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What is a Home Loan EMI Calculator?

One of the biggest concerns when planning to apply for a big loan, like a home loan, is wondering how much exactly you will have to pay in interest costs for the loan. A Home Loan EMI Calculator, as its name suggests, helps you determine how much your loan will cost and what your exact financial commitment will be over the duration of the loan. Home loans are typically of a long tenure, often stretching to decades, and the Home Loan EMI Calculator enables you to learn what your financial outflow will be on account of your home loan. Knowing this number helps you plan your personal budget accordingly.

A Home Loan EMI Calculator will let you know the exact amount you need to set aside every month to pay your EMI. If you are not satisfied with your loan offering, you can change the loan amount, the interest rate or the tenure to arrive at the offering that best suits your budget.

What are the advantages of using a Home Loan EMI calculator?

Using a Home Loan EMI calculator takes the guesswork (and the tension and headache) out of figuring out what kind of loan you can afford. There is no need to manually calculate the cost of different loan products offered by various lenders.

Why should you use this EMI calculator? Here are 5 compelling reasons why. It is:

  • Accurate – The home loan EMI calculator calculates the exact amount you will have to pay towards your home loan EMI using the same mathematical formula that the banks and other lenders use. Unlike doing the maths at home on your own, there is no chance of error when you use a housing loan calculator.
  • Simple – You need to know only 3 things when using the home loan calculator: the loan amount, the interest rate and the tenure. The Home Loan calculator will do the rest. You need not worry about getting your sums right, the tool will do all the hard work for you.
  • Quick – The whole process of inputting the various numbers and calculating your EMI only takes a few minutes
  • Comprehensive – The home loan EMI calculator allows you to alter and change the loan amounts, tenures and interest rates so that you can try out various combinations to find the option that best suits you.Being informed of the cost of the various loan options will help you make a more careful and thoughtful decision.
  • Free – Using the online Home Loan EMI Calculator is absolutely free.
  • You can use it anytime and as many times as you like. If you are looking researching multiple loan products, you can use this tool as an interest calculator to compare the costs of the various loan offers – and do it all for free.

    Alternatively, if you have already applied for a loan, you can use the Home Loan EMI Calculator to see exactly how much you owe your lender after factoring in processing fees and the possibility of prepayment of the loan.

What is an EMI?

EMI is an abbreviation of Equated Monthly Installment. It is the amount you have to pay to your lender on a fixed date, every month, for the entire tenure of your loan period in order to repay your loan fully, including interest. The lender could be a bank or other financial institution and a home loan EMI would be the monthly payments you need to make to repay your home loan. You can have EMIs for various other types of loans such as an auto loan or a personal loan.

How does a home loan EMI Calculator work?

Simply put, a home loan EMI calculator calculates how much you need to pay each month as your EMI. Each EMI consists of two components: repayment towards the principal (the actual amount borrowed) and repayment towards the interest charged on the principal. An EMI calculator for a home loan allows you to determine how much money you need to pay your lender every month combining both principal and interest repayments. This amount is known as the EMI.

In the early stages of the loan, the interest component forms a higher proportion of the EMI payment. As the loan matures, the interest component decreases and the principal amount forms a higher percentage of the monthly payment. That is why if you plan to make a prepayment on your housing loan, it is a good idea to do so early on during your loan tenure. When the principal is reduced at the early stages of the loan, the large interest component during this period is proportionally reduced. Your EMI calculator can also double up as an interest calculator if you only want to know how much your interest payment will be.

The Home Loan Calculator will also provide you with an Amortisation Table which gives you a clear financial and chronological idea of the payment structure of your housing loan. An Amortisation Table is your debt repayment schedule over the entire duration of your loan. It enables both the lender and borrower to know the outstanding amount to be paid at any given point in time during the loan period. An Amortisation Table gives a comprehensive view of the entire repayment schedule of the loan and will list the following:

  • The starting balance or the principal amount that you owe the bank
  • The outstanding balance before the payment of each EMI
  • The actual amount to be paid as EMI every month
  • The principal component of the EMI
  • The interest component of the EMI
  • The outstanding balance after payment of each EMI

As an illustration, let us say you took a home loan of Rs 10 lakhs, at an interest rate of 9.5%, for a period of 10 years. Your Amortisation Table for this particular loan will look like this.

How is the EMI calculated?

The monthly EMI payment depends on 3 main factors:

  1. The loan amount ( principal)
  2. The interest rate you have borrowed at (this could be fixed or variable)
  3. The tenure (length of the loan.)

EMI calculator tools for home loans will use the same standard mathematical formula that lenders use to calculate your EMI. This means that the Amortisation Table for a given loan amount, tenure and interest rate will be the same across different banks and financial institutions. The housing loan EMI calculator will also take into other variables like processing fees and prepayment of the loan.

What is the benefit of knowing your EMI?

Knowing your EMI is most useful when in planning your monthly budget accurately. Since the amount you have to pay as EMI remains fixed for the entire tenure of the loan, you will know exactly what your outflow will be every month and plan your personal finances accordingly.

It is also useful to use an EMI calculator for a home loan to learn how much your EMI will be when comparing the loan options offered by various lenders. It is helpful to have this knowledge when deciding which loan scheme to choose.

What is the impact of part payment on EMI?

When you make a part payment on your loan, it reduces the outstanding principal or loan amount. This means your interest will be calculated on a smaller loan amount, meaning you will have a smaller EMI burden. If, however, you decide to keep the EMI amount the same, you will be able to repay your loan in a shorter period of time.

If you are able to afford the option of prepaying part of your loan, it is better to do it in the early months/years of the loan tenure so that your principal decreases substantially early on, which means you will pay interest on a smaller amount.

What is a home loan eligibility calculator?

A home loan eligibility calculator is a quick and easy online tool available that allows you to check if you will qualify for a housing loan before you formally apply for one. It is available on many lender websites. Lenders take into account multiple factors when reviewing your application for a home loan. Many customers are not aware of these criteria and are bewildered when their home loan application is rejected for reasons they are unaware of and their dream of owning a home is dealt a severe blow.

Moreover, each rejection causes your credit score to drop, making it even more difficult to access credit in the future. It is therefore a good idea to try out the home loan eligibility calculator before you apply for a loan in order to get a general idea of the size of the loan that you will qualify for.

What is a Loan Eligibility Calculator?

A loan eligibility calculator is a tool that allows you to get an indication of size of the loan amount that you will qualify for – whether a housing loan or auto loan or personal loan. It is important to keep in mind that the number produced by the loan eligibility calculator is only an estimate rather than a formal offer, and is designed merely to give you a quick idea of what kind of loan you will be eligible for.

What is the advantage of using a home loan eligibility calculator?

Here are three good reasons for using a home loan eligibility calculator:

Minimise the risk of loan rejection: The biggest advantage of using a home loan eligibility calculator is that you can apply only for the loan that you know you qualify for. By applying for a loan that you already know you have a good chance of being approved for, you can minimise the risk of rejection and its adverse impact on your credit score. While there is no guarantee that an online eligibility check ensures that you will secure the loan, it will give you an accurate idea of what size of home loan you will be eligible for. Based on this information, you can make a more informed decision on what loan to apply for.

Become aware of the criteria used for deciding eligibility: Many borrowers are simply unaware of the criteria lenders use when they make a lending decision. Your income, employment record, stability, your existing loan payments, your current age, your retirement age – all these play a part in the loan approval process. Using the home loan eligibility calculator will give you an idea of some of the criteria that lenders look at when reviewing your loan.

It’s quick, simple and free: It is well worthwhile to spend a few minutes using the housing loan eligibility calculator to determine if you are eligible for a loan and, if so, what kind of loan you qualify for. Based on this easily accessed information, you can make a much quicker and less stressful decision on the kind of housing loan to apply for!

For all these reasons, it is a good idea to check if you qualify for a home loan by using a home loan eligibility calculator before you make an application.

Can I use the Home Loan EMI calculator as an interest rate calculator?

You can use the housing loan calculator to find out the interest amount you will pay on your loan. You cannot use the EMI calculator to calculate the interest rate – the interest rate is determined by the lender. You will need to input the details on loan amount, interest rate and tenure to discover how much your interest payment will be. You can use the home loan EMI calculator as an interest calculator for different loan amounts, interest rates and tenures and test out the various combinations to get an accurate estimate of the interest cost of your loan.

How to use the Home Loan EMI Calculator?

The home loan calculator is designed to be simple and quick to use. It takes care of all the time-consuming and error-prone number-crunching for you. All you need to have with you to use the home loan calculator are the following:

  • Loan Amount (Principal)
  • Interest rate
  • Loan Period ( Tenure)
  • Processing fee
  • Prepayments

If you are unsure about the processing fee and do not know what number to input in the housing loan EMI calculator, check the housing loan documents you have with you or contact your lender to find out what the fee is. Once you know the number, you can input it in the home loan calculator. The processing fee is typically a percentage of the loan amount and is levied to cover the lender’s expenses in administering the loan.

Similarly, you have the option of paying part of your loan ahead of time to reduce your EMI burden. You can enter the prepayment amount in the home loan calculator to see how it affects your repayment schedule. If you make a prepayment and continue with the same EMI outflow as before, you will pay off your loan faster.

When should I use the EMI calculator for a home loan?

Using the home loan calculator is helpful in two situations:

If you have already chosen a home loan product: The EMI calculator for home loans will give you an accurate number on how much your loan will cost you in terms of interest costs. The Amortisation table will give you a detailed break-up of your financial commitment for the duration of your loan.

If you have not decided on a home loan and are shopping around: Using the EMI calculator is especially helpful if you are researching the various loan options available. The tool can quickly calculate the cost of the various loans you are contemplating and save you the effort of manually calculating all the options. When you input the various combinations of loan amount, interest rate and tenure, you will have a comprehensive list on the cost of the various loans. This helps with easy comparison of the loan products and enables you to make a quicker, hassle-free and informed decision on which loan to choose.

Do you need help with the home loan EMI calculator tool?

If you think you need help with the housing loan calculator, you can contact us. We would be glad to assist you with any help you may need.


1. What is a home loan EMI calculator?

The home loan EMI calculator helps you to check your home loan EMI before you apply for a loan. It is a financial planning tool that helps you make a decision. It helps you avoid complex calculations and gives the home loan instantly.

2. How is the home loan amount calculated?

The amount you desire to borrow is based on how much you will be able to repay per month in EMIs or equated monthly installments.

3. Can we pay the home loan early?

Yes, you can do both full and part prepayment of a home loan. You can pay a certain portion of the outstanding balance and go with the same EMI afterwards.

4. Is it good to prepay your home loan?

Paying off your home loan in advance can save you lakhs of rupees over the period of the loan. You can make way for cash flow for your other goals. Since you are no longer making monthly home loan payments, you can use that money to spend on other things

5. What are the benefits of an EMI calculator for your home loan?

A home loan EMI calculator helps in planning your finances in advance, It is easy to use, it helps in bringing focus on property search, and it is easily accessible.

6. What are flexible and fixed home loan EMIs?

Your housing loan EMI is usually a set amount. But, there are specific circumstances under which it can change. Some of the instances are flexible home loan EMIs, partly disbursed loan, home loan prepayment, and a rise in the floating interest rate.

7. What is the formula for home loan EMI calculation?

The formula for home loan EMI calculation is EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

8. What is a home loan Pre-EMI?

Sometimes, the lender will disburse the home loan amount in stages. In this case, you have to start paying your EMI only when you obtain the final amount and the whole amount has been disbursed. Till this specific date, you have to pay only the interest applicable on the partly disbursed amounts. This is known as Pre-EMI.

9. What percentage of salary should be home loan EMI?

While buying a house, the home loan EMI should not be more than 35-40% of monthly net income.

10. Is ITR mandatory for a home loan?

Most lenders need the ITR of the last 3 years to process your home loan application. If you are unable to provide the ITR returns, your application may not be accepted. ITR is essential to evaluate your creditworthiness and ensure that you will be able to pay your EMIs on time.

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