# Housing Loan EMI Calculator

## Calculate Home Loan EMI Online

Last Updated 26th Jan 2022

The Home loan EMI calculator is an online tool that helps calculate monthly EMI. The calculator estimates the principal amount and interest amount, which is to be paid during the tenure.

• Lowest home loan EMI as of 26 Jan, 2022 is ₹ 632 per lakh.
• Enter details like loan amount, tenure and interest to calculate the home loan EMI.
• Banks offering the lowest EMI on a home loan are Citibank, Bank of Baroda, Kotak Bank, IDFC First Bank, Bank of India. Check Best Offers
• Compare the home loan EMI at different loan amounts and tenure at the lowest rate of 6.50% as mentioned below:
Loan Amount10 Year Loan15 Year loan30 Year loan
₹ 10 Lakh₹ 11,355₹ 8,711₹ 6,321
₹ 15 Lakh₹ 17,032₹ 13,067₹ 9,481
₹ 20 Lakh₹ 22,710₹ 17,422₹ 12,641
₹ 30 Lakh₹ 34,064₹ 26,133₹ 18,962

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### What is the EMI for Home Loan?

Home Loan EMI is an Equated Monthly Installment that you have to pay on your home loan till the end of your loan tenure. The EMI amount consists of both principal and interest amount. The housing loan EMI will remain the same throughout the tenure. You can use an online Home Loan EMI Calculator to accurately determine your EMI and plan your expenses.

### What is the Home Loan EMI Calculation Formula?

Calculating housing loan EMI is very easy with an online home loan calculator. The formula for computing the home loan EMI is

[P x R x (1+R)^N]/[(1+R)^N-1],
• Here, ‘P’ stands for the loan amount
• ‘R’ is the applicable interest rate
• And ‘N’ is tenure in months

For instance: Rajesh is planning to purchase a house. He wants to opt for a housing loan of ₹ 30 lakh from the ICICI Bank for 10 years at an ROI of 8% p.a.

[30,00,000 x 8 x (1+8)^10]/[(1+8)^10-1], His EMI will be ₹ 36,398.

## What are Flexible and Fixed Home Loan EMIs?

The housing loan EMI, consisting of principal amount & Interest payment, is usually a fixed amount. However, in certain circumstances, it can change. Below mentioned are some of such instances:

• Flexible EMIs: A step-up home loan offers flexible EMI on a home loan. It is a kind of home loan that has varying EMI spread over a loan tenure. The EMIs are small in the initial years, and the outflow increases as the years roll on.
• Partly Disbursed Loan: The interest component of your home loan, i.e., the pre-EMIs, will increase with each disbursement for partly disbursed loans.
• Loan Prepayment: If you decide to prepay your home loan early, you can either reduce the EMI for the same loan tenure or reduce the loan tenure keeping the EMIs constant.
• Change in the floating interest rate: The floating home loan rates change with repo rate change. Generally, the lender will increase the loan tenure while keeping your EMI the same. However, if the new tenure exceeds the maximum permitted period, the bank may increase your EMI.

## Factors Affecting Home Loan EMI

You can calculate home loan EMI using an online Home Loan Calculator that considers factors such as loan amount, rate of interest and the tenure for which you are planning to avail the loan.

Loan Amount

Loan amount is the amount that you borrow from the lender for your home requirements. It is the amount you want to borrow to fulfil your needs. Home loan amount depends on the value of the property. Therefore, higher the loan amount, higher will be the EMI.

Rate of Interest

It is the interest charged on the borrowed loan amount and is one of the major components of monthly EMI and principal repayment. Lower the home loan interest rate, lower will be the EMI.

Loan Tenure

Longest loan tenure available across banks in India for buying a house on loan is 30 Years, subject to the borrower’s current age and retirement age. Convenient tenure on a home loan can be calculated using a home loan tenure calculator.

### Home Loan Calculator

You can calculate the interest that you will pay over the loan tenure, especially in long tenure home loans of 20 to 30 years, using a home loan installment calculator called a Home Loan EMI Calculator. Longer the loan tenure, higher will be the interest charges you will pay.

The following table provides a comparison of EMI and interest to be paid on a ₹ 1 Lakh loan at different tenures:

Calculated Results for Home Loan EMI 5 years 10 years 15 years 30 years
EMI for a loan amount ₹ 1 lakh at 6.50% ₹ 1,957 ₹ 1,135 ₹ 871 ₹ 632
Total amount you pay back to the bank including principal and interest ₹ 1.17 Lakh ₹ 1.36 Lakh ₹ 1.57 Lakh ₹ 2.28 Lakh
Interest you have to pay during the loan tenure ₹ 17,420 ₹ 36,200 ₹ 56,780 ₹ 1.28 Lakh
• At the lowest home loan rate of 6.50% the lowest EMI for a maximum tenure of 30 years is ₹ 632 per lakh. You will pay an interest of ₹ 1,27,520 for 30 years.
• If you decide to take a loan for 15 years, you will pay a higher EMI of ₹ 871. However, interest calculation comes to only ₹ 56,780 for 15 years, which is significantly lower than the calculated amount for a 30 Years loan.

## What are the Benefits of the Home Loan EMI Calculator?

A home loan EMI calculator helps you to compare EMI on different home loan schemes instantly. Below-mentioned is benefits of using the online home loan EMI calculators :

• A home loan installment calculator saves your time by calculating EMI in seconds.
• The manual formula of EMI calculation is complex, and the chances of wrong calculation are high, leading you to make a wrong decision. However, you can avoid the same by using an online housing loan EMI calculator.
• Any home loan borrower should know their home loan EMI in advance as this is the amount they have to pay to the bank every month from their income.
• The home loan monthly EMI calculator allows borrowers to compare multiple EMIs for different loan tenures and rates and choose the loan EMI scheme that suits their monthly budget.
Home Loan EMI for Different Loan Amounts

The table below compares home loan EMI for different loan amounts and tenure at today’s best interest rate of 6.50%.

EMI for various home loan amounts15 years20 years25 years30 years
EMI on ₹ 16,00,000₹ 13,938₹ 11,929₹ 10,803₹ 10,113
EMI on ₹ 20,00,000₹ 17,422₹ 14,911₹ 13,504₹ 12,641
EMI on ₹ 25,00,000₹ 21,778₹ 18,639₹ 16,880₹ 15,802
EMI on ₹ 30,00,000₹ 26,133₹ 22,367₹ 20,256₹ 18,962
EMI on ₹ 50,00,000₹ 43,555₹ 37,279₹ 33,760₹ 31,603
• Today’s lowest EMI for a ₹ 16 Lakh home loan is ₹ 10,113 at the lowest rate of 6.50% and maximum tenure of 30 years. EMI for ₹ 16 Lakh home loan is ₹ 13,938 taken for a shorter period of 15 years.
• Current EMI for ₹ 25 Lakh loan is ₹ 15,802, and EMI for ₹ 30 Lakh loan is ₹ 18,962 for a 30 year loan at the minimum interest rate.

In short, a higher loan amount taken for a shorter tenure will translate into higher EMIs compared to a smaller loan amount taken for a longer tenure.

### Home Loan Monthly EMI Comparison of Top Banks

Bank Monthly EMI for ₹ 10 lakh Lowest Rate Max Tenure
SBI Home Loan EMI Calculator
Compare
₹ 6,420 6.65% 30 Years
HDFC Home Loan EMI Calculator
Compare
₹ 6,453 6.70% 30 Years
Citibank Home Loan EMI Calculator
Compare
₹ 6,752 6.50% 25 Years
Bank of Baroda Home Loan EMI Calculator
Compare
₹ 6,321 6.50% 30 Years
ICICI Bank Home Loan EMI Calculator
Compare
₹ 6,453 6.70% 30 Years

### How to Use MyLoanCare’s Home Loan EMI Calculator?

You can calculate the Home Loan EMI by following the steps mentioned below:

• Step 1: Visit MyLoanCare website.
• Step 2: Go to the Home Loan EMI Calculator page.
• Step 3: Enter the details like loan amount, tenure, interest rate and email ID. Then click on ‘Calculate EMI’
• Step 4: To get EMI calculations on your phone, enter your mobile number and OTP.
• Step 5: The result will show the EMI, and interest amount you must pay on your loan.

#### ✅How to calculate home loan EMI?

Home Loan EMI Calculator uses a combination of loan amount, tenure and interest rate to calculate housing loan EMI instantly. You need to enter these details in the calculator and to get the desired result. Home EMI calculator also tells you how much interest you would pay over the life of the loan. Longer the loan tenure, more the amount of interest for the same loan amount and interest rate.

#### ✅How long can I take a home loan for?

The maximum tenure available for a home loan is years. If you apply for a longer repayment tenure, your EMI for the loan will be less. However, longer loan tenure increases the amount of interest payment which makes your loan repayment costly.

#### ✅Is the home loan EMI fixed or can it change in future?

Home Loan EMI is fixed only in the case of fixed rate loans. In the case of floating rate loans, EMI will increase or decrease as per the changes in external benchmark rate linked to home loans such as Repo Rate. Apart from floating rate loans, EMIs change for partly disbursed loans availed under the tranched EMI scheme, your loan EMI will increase with each disbursement and payment you make to your lender. Your EMIs might also change in a scenario when you decide to prepay a certain percentage of loan amount during the loan tenure. Further, some banks may also have clauses in the loan agreement to reset the benchmark rates and spreads under special circumstances.

#### ✅Can I reduce my home loan EMI?

Yes, you can reduce your home loan EMI by making a prepayment for a certain amount. The higher the prepayment you make, the lesser the outstanding principal amount.

#### ✅What is the EMI for a ₹ 20 Lakh home loan?

The home loan EMI varies from bank to bank based on the rate of interest and tenure. The EMI for ₹ 20 Lakh home loan EMI calculator for the top banks gives the following results:

BanksRateEMI
SBI6.65%₹ 12,839 for 30 years
HDFC6.70%₹ 12,906 for 30 years
ICICI Bank6.70%₹ 12,906 for 30 years
Axis Bank6.90%₹ 13,172 for 30 years

#### ✅What will be the EMI for a ₹ 30 Lakh home loan?

The EMI for ₹ 30 Lakh will be different for different tenure. You can use a home loan EMI calculator for 30 years to calculate your housing loan EMI. Based on the Home Loan interest rate of 6.50%, here is a comparison of EMIs for different tenure:

TenureEMI
5 Years ₹ 58,698
15 Years ₹ 26,133
30 Years ₹ 18,962

#### ✅Can we stop home loan EMI for a few months?

Banks do not allow you to stop paying EMI for a few months and will count it as a loan default in case you fail to pay regularly. However, you can opt for special home loan schemes by various banks like SBI Flexipay, in which you pay interest based on the amount you withdraw from the overdraft account.

#### ✅What happens if you stop paying home loan EMI?

If you stop paying home loan EMI, the bank will contact you through all available channels and remind you to pay your EMI. If even after multiple reminders, you do not pay your EMI for 3-4 months, then your loan account will be reported as a NPA and the banks may initiate legal proceedings to recover their dues. This will also result in a lower CIBIL score, making it difficult for you to get a loan in the future.

#### ✅What is a pre-EMI on a home loan?

In a pre-EMI interest scheme, the bank offers the home loan borrower an option to pay only monthly interest on the loan disbursed till the completion of the property. In this case, the EMIs on loan commences only after the loan gets disbursed completely. Since no principal is being repaid, the pre-EMI amount is always less than the regular EMI. You can use a home loan pre EMI calculator to know about the home loan payments on a home loan.

#### ✅Is it good to repay a home loan early?

Making a full or partial repayment of a home loan is beneficial as borrowers can get rid of a long time loan burden. Also, it helps the borrowers from hefty interest rates and EMIs that are to be paid regularly. You can use a home loan EMI calculator with prepayment to know about the impact of home loan prepayment.

#### ✅How are home loan repayments calculated?

Home loan repayments can be calculated using the home loan repayment calculator or a home loan EMI calculator. You can use home EMI calculator online at MyLoanCare by adding details like principal amount, interest rate, tenure, and the amount paid in advance.

#### ✅Can you get a home loan with a foreclosure?

Yes, you can get a home loan with a foreclosure. However, the lenders usually charge a foreclosure fee from the borrower for foreclosing a loan. The minimum foreclosure fee on a home loan is 2%-3%. It may also be NIL in some cases.

#### ✅How does home loan EMI payment reduce tax obligation?

When you avail of a home loan, then you are eligible to claim a tax deduction of up to ₹ 1.50 Lakh under Section 80EEA of Income Tax Act. In addition, under section 24(b) tax deductions on interest amount payable can be claimed for up to ₹ 2 Lakh.

#### ✅Why calculate housing loan EMI in advance?

If you calculate a housing loan EMI in advance, you will be able to decide the loan amount, plan out the repayment and decide the EMI suitable for you. You can also plan the EMI repayment to be able to repay the loan without any difficulty.

#### ✅What is the EMI for a ₹ 10 Lakh home loan?

The EMI for a home loan is dependent on the loan amount, interest rate and tenure of the loan. Based on ₹ 10 Lakh home loan EMI calculator, the home loan EMI calculations will be as follows:

Home loan amount: ₹ 10 Lakh
Interest rate: 6.50% per annum
and loan tenure: 5 years
Your EMI will be ₹ 19,566 for a Home Loan of ₹ 10,00,000 for 5 years at 6.50%.

#### ✅What is the EMI for a ₹ 15 Lakh home loan?

The EMI for a home loan is dependent on the loan amount, interest rate and tenure of the loan. Considering, ₹ 15 Lakh home loan emi calculator, the calculations will be as follows:

Home loan amount: ₹ 15 Lakhs
Interest rate: 6.50% per annum
and loan tenure: 5 years
The ₹ 15 Lakh home loan emi calculator will show the following result:

Your EMI will be ₹ 29,349 for a Home Loan of ₹ 15,00,000 for 5 years at 6.50%.

#### ✅How to calculate home loan EMI for salaried senior citizens and self-employed?

The home loan EMI calculator formula for salaried, senior citizens and self-employed are:
[P x R x (1+R)^N]/[(1+R)^N-1] In this formula,
Here, ‘P’ stands for the loan amount
‘R’ is the applicable interest rate
And ‘N’ is tenure in months

For instance: Raj is self-employed and planning to purchase a house. He wants to opt for a housing loan of ₹ 25 Lakh from the State Bank of India for 15 years at an ROI of 6.65% p.a. His monthly EMI will be ₹ 21,984.
[25 x 9 x (1+9)^15]/[(1+9)^15-1]

#### ✅What is a home loan amortization schedule?

A home loan amortization schedule or table is the periodic breakdown of loan payments, showing the principal amount and interest until you pay off the loan at the end of the loan tenure.

#### ✅How to calculate Home Loan EMI using Excel Sheet?

You can calculate home Loan EMI using Excel Sheet by choosing a cell and entering the following formula in the excel sheet:
=PMT(RATE,NPER,PV,FV,TYPE)
Here,

• The rate stands for the applicable home loan rate.
• NPER stands for the total number of monthly instalments divided by loan tenure
• PV stands for the principal amount of the loan.
• FV stands for future value once you have made the last payment.
• Type is zero or 1, depending on the due date. The type will be equal to zero if payment is due at the end of the period. However, if the payment is due at the month's commencement, you can set the type as 1.

#### ✅When will my home loan EMI begin?

You need to pay your first home loan EMI one month after you have received the sanctioned home loan to your account. For instance, if your loan was disbursed on 14th July and your due date is 10th, you will need to pay your EMI on 10th August.

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Home Loan News - Jan 2022
• 2022-01-24 : Axis Bank Net Profit Jumps 224 Percent to Rs 3,614 crore.
Axis Bank has reported a 224 per cent year-on-year rise in its net profit at Rs 3,614 crore for the quarter ended December, which was sharply above analysts expectations of Rs 3,046 crore. The bank also witnessed a 17 per cent on-year growth in net interest income to Rs 8,653 crore for the December quarter.
• 2022-01-24 : HDFC Capital Raises Fund for Affordable Housing
HDFC Capital, a wholly-owned subsidiary of HDFC Ltd, has raised funds of about Rs 13,989 crore on affordable housing, the HDFC Capital Affordable Real Estate Fund – 3 (H-CARE-3).
• 2022-01-21 : Properties to Get Costlier in Gurgaon as New Circle Rates Come into Effect
The circle rates have been hiked for Golf Course Road, Golf Course Extension Road, Sohna Road, and Dwarka Expressway projects. As a result, homebuyers will have to shell out more money to purchase property, particularly in some upscale areas.
• 2022-01-21 : PNB Housing Finance Announces Net profit for Q3
PNB Housing Finance Limited (PNBHFL) has reported a 19 per cent decline in net profit for the quarter ended December 31, 2021, at ₹188 crores compared to ₹232 crores recorded in the same quarter in the previous fiscal.
• 2022-01-20 : PFC and REC Reduce Lending rates
The State-run PFC and REC have reduced their lending rates across all types of loans by 40 basis points (bps). The move will help power utilities raise loans at cheaper rates. Also, the power sector non-banking financial companies (NBFC) have already been offering short term loans at a 6.25 per cent interest rate.
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