Calculate your EMI in a click with the Home Loan EMI Calculator


When applying for a home loan, keeping the home loan calculator handy is always helpful. Your home loan always amounts to a hefty sum and the home loan EMI calculator 2021 will give you an accurate idea of how much you will be paying every month. Read on to learn about the various benefits of the housing loan EMI calculator.

  • The home loan EMI calculator speeds up the calculation, allowing you to compute your EMIs both fast and accurately. 
  • Apart from calculating EMIs without error, the home loan EMI calculator also shows the breakup of your repayment. It lets you know how much you are paying towards the principal and interest individually with each EMI throughout the tenor. This amortization schedule helps with planning prepayment. 
  • The house loan calculator allows you to compare different home loan interest rates and tenors, so that you arrive at the most suitable home loan terms, be it the ideal EMI amount, tenor or loan amount. It also allows you to compare home loan offers from lenders hassle-free. 

Now that you’re aware of its benefits, here’s more on a home loan EMI calculator. 

Home loan EMI calculator

The monthly EMI for your home loan is a culmination of various factors such as the loan amount, tenure, and interest rate. Manual calculation of the EMI amount is complex and can lead to errors. That’s why financial institutions offer a home loan calculator, available on their official websites, to assist you with your EMI calculations. All you have to do is toggle the tenor and interest rate until you come upon a reasonable EMI amount. 

Few things to keep in mind

Before proceeding to calculate your home loan EMIs using the home loan EMI calculator, you must be clear about what it actually does. The house loan calculator is basically an EMI calculator and not a home loan interest calculator. Interest rate on your home loan is a feature that the financial institution will offer based on your eligibility for the loan and the market conditions. The house loan calculator will indirectly help you get an idea of the EMI fluctuations resulting from changes in the interest rates, but not in the calculation of the interest rate itself. It is best that you get different interest rate quotes from the financial institutions you are considering before you use the home loan calculator. 

Stepwise calculation of EMI using the home loan calculator

Step 1: Select or manually enter the amount you want to avail as home loan in the field provided on the house loan calculator. 

Step 2: Enter the tenor for which you are taking a loan. Financial institutions generally allow you to repay a home loan over a maximum duration of 30 years. So, depending on your age and other eligibility, you can try different options to calculate your EMI. 

Step 3: Enter or toggle the bar to arrive at a home loan interest rate and then hit enter to see the EMI amount. 

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You can keep repeating these steps with varying figures to arrive at different EMIs. Here’s an example to understand how changing the interest rate or tenor can affect your EMIs. Let’s say that you are applying for a loan of Rs.90 lakh that you wish to repay in 20 years on an interest rate of 10%. *

Once you enter these parameters on the home loan EMI calculator, you will be able to see that your EMIs amount to Rs.86,852. During the tenor, you will be paying a total of Rs.1,18,44,408 towards interest repayment apart from the principal. Now, if you change the tenor to 30 years for the same amount and interest rate, then your EMIs will reduce to Rs.78,981, while your total repayment towards interest will increase to Rs.1,94,34,233 because you will be repaying the loan for a longer duration. 

Now, if you reduce the interest rate to 7% and tenor to 20 years, you will arrive at an EMI of Rs.69,777 and a total repayment towards interest of Rs.77,46,426. This same interest rate, when calculated for a tenor of 30 years, will further reduce the EMI to Rs.59,877. But the total repayment across the tenor on interest will be Rs. 1,25,56,005. 

This way, you can enter umpteen combinations of tenor and interest rate on the housing loan EMI calculator to derive the most affordable EMI for your home loan. 

Using the home loan EMI calculator to calculate your monthly loan repayment will help you take an informed decision regarding your home loan and play repayment smartly too. 

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