What is Home Loan EMI Calculator
Build your dream home with Web Online CA. Use our home loan EMI calculator, which will guide you to calculate your Home Loan Emi with ease. It's that simple, input the loan amount, the rate of interest and the loan tenure and click Calculate EMI. Now the home loan EMI amount will display on the screen you will need to pay each month.
Click here to Calculate Home Loan EMI
The formula to quick calculation of your Home Loan EMI amount
Home loan EMI calculator helps you determine the exact monthly installment amount you will need to pay for your home loan. The Home loan EMI based on the loan amount, interest rate, and tenure.
Formula for EMI Calculation is -
E = [P x R x (1+R) ^N] / [(1+R) ^N-1]
E = EMI amount
P = Principal loan amount
N = Loan tenure
R = Interest rate
For example, 50 lakh loan for a tenure of 20 years at a 8.5% interest rate, according to the formula-
EMI: 50,00,000 x 0.00708333 x (1 + 0.00708333)^240 divided by [(1 + 0.00708333)^240 - 1]
So, the EMI per month will be rs.43,391 for 20 years or 240 months.
Home Loan EMI Calculator: Benefits & Features
User-friendly: A quick, easy and simple tool to determine your Home Loan EMI based on the loan amount, interest rate, and tenure.
Accurate Results: It gives exact results for your monthly installment amount, which helps in better financial planning.
Customisable: Change the loan parameters (amount, duration and interest rate) and observe the impact on your EMI amount.
Time-saving: The Home Loan EMI calculator online is available 24/7, getting immediate results without having to visit a bank branch.
Interest rate comparisons: The calculator helps you to compare different loan offers.
FAQs About Home Loan
When does my home loan EMIs start?
EMIs start after the entire home loan is disbursed. Example: If your loan sanction date is 1st of a month and full disbursement date is 15th of a month then first EMI date typically 5th of the next month.
How to change my Home Loan EMI date?
Changing your Home Loan EMI date, visiting the nearest branch, or using the bank's online customer portal.
What are the benefits of a home loan EMI calculator?
A quick, easy and simple tool to determine your Home Loan EMI based on the loan amount, interest rate, and tenure.
It gives exact results for your monthly installment amount, which helps in better financial planning.
Change the loan parameters (amount, duration and interest rate) and observe the impact on your EMI amount.
The Home Loan EMI calculator online is available 24/7, to get immediate results without having to visit a bank branch.
What is a Home loan?
Home loan used to buy a new home, under-construction or a ready property. The home loan is given at an interest rate and you can choose a repayment period to pay back the amount through equated monthly installments (EMI). Interest rates can be fixed or floating depending on the bank.
What is the maximum home loan amount that I can obtain?
You can get up to 80-90% of the property's value and the remaining 10-20% is a down payment made by you. Your higher credit score 750+ can increase your eligibility for a higher loan amount. If you have other loans like: personal or vehicle loans, it may reduce the loan amount you are eligible for.
What are the tax benefits on my housing loan?
You can get tax benefits on repayment of the principal and interest components of your Home Loan as per sections 80C, 24(b) and 80EEA of the Income Tax Act, 1961. Since the benefits may vary each year, please consult your chartered accountant or tax expert for the latest information.
Can I reduce the tenure of a home loan after taking it?
Yes, you can reduce the tenure of a home loan after taking it by paying higher EMI payments. Most lenders allow adjusting EMI amount during the loan tenure, depending on your repayment capacity.
Can I transfer my home loan balance from one bank to another bank?
Yes, you can transfer your loan to another bank offering a lower interest rate and negotiate for a shorter tenure.
Do I need a home loan guarantor?
No, there is no need to have a guarantor if your profile matches with eligibility criteria. Home Loan Guarantor is required when an applicant has a weak financial standing.
Is taking home loan insurance mandatory?
No. Home loan insurance is not mandatory. However, it is advisable that you buy insurance to protect your family from loan liability during unforeseen circumstances.