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Home Loan EMI Calculator

Online Home Loan EMI Calculator

Last Updated 30th Jul 2021

The Home loan EMI calculator is an online tool that helps calculate monthly EMI. The calculator estimates the principal amount as well as interest amount which is to be paid during the tenure. It is easy to use, you only need to enter the loan amount, rate of interest and loan tenure and the EMI amount will be calculated.

  • Lowest home loan EMI as on 30 Jul, 2021 is ₹ 642 per lakh.
  • You need to enter details like loan amount, tenure and interest to calculate the home loan EMI.
  • Banks offering lowest EMI on home loan are SBI, Axis Bank, LIC Housing Finance, Kotak Bank. Check Best Offers
  • Compare the home loan EMI at different loan amounts and tenure at the lowest rate of 6.65% as mentioned below:
Loan Amount10 Year Loan15 Year loan30 Year loan
₹ 10 Lakh₹ 11,431₹ 8,794₹ 6,420
₹ 15 Lakh₹ 17,147₹ 13,191₹ 9,629
₹ 20 Lakh₹ 22,863₹ 17,587₹ 12,839
₹ 30 Lakh₹ 34,294₹ 26,381₹ 19,259

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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 determine your EMI accurately and can plan your expenses.

Why Should You Use an Online Home Loan Calculator?

You can use online EMI calculators to estimate house loan EMI as it gives correct results and allows you to compare EMI on different home loan schemes instantly.

  • Home loan EMI calculator saves your time by calculating EMI in seconds.
  • EMI manual formula is complex and chances of wrong calculation are high which may lead you to make a wrong decision. This can easily be avoided 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 that they have to pay to the bank every month from their income.
  • The calculator allows borrowers to compare multiple EMIs for different loan tenures as well as rates and choose the loan EMI scheme that suits their monthly budget.

How to Calculate Home loan EMI?

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.

Factors Affecting Home Loan EMI

Home Loan EMI can be calculated using an online Home Loan Calculator which takes into account 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. 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 along with 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 which is also called an 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 years
EMI for a loan amount ₹ 1 lakh at 6.65% ₹ 1,964 ₹ 1,143 ₹ 879 ₹ 642
Total amount you pay back to the bank including principal and interest ₹ 1.18 Lakh ₹ 1.37 Lakh ₹ 1.58 Lakh ₹ 2.31 Lakh
Interest you have to pay during the loan tenure ₹ 17,840 ₹ 37,160 ₹ 58,220 ₹ 1.31 Lakh
  • At the lowest home loan rate of 6.65% the lowest EMI for a maximum tenure of 30 Years years is ₹ 642 per lakh. You will pay an interest of ₹ 1,31,120 over a period of 30 Years years.
  • If you decide to take a loan for 15 years only, you will pay a higher EMI of ₹ 879. However, interest calculation comes to only ₹ 58,220 over a period of 15 years, which is significantly lower than the calculated amount for a 30 Years loan.
Home Loan EMI for Different Loan Amounts

The table below provides a comparison of home loan EMI for different loan amounts and tenure at today’s best interest rate of 6.65%.

EMI for various home loan amounts15 years20 years25 years30 Years years
EMI on ₹ 16,00,000₹ 14,070₹ 12,071₹ 10,954₹ 10,271
EMI on ₹ 20,00,000₹ 17,587₹ 15,089₹ 13,692₹ 12,839
EMI on ₹ 25,00,000₹ 21,984₹ 18,861₹ 17,115₹ 16,049
EMI on ₹ 30,00,000₹ 26,381₹ 22,633₹ 20,538₹ 19,259
EMI on ₹ 50,00,000₹ 43,969₹ 37,722₹ 34,230₹ 32,098
  • Today’s lowest EMI for a ₹ 16 Lakh home loan is ₹ 10,271 at the lowest rate of 6.65% and maximum tenure of 30 Years years. EMI for ₹ 16 Lakh home loan is ₹ 14,070 taken for a shorter period of 15 years.
  • Current EMI for ₹ 25 Lakh loan is ₹ 16,049 and EMI for ₹ 30 Lakh loan is ₹ 19,259 for a 30 Years 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 ₹ 6,453 6.70% 30 Years
HDFC Home Loan EMI Calculator ₹ 6,486 6.75% 30 Years
Citibank Home Loan EMI Calculator ₹ 6,752 6.50% 25 Years
Bank of Baroda Home Loan EMI Calculator ₹ 6,486 6.75% 30 Years
ICICI Bank Home Loan EMI Calculator ₹ 6,486 6.75% 30 Years

What are the Charges Levied on Non-Payment of Home Loan EMI?

If you default on home loan EMI, then these are the following charges which you need to pay:-

Late fee penalty2%-3% of EMI
Recovery Charge/ Collection ChargeDepends on the actual expenses of the process
Electronic Clearing System (ECS) payment₹ 100 - ₹ 150
Post Dated Cheque (PDC) payment₹ 250 - ₹ 400

All these charges are different for all the banks and remember defaulting on EMIs can hit your credit score severely.

How to Use MyLoanCare’s Home Loan EMI Calculator?

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

  • 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 are required to pay on your loan.


What is Home Loan EMI?

Home Loan EMI is the monthly amount that you must pay to the lender to repay your loan amount and pay interest. Every EMI has two components which include the outstanding loan amount and interest. These two components keep changing in every EMI, but the EMI remains the same throughout the loan tenure.

How to calculate home loan EMI?

Home Loan EMI Calculator uses a combination of the loan amount, loan 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 home loan is 30 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.

How much should I pay as a monthly EMI?

Monthly EMI depends upon your income and expenses. Generally, banks advise you to limit your EMI to 35 to 45% of your net income so that you can pay your EMI without any burden or difficulty. You can calculate home loan EMI online using the home loan EMI calculator which will help you to know your repayment capacity.

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 which allows them 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 lakhs 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:

SBI6.70%₹ 12,906 for 30 years
HDFC6.75%₹ 12,972 for 30 years
ICICI Bank6.75%₹ 12,972 for 30 years
Axis Bank6.70%₹ 12,906 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. Based on the Home Loan interest rate of 6.65%, here is a comparison of EMIs for different tenure:

5 Years ₹ 58,909
15 Years ₹ 26,381
30 Years ₹ 19,259

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.

How is Home Loan EMI calculated?

You can calculate a Home Loan EMI using the formula EMI = P*R*(1+R)^N/ [(1+R)^N-1]. Here, P is the principal amount, R is the rate of interest rate and n is the tenure of the loan.You can also calculate your home loan EMI using the housing loan EMI calculator online to save time and get accurate results.

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, which may make 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 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 regular EMI.

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.

How are home loan repayments calculated?

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

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 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 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. Under Section 24(b) tax deductions on interest amount payable can be claimed for up to ₹ 2 Lakh.

How to reduce home loan EMI?

To reduce your home loan EMI you can prepay the loan before the tenure gets over. Also, you can transfer the home loan to another bank account which offers the lowest interest rate, via home loan balance transfer. However, this is only possible if you are eligible to balance transfer your loan.

Why calculate housing loan EMI in advance?

If you calculate a housing loan EMI in advance then you will be able to decide the loan amount, plan out the repayment and decide the EMI which is suitable for you. You can also plan the EMI repayment in advance so that you will 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. On the basis of, ₹ 10 Lakh home loan emi calculator, the home loan EMI calculations will be as follows:
Home loan amount: ₹ 10 Lakhs
Interest rate: 6.65% per annum
and, loan tenure: 5 years
The ₹ 10 Lakh home loan emi calculator will show the following result:
Your EMI will be ₹ 19,636 for a Home Loan of ₹ 10,00,000 for 5 years at 6.65%.

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: 6.65% per annum
and, loan tenure: 5 years
The ₹ 15 Lakh home loan emi calculator will show the following result:
Your EMI will be ₹ 29,455 for a Home Loan of ₹ 15,00,000 for 5 years at 6.65%.

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

The formulae for computing the home loan EMI for salaried senior citizens and self-employed
[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
[25 x 9 x (1+9)^15]/[(1+9)^15-1]
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 6.70% p.a. His monthly EMI will be ₹ 22,053.

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