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Home Loan issuers in India

Loan Amount Rupee

Loan Tenure Year

Rate of Interest

Monthly Payment (EMI)


Total Interest Payable


Total Payment


Home Loan EMI Calculator

From a very young age people start thinking about their home – how they want it to look what are things they will have in the house etc. But as they grow up they realize that to make their dream come true they need money which is not easy to save with the current economy and inflation. It is to help people buy their dream homes that banks and NBFCs offer home loans. A home loan EMI calculator would help customers who are willing to take a home loan from bank or NBFC.

What is a home loan?

A home loan is where banks loan you the money needed to buy the home. Usually it will be 80% – 90% of the value of the house. They will charge an interest for the loan amount which the borrower will pay along with principle borrowed in the form of monthly EMI.

Since the money borrowed for home loans is high the EMI each month will also be high. To help customers know how much EMI they will pay for any interest rate, tenure and loan amount banks/NBFCs provide home loan EMI calculator.

EMI Calculator

As mentioned earlier a home loan tends to be a very large amount that you borrow from the bank. The EMI will also be high and hence you need to decide before hand how much loan amount you want, what interest rate you are comfortable paying and the tenure of the loan.

You might have a loan amount, interest rate and tenure in mind but might be surprised at the EMI that you have to pay once you calculate it. Therefore, you need to use EMI calculator to help you choose the right loan amount, interest rate and tenure that you are comfortable with.

Home Loan EMI Calculator

To know how much you will have to pay as EMI on home loan, you can visit the official website of the bank. Go to ‘Tools and Calculators’ page where you will find the option for ‘Home Loan EMI Calculator’. After entering the page, you will find three fields where you need to enter the following details: 1) Loan Amount, 2) Interest Rate and 3) Tenure in years.

After entering the necessary details, the calculator automatically calculates the loan EMI amount to be paid and delivers the result on the same page. It takes less than a minute to check the EMI amount against the home loan to be taken.

You can also view a similar home loan EMI calculator as that of bank/NBFC on CreditMantri website and apply for the loan directly. You will find the results of total amount payable with interest and interest payable separately.

Advantages of Using Home Loan EMI Calculator

Calculating the EMI of the home loan manually is time-consuming. But using the EMI calculator will generate the result in less than a minute and make it easier to compute your housing loan EMIs. This helps you get the details of interest to be paid as per the tenure and loan amount. After having all the information, you will be able to take an informed credit decision on your own. Moreover, it helps in negotiating with the lender and settle for a better interest rate.

Manual calculation carries a risk of mistakes, but the result provided from online EMI calculator is accurate and quick. You can use the tool for various loan amounts, tenure and interest rate and you will get the results accordingly.

Consider the following example, which will give you an idea about how much and how long it will take to settle a home loan, you will notice that when the closing balance comes down to zero, the home loan is considered closed.

Loan amount: Rs.10 lakhs

Interest rate: 8.4%

Tenure: 10 years

EMI each month: Rs. 12,345

YearOpening BalanceAmount paid by Customer (EMI*12)Interest paid during the yearPrincipal paid during the yearClosing Balance

Home Loan

With the market as it is the cost of homes are very high compared to the salary people make. There are very few people who can pay for a home in full on their own while others need the help of home loans to buy their dream home.

Banks/NBFCs in India provide home loans at competitive interest rates making it possible for many to get their home.

Getting a home loan from bank/NBFC is very easy – where one needs to just go online visit their website click on home loan and fill out the details asked. Existing customers can get pre-approved loans based on their salary and credit score.

All details about the home loan that include interest rate, EMI amount, processing fees etc. are informed in advance and you can make up your mind to go for the loan. Once, you have acknowledged, the loan amount will be disbursed to your bank account immediately.

As we have shown in the example above after the tenue has been completed and you have paid back the interest and loan amount in full, you should proceed to obtain a certification of the same from the lender.

The lender would have reported your payment over the tenor to the four credit bureaus in India and after the completion of the loan the same would be reported to the bureaus and would soon reflect in your credit report. The authorization from the lender and the reflection of the home loan as a closed account is proof that you have completely settled the home loan. Hang in there and don’t miss any payment, home loans generally are long term loans.

How to apply for a home loan with bank/NBFC

The home loan approval & verification process is simple and much quicker for existing bank customers. They can apply online and get pre-approved offers on home loans with attractive interest rates. The loan amount is directly credited to their account instantly.

The application process is different for new customers. The borrower needs to either apply online or directly download the application form from the official website or visit the nearest bank branch. They can also call the home loan customer care to proceed with the application process.

Generally, bank’s representative will come to your place of work or your home to collect the filled in application form and all the necessary documents required for verification at any time you specify. A background check would help the lender know about the personal, professional standing of the applicant If there are any discrepancies with the information provided, the home loan application is likely to be denied. After passing through document verification and eligibility criteria, the approval process moves to the final level. At the final stage and after negotiations, the home loan interest rate and tenure are fixed and sent for your acknowledgement.

In case your home loan application was rejected you will receive loan rejection letter which will receive a status update on the home loan rejection. Let us know see what the eligibility or qualifying criteria are as they are called in banking parlance for a home loan.

Eligibility Criteria That Influence the Approval of Home Loan

Credit Score

One of the first and foremost thing a home loan applicant must do is check their credit score. Any bank, when it gets a loan or credit card application will pull out the individuals credit score which is available with the credit bureaus operating in the country.

The credit score is the accumulated score based on how regular you are in repaying your loan or credit card bill. This is the very first step taken by banks when screening your application. If your credit score is too low, then your home loan will be rejected. Credit score and credit health go hand in hand and telling on how you have handled loans in the past, it is also important that banks will keenly observe your credit history since the home loan is a long-term loan and the bank knows that a good portion of repayment is dependent on credit history.

If you still haven’t checked or do not know your credit score, it is best to check and get a free credit score with CreditMantri, through which you can create a credit profile, get a bureau credit score, know past borrowings and act to prevent falling into debt cycle or a bad credit position . This way if your score is low you can improve your score before applying.

Late payment or discrepancies on your credit report

A credit report contains the complete history of your loans or credit cards utilized by you, how regular you were in paying back your credit, late payments if any etc. If any applicant has the terms “settled” or “written of” against any credit account, your loan application will be rejected as these terms indicate that you have defaulted on your loan and that the lender has settled the account realizing that the individual will not pay back the balance.

Similarly, if there are any discrepancies like your date of birth is different from what is on your application then it is grounds for rejection of Home loan. It is best to rectify any such discrepancies well in advance to avoid your home loan being rejected.

Stable job

If you are applying for home loan immediately after joining a new job your application might be rejected. Banks expect any home loan applicant to be in a stable job, which will not be the case if you are new to the company which in turn means you are a risk. It is best to wait at least 6 months to a year in the new job before applying for a home loan.


Salary is a very important criterion for a home loan. If you do not match the salary criteria stipulated by the lender your application will be rejected.

There is also the other scenario where though you have higher income your application might have been rejected. This is because you might have lower disposable income which might not satisfy the loan EMI to salary balance ratio. That is, you do not have enough salary balance after paying your monthly EMI.

Not in lender list of approved employers

You might be working in a company which is not in the list of approved employers by banks. In such cases the banks feel that your job is not secure and not reliable to pay back the loan amount. Look into banks/NBFC that have your company listed to make sure that your application is not rejected and get good terms on your loan.

Co-applicant has poor credit score

In today’s scenario most home loan applicant goes for joint applications to reduce the burden of EMI. Even though taking a joint home loan has its own advantage it can also be a cause for the application to be rejected if your co-borrower’s credit score is low. This is because the loan amount and EMI will be decided based on the combined profile of all the applicants. So, if one applicant has low credit score it will bring down the overall score of the group. Credit health of your co-borrower too matters.

The property has legal problem

When applying for a home loan all the original documents pertaining to the property must be submitted to the lender. This is because your property acts as the collateral for the home loan. If there is not proper documentation or if the property is under some legal action, then the loan will be rejected.

As a precaution it is best to verify all the documents and property details before purchasing. You can also visit the sub-registrar’s office or the CMDA to make sure there is no problem with the property legally or if it falls under any Government plan.

High level of debt or is already a loan guarantor

Home loans being a high value investment, also means that the EMI each month will be high. If an applicant already has debts that need to be repaid, then the loan application might be rejected.

Similarly, if the applicant is already acting as a guarantor for another loan then there is a risk that the other person might not pay their loan and will fall on the applicant who will have to pay the dues as a guarantor. This is also a reason for home loan rejection.

Home Loan EMI Calculator FAQ

1. What are the details required for using EMI calculator to get the EMI amount?

You will have to enter the details of your loan amount, interest rate and tenure in the EMI calculator. Do check with the lender for the latest interests before using the equated monthly instalment (EMI) calculator.

2. Can I apply online for home loan after using the EMI calculator?

Yes, you can apply online for a home loan. Also using the example that we have provided above you can approximately gauge the repayment schedule of your home loan. If you are looking to get the best home loan then we would suggest you create a credit profile, analyse your current borrowings, solve any issues and apply for home loans that would suit your credit profile, we believe taking a credit health led approach to borrowing would benefit you immensely. Yes all this can be done entirely online or through a mobile app.

3. Can I check for multiple loan amount in the home loan EMI calculator?

Yes, you can check the EMI payable for multiple loan amounts with various interest rates and tenure. Feel free to enter different loan amounts and home loan interest rates using our calculator.

4. What is the maximum tenure on the EMI calculator?

The maximum tenure is 30 years for the home loan with most banks.

5. What is the starting interest rate value on EMI calculator?

The interest rate value starts from above 5% and some banks provide calculators with no interest limit.

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