Home Loan EMI Calculator

Easy way to Calculate your EMI


Your Monthly EMI will be

₹ 0

Principal Amount

₹ 0

Total Interest

₹ 0

Total Amount

₹ 0

Banks and financial companies offer home loans at significantly competitive interest rates these days. However, there are certain eligibility criteria that the lender will need you to fulfil before they consider you for the loan.

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Calculating EMI with Excel

You can calculate your home loan EMI using a simple Excel formula. All you’ll need for this are your loan interest rate, loan tenure and principal amount borrowed. Let’s say the Interest rate is 10%, the loan period is 20 years and the amount borrowed is Rs. 30 lakhs. The formula is:


The result will be a negative value indicating the expense incurred as EMI.

Home Loan EMI Formula

Let’s say you take a loan of Rs. 30 lakhs (P) at an interest rate of 10% per annum (R) for a tenure of 20 years or 240 months (N).

Monthly EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

{P = Principal loan amount, R = annual interest rate/12, N = loan tenure in months}

Once we fit the relevant values in the above formula, the monthly EMI amount is Rs. 28,951.

Note : This does not include the processing fee charged by lenders.

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Tax Benefits of Home Loan EMIs

Taking a home loan is a big decision but you should be aware of the tax benefits that come with it. As per the Income Tax Act, 1961, the Indian government offers tax relief on the principal amount as well as the interest you pay, lowering the EMIs you pay.

Section 80C

Allows you to claim a tax deduction of up to Rs.1.5 lakhs every year on the principal amount you have paid towards the Home Loan.

Section 24

Allows you to avail a tax deduction of up to Rs.2 lakhs every year on the interest you’ve paid towards your home loan.

Section 80EE

Allows you to claim an additional deduction of Rs.50,000 on interest paid per year over and above the claims you’ve made under Sections 24 and 80C, given that you meet the stated terms and conditions.

Factors that Influence your Home Loan EMI

Your home loan is impacted by certain parameters. They are:


This is the original loan amount you borrow and is directly proportional to the EMI you pay.

Interest Rate

This is the interest charged by the lender on the principal amount and the total cost of loan for you. The goal is to get a lender offering loans at the lowest interest rate with the best benefits. This will, in turn, lower your EMI amount.


This is duration of the loan or the time taken to repay the loan, and is inversely proportional to your EMI. In India, the maximum loan tenure offered by lenders is 30 years and is determined by your age when you borrow the loan. 


Making prepayments on the loan is a great way to reduce the outstanding principal amount, thereby reducing the EMI to be paid.

Processing Fee

This is a fee charged by the lender to process your application, and at least a part of it is charged when you apply. This amount, generally 0.5-2.5% of your loan amount, is mentioned in your loan document, and may not be refunded by the lender even if your application gets rejected.

Why Use a Home Loan EMI Calculator?

There are some distinct benefits of using Fincity’s home loan EMI calculator over other methods to calculate your EMI dues.

View EMI in Seconds

The process is not only easy but accurate to a tee. You have to enter simple details such as principal amount borrowed, Interest rate, Tenure and processing fee. The calculator will display the result instantly.

Simple Breakdown of Charges

The tool gives you a complete breakdown of charges, i.e. payment of principal, interest, processing fee, giving you a clear view of the true cost of your EMIs.

Quick Understanding of the Right Tenure

A shorter tenure means a higher monthly EMI amount but the total interest to be paid reduces substantially which eventually translates to you paying less EMI in total. So, you can calculate the difference in EMI for each desired tenure and go for the one that is more comfortable for you.

Compare Loans

Compare loans offered by various lenders and know the final EMI expense for each case. This will help you take an informed decision and go for the best loan option.

Verify Repayment Details

Once you get the repayment schedule from the lender, you can cross-validate it with the detailed EMI schedule provided by Fincity’s EMI calculator.

Note: These may differ at times since lenders may add certain charges in their EMI calculation.

In case you suddenly find yourself with an influx of funds and want to make a prepayment towards your loan, you can figure out the breakdown of the new lowered EMI. You may alternatively want to keep paying the same EMI amount and pay off the entire loan long before your tenure ends.

Pre-EMI : If you opt for Pre-EMI with a lender, the loan amount is disbursed in tranches. Until the entire amount is disbursed and you start paying full EMI, you will be required to pay just the interest on the already disbursed amount known as Pre-EMI.

Note : During this period, you are not repaying any amount of the loan borrowed and therefore the total cost of loan is actually higher than paying full EMI from the start.

Certain factors may impact the EMI you’re required to pay {link to flexi loan and other factors impacting EMI article}, depending on whether you’ve opted for flexible EMIs, partly disbursed loans, floating interest rates, etc.