See How Much You Can Save For The Future!
Plan your dream home within your budget by using our online EMI calculator. It’s quick, easy, and safe to use, giving accurate results immediately.
Principal amount
₹ 1,000Total interest
₹ 680Total amount
₹ 1,608Get Professional Legal Advice
A home loan is a financial tool that allows individuals to purchase or build a house by borrowing money from
lenders such as banks or housing finance companies. The loan amount is typically used as a down payment,
with the remaining balance repaid over 15-30 years through equated monthly instalments (EMIs). The property
being purchased usually serves as collateral for the loan. Interest rates can be fixed or variable.
To apply, borrowers must provide proof of income, credit score, and identity. It’s essential to access your
budget, credit score, and the property price before taking on a home loan, as it represents a long-term
financial commitment. The EMI includes both the principal and interest, and its amount depends on the loan
size, interest rate, and tenure.
A home loan EMI calculator helps you to figure out your monthly payments by considering three main factors:
The formula to calculate EMI is: EMI = (P × r × (1 + r)n) / ((1 + r)n - 1)
This formula gives you the amount you need to pay every month to repay your loan. You just enter the necessary details into the provided fields, and the calculator quickly gives you accurate results based on that information.
Some EMI calculators also show a payment schedule, which tells you how much of each payment goes towards interest and how much pays off the loan balance over time.
It’s important to remember that these calculations assume a fixed interest rate and regular monthly payments. However, the actual EMI will depend on the specific terms of your loan.
Let’s say you take a home loan of ₹30 lakh at an interest rate of 10% per year for 15 years. Here’s how you would calculate the EMI:
Now, using the EMI formula:
EMI = 30,00,000 × 0.0083 × (1 + 0.0083)180 / ((1 + 0.0083)180 - 1)
Here’s a streamlined method for using a free online house loan EMI calculator:
Find answers to common questions about home loan EMI calculators.
It’s a tool that helps you to calculate your monthly EMI (Equated Monthly Instalment) based on loan amount, interest rate, and tenure.
Enter your loan amount, interest rate, and loan tenure into the calculator, then click ‘Calculate’ to see your monthly EMI.
You need to provide the loan amount, interest rate, and loan tenure.
The calculator provides an estimate based on the inputs; the actual EMI may vary slightly depending on the lender’s term.
Yes, you can input different loan amounts, interest rates, and tenures to compare how they affect your EMI.
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