Home Loan EMI Calculator Jan 2017

What is Housing Loan EMI?

Last Updated 17th Jan 2017
  • Home Loan EMI (or equated monthly instalment) is a fixed amount of money you pay towards repayment of your home loan every month on a fixed day of the month till your home loan is fully paid back. The home loan EMI comprises of both principal repayment and interest payment
  • While the home loan EMI remains constant, the interest component of the EMI keeps reducing and the principal component of the EMI keeps increasing, except in case of any change in interest rate on the loan
  • In case of partly disbursed home loans (for home loans under construction linked schemes), you may opt to pay only interest on the disbursed loan amount. This interest is called pre-EMI (PEMI) and is payable monthly till the final disbursement is made, after which the regular EMI would commence
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Bank Interest Rates* Lowest EMI per Rs.1 lakh for Max Tenure
SBI
3.9/5 20 votes
8.60% - 8.70% Rs. 776 for 30 Years Know More
HDFC
3.7/5 31 votes
8.65% - 9.25% Rs. 780 for 30 Years Know More
ICICI Bank
3.8/5 57 votes
8.65% - 8.85% Rs. 780 for 30 Years Know More
Axis Bank
3.7/5 22 votes
8.85% - 8.85% Rs. 794 for 30 Years Know More
PNB Housing Finance
3.9/5 12 votes
8.90% - 8.90% Rs. 797 for 30 Years Know More
LIC Housing Finance
2.1/5 4 votes
9.80% - 11.70% Rs. 863 for 30 Years Know More
Citibank
3.8/5 23 votes
8.80% - 9.30% Rs. 826 for 25 Years Know More
Standard Chartered Bank
4.8/5 1 votes
8.90% - 8.90% Rs. 893 for 20 Years Know More
DBS Bank
4.3/5 1 votes
8.70% - 8.90% Rs. 881 for 20 Years Know More
DHFL
3.3/5 4 votes
8.60% - 10.15% Rs. 776 for 30 Years Know More
LT Housing Finance
0/5 0 votes
9.90% - 10.75% Rs. 870 for 30 Years Know More
Repco Home Finance
0/5 0 votes
9.60% - 11.50% Rs. 939 for 20 Years Know More
Karur Vysya Bank
3/5 1 votes
9.90% - 9.90% Rs. 902 for 25 Years Know More
Kotak Bank
0/5 0 votes
9.10% - 9.25% Rs. 906 for 20 Years Know More
Ratnakar Bank
0/5 0 votes
10.25% - 11.50% Rs. 926 for 25 Years Know More
Yes Bank
0/5 0 votes
9.50% - 10.75% Rs. 874 for 25 Years Know More
Deutsche Bank
0/5 0 votes
9.45% - 9.45% Rs. 929 for 20 Years Know More
HSBC Bank
0/5 0 votes
9.35% - 9.35% Rs. 863 for 25 Years Know More
Edelweiss
3.3/5 1 votes
10.50% - 10.90% Rs. 944 for 25 Years Know More
GIC Housing Finance
3.5/5 1 votes
10.25% - 10.25% Rs. 982 for 20 Years Know More
Reliance Capital
0/5 0 votes
10.00% - 11.75% Rs. 878 for 30 Years Know More
IIFL
0/5 0 votes
9.40% - 9.55% Rs. 834 for 30 Years Know More
Bank of Baroda
3/5 1 votes
8.35% - 9.35% Rs. 758 for 30 Years Know More
Corporation Bank
2.5/5 2 votes
8.85% - 9.10% Rs. 794 for 30 Years Know More
IDBI Bank
3.6/5 2 votes
9.30% - 9.30% Rs. 826 for 30 Years Know More
Indian Bank
3/5 1 votes
9.65% - 9.90% Rs. 942 for 20 Years Know More
Indian Overseas Bank
2.8/5 1 votes
9.50% - 9.75% Rs. 841 for 30 Years Know More
OBC
2.5/5 1 votes
9.40% - 9.50% Rs. 867 for 25 Years Know More
PNB
3.3/5 1 votes
8.50% - 8.50% Rs. 769 for 30 Years Know More
Syndicate Bank
0/5 0 votes
9.45% - 9.45% Rs. 837 for 30 Years Know More
Indiabulls
2.5/5 1 votes
8.65% - 8.85% Rs. 780 for 30 Years Know More
Catholic Syrian Bank
0/5 0 votes
10.25% - 10.50% Rs. 982 for 20 Years Know More
City Union Bank
2.5/5 1 votes
10.65% - 11.85% Rs. 1,115 for 15 Years Know More
Development Credit Bank
0/5 0 votes
10.70% - 11.35% Rs. 1,012 for 20 Years Know More
Dhan Laxmi Bank
0/5 0 votes
10.10% - 10.35% Rs. 972 for 20 Years Know More
Karnataka Bank
0/5 0 votes
9.50% - 9.75% Rs. 841 for 30 Years Know More
South Indian Bank
3/5 1 votes
9.80% - 9.80% Rs. 863 for 30 Years Know More
Tamilnad Mercantile Bank
0/5 0 votes
10.30% - 10.80% Rs. 900 for 30 Years Know More
Federal Bank
3.3/5 1 votes
9.00% - 9.25% Rs. 805 for 30 Years Know More
Jammu And Kashmir Bank
0/5 0 votes
9.35% - 9.70% Rs. 1,035 for 15 Years Know More
Lakshmi Vilas Bank
0/5 0 votes
10.35% - 10.35% Rs. 988 for 20 Years Know More
Allahabad Bank
2.8/5 1 votes
8.75% - 9.25% Rs. 884 for 20 Years Know More
Andhra Bank
3/5 1 votes
9.65% - 9.90% Rs. 852 for 30 Years Know More
Bank of India
2.8/5 1 votes
8.65% - 8.70% Rs. 780 for 30 Years Know More
Bank of Maharashtra
1.8/5 1 votes
9.60% - 10.35% Rs. 848 for 30 Years Know More
Canara Bank
0/5 0 votes
9.15% - 9.20% Rs. 815 for 30 Years Know More
Central Bank of India
3.7/5 3 votes
9.70% - 9.70% Rs. 855 for 30 Years Know More
Dena Bank
0/5 0 votes
9.30% - 9.55% Rs. 860 for 25 Years Know More
Punjab and Sind Bank
2.8/5 1 votes
9.55% - 9.80% Rs. 845 for 30 Years Know More
State Bank of Hyderabad
0/5 0 votes
9.30% - 9.30% Rs. 826 for 30 Years Know More
State Bank of Mysore
0/5 0 votes
9.35% - 9.35% Rs. 830 for 30 Years Know More
State Bank of Patiala
0/5 0 votes
9.30% - 9.30% Rs. 826 for 30 Years Know More
State Bank of Travancore
3.3/5 1 votes
9.20% - 9.45% Rs. 819 for 30 Years Know More
UCO Bank
0/5 0 votes
9.45% - 9.45% Rs. 837 for 30 Years Know More
Union Bank of India
0/5 0 votes
9.40% - 9.45% Rs. 834 for 30 Years Know More
Vijaya Bank
2.8/5 1 votes
9.65% - 9.65% Rs. 852 for 30 Years Know More
United Bank of India
3.3/5 1 votes
9.55% - 9.55% Rs. 845 for 30 Years Know More
IDFC Bank
0/5 0 votes
8.90% - 8.90% Rs. 797 for 30 Years Know More
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Factors affecting Home loan EMI

  • Loan amount – Higher the home loan amount, higher will be the EMI
  • Rate of interest – Lower the home loan interest rate, lower the EMI
  • Loan Tenure –Longer the home loan tenure, lower the EMI. Longest loan tenure available across banks in India is 30 years, subject to borrower’s current age and retirement age. For a home loan at 8.90% interest rate, the EMI per Rs. one lakh loan amount is as below:
  • Loan Tenure 15 years 20 years 25 years 30 years
    EMI amount for loan amount Rs. 1 lakh at 8.90% Rs. 1,008 Rs. 893 Rs. 832 Rs. 797
    Total amount you pay back to the bank including principal and interest Rs. 181,499 Rs. 214,392 Rs. 249,708 Rs. 287,078
    Interest you have to pay over loan tenure Rs. 81,499 Rs. 114,392 Rs. 149,708 Rs. 187,078

What are the different ways of paying home loan EMI?

  • The most convenient way of paying a home loan EMI is by way of ECS mandate in favour of the bank from whom the home loan has been availed
  • Note that it is not necessary to hold a bank account with the same bank. One can issue a ECS mandate from one’s salary account or normal bank account
  • Key benefit of paying EMI through ECS is that there is no risk of cheque bouncing due to signature mismatch or any technical issue
  • Other modes can include post dated cheques and payments by demand drafts, though these are rarely used nowadays

How is Home Loan EMI calculated?

  • Home Loan EMI Calculator uses combination of loan amount, loan tenure and interest rate to calculate home loan EMI instantly online
  • What’s more, it also tells you how much interest you would pay over the life of the loan. Longer the loan tenure, more the proportion of interest for same loan amount and interest rate

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

Here are some situations in which your EMI can change:

  • In case the floating rate of interest on your home loan increases, your bank will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. However, in case the interest rates increase to an extent that the revised loan tenure is more than the maximum permissible by your bank, the bank may increase your EMI amount.
  • For partly disbursed loans availed under tranched EMI scheme, your loan EMI will increase with each disbursement.
  • When you make a prepayment of your loan, you can opt to either reduce the EMI and keep the loan tenure unchanged or keep the EMI unchanged and reduce the loan tenure. It is more beneficial to keep the EMI same and reduce the loan tenure. However, you may opt to reduce the EMI in case you so desire.
  • Any other situations as per terms and conditions of the loan agreement.

What is a pre-EMI on a home loan and how is it different from regular EMI?

In a pre-EMI interest scheme, 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 principal The EMIs (which consists of the interest component and principal repayment) on the loan commences only after the loan gets disbursed completely. Since no principal is being repaid, the pre EMI amount is always less than the EMI

Benefits of Pre-EMI:
  • A pre EMI option helps manage immediate cash outgo when the property is under construction. This is particularly helpful when the home loan borrower is staying on rent and may not be able to afford both rent and EMI at the same time. E.g., on a 20 year Rs. 25 lakhs home loan at 8.90%, the EMI comes to Rs. 21,854 while the pre EMI will be only Rs. 17,917
  • Income tax rebate on principal repayment under section 80-C is available only post completion of the property. So, the principal component repaid on EMI in case of the full EMI option during construction phase is not eligible for any income tax rebate. Under pre EMI option, principal repayment will start only after construction is completed. Hence, the entire principal repayment will be available for rebate under income tax subject to overall cap under Section 80-C
  • Interest is payable only on the disbursed loan amount. As a comparison, EMI may be calculated on the entire sanctioned loan amount and hence may impose a burden on the borrower
Considerations of Pre-EMI:
  • Loan gets paid off over a longer period. So, borrower carries debt for a longer period of time.
  • Income tax rebate on principal repayment under section 80-C is available only post completion of the property. So, the principal component repaid on EMI in case of the full EMI option during construction phase is not eligible for any income tax rebate. Under pre EMI option, principal repayment will start only after construction is completed. Hence, the entire principal repayment will be available for rebate under income tax subject to overall cap under Section 80-C.
  • Longer tenure means you pay more absolute interest amount to the bank even at the same rate of interest.
There is another option that some banks offer and which many borrowers find attractive. This is called the tranched EMI option. Under the tranched EMI option, borrower pays EMI on the disbursed loan amount and not on the sanctioned loan amount. The EMI changes with each home loan disbursement and eventually comes to the full amount on final disbursement. In this case, principal repayment starts in the first month itself but is linked to the actual disbursement. The borrower pays less than the full EMI but more than the pre-EMI.
Home Loan EMI Calculator News - Jan 2017
17th Jan 17 LIC Housing Finance registers a 19 percent growth in its net profit in third quarter of FY 17
LIC Housing Finance has reported an increase of 19 per cent in its net profit at Rs. 499 core for third quarter ending on 31st December, 2016 as compared to Rs. 419 crore for the corresponding period a year ago. Non performing assets of the company have declined to 0.56 percent from 0.58 percent during the same period a year ago.
16th Jan 17 Home loans are likely to get additional tax incentives in the upcoming union budget for FY17
Union budget for FY 2017 is expected to bring higher tax benefits for middle class home loan borrowers. The benefit is expected to provide an increased tax deduction to home loan borrowers which may go beyond the annual amount of Rs. 2 lakh. The additional tax benefit is likely give a boost to the faltering reality sector that has been adversely hit by demonetisation.
16th Jan 17 Demonetization hits real estate market adversely with sales reduced by 50 per cent
Developers in real estate market have experienced a significant fall in sales of houses by 50 percent during October to December, 2016. Developers in Delhi NCR region alone are estimated to have incurred a revenue loss of around Rs. 22, 600 crore during this period. The effect could also be seen on state government finances in the form of estimated reduction in stamp duty collections of around Rs. 1, 200 crore.
14th Jan 17 Tata Capital Housing Finance reduces home loan interest rates
Tata Capital Housing Finance has reduced its home loan interest rates. The revised home loan rates for loan amount up to Rs.75 lakhs now stands at 8.70 percent for women borrowers. The NBFC has also reduced its home loan rates for other borrowers to 8.75 percent.
13th Jan 17 Standard Chartered Bank reduces home loan interest rates
Standard Chartered Bank has reduced its home loan interest rate by 45 basis points. The revised home loan rate now stands at 8.90 percent as compared to 9.35 percent earlier. The new rate is effective from 8th January, 2017.
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