of a button!

Accurate Results

Saves you the time on complex calculations

The process of comparing the loans offered by different providers can often become very boring and time-consuming as you are using the same formula over and over again. By hand, you will be forced to spend long hours to calculate loans and thier respective EMIs. However, with this online tool, you have the advantage of saving your important time and complete all the lengthy and boring calculations in seconds. That being said, you can try out as many combinations for amount, tenure and rates of interest which you want to from the convenience of your home.

Aids the Financial Planning Process

While calculating the EMI for a loan, you should know the amount which you will have to pay when you take up a loan of the said amount, the tenure, and also the interest rate. This will aid you in planning your finances prior to taking the loan so that your monthly budget does not take bear the burden! Another thing you can do is vary the parameters of the loan so as to reach the most suitable EMI as per your requirements.

Calculating loan EMIs never was this simple! You can deploy various calculators for different types of loans, be it one for home, vehicle, or education. Even though the criterion for every loan is vastly similar, there can be situations where you will feel the need to use loan-specific EMI calculators. To be on the safer side of calculations, use a specific calculator for specific loan types.

An EMI calculator can be used for every loan

Bonus Advantage!

You can also negotiate a bit on the rate with the loan provider. It just might work.

Factors That Affect the EMI of Home Loan

Home Loan EMI can be calculated using an online Housing Loan Calculator which takes into account many factors like loan amount, interest rate and the tenure or duration for which you are planning to avail the loan.

Loan amount – This is the amount you want to borrow to fulfil your home needs. ‭‭Home loan amount mainly depends on value of the property for which the loan is availed.

Fincity offers Home Loan for amounts as low as Rs. 30 lakhs to as high as Rs. 5 Crores.

Loan Particulars

EMI for 15 Years (Rs.)

EMI for 20 Years (Rs.)

EMI for 30 Years (Rs.)

Loan Tenure – Loan tenure is the duration over which a Home Loan is repaid. In practice, a shorter tenure results in higher EMIs, but helps you save on the total interest payout of the loan. Longest loan tenure available across banks and NBFC’s in India for buying a home on a loan is around 30 years, subject to borrower’s current age and retirement age.

Particulars

EMI for 15 Years (Rs.)

EMI for 30 Years (Rs.)

EMI for 20 Years (Rs.)

Interest Rate – The Rate of Interest is the interest charged on borrowed loan amount and is one of the components of monthly EMI along with principal repayment.

Loan Particulars

EMI for Rs. 40 lakhs (Rs.)

EMI for Rs. 1 crore (Rs.)

EMI for Rs. 60 lakhs (Rs.)

Home Loan EMI Amount Formula

Generally, the EMI for a Home Loan is calculated using the given formula:

E = P * r * (1+r) ^ n / ([(1 + r) ^ n] – 1)

In the formula mentioned above,

E = Equated Installment

This is the total obligations required to pay per month

P = Amount of Loan

This can be anywhere between Rs.15,00,000 to Rs.5,00,00,000

r = Rate of Interest

This means the interest rate per month.

n = tenure in months

Usually, the tenure for a home loan ranges from 15 years to 30 years. Thus, an online home loan EMI calculator can help you find the exact approximate amount without fail. For example, a person avails a home loan worth Rs. 2 Crores for a tenure of 15 years at an agreed-upon interest rate of 12%. So, according to the formula – E = [2,00,00,000 x 12 x (1+12) ^ 15] / [(1+12) ^ 20-1] A home loan EMI calculator will help you compute the exact result in an instant, which in this case should be Rs. 2,20,216.

Calculator for Home Loan Amortization

An amortization schedule is a table of periodic loan payments that shows the amount of principal and the amount of interest that makes up each monthly payment until the loan is paid off at the end of its tenure.

The Home Loan monthly EMI will be equal, in a schedule of amortization, but the component of the EMI, which consists of a principal payment and also the interest payment, will not remain the same every month, meaning it keeps on changing.

The EMI schedule of loan for an amount if Rs.20 lakhs and for a tenure of 30 years is explained below in the table.

Year

Interest Paid During each Year

Principal Repaid During Each Year

Principal Outstanding

Total Amount Paid During Each Year (Interest + Principal)

Home Loan Eligibility Criteria

You want to buy a home and you wish to take up a Home Loan. But wait!

Are you eligible for a Home Loan?

There are a lot of factors that go into consideration while determining the eligibility of an individual for a home loan.

A few are given below:

The applicant must be

The applicant can be

Rs. 5,00,000 minimum

The applicant must have

A good credit score starting from 650 or more obtained from a recognized credit institute

Documents Required for Axis Bank Home Loan

ID PROOF

Salaried

Self Employed

INCOME PROOF

Self Employed

Salaried

Additionally

Property Papers:

Home Loan Fees and Additional Charges

Depending on the loan type you are applying for, a few charges may be levied. They are mentioned below:

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