Calculate Home Loan EMI
Home Loan EMI Result
Yearly Home Loan Amortization
| Year | Principal Paid | Interest Paid | Yearly Payment | Outstanding Balance |
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Home Loan EMI Calculator India
Buying a home is one of the largest financial decisions many Indian households make. A home loan EMI calculator helps you estimate the monthly repayment before comparing different loan amounts, interest rates and repayment periods.
OneIndia's Home Loan EMI Calculator lets you enter the property price, down payment, home loan amount, interest rate and loan tenure. It then estimates your monthly EMI, total interest, total repayment and remaining balance over time.
How is home loan EMI calculated?
A standard reducing-balance home loan EMI is calculated using the following formula:
In this formula:
- P is the home loan principal.
- r is the monthly interest rate.
- n is the total number of monthly instalments.
Example of a home loan EMI calculation
Suppose you purchase a property for ā¹60 lakh and make a down payment of ā¹10 lakh. Your estimated home loan would therefore be ā¹50 lakh.
If the assumed annual interest rate is 8.5% and the tenure is 20 years, the calculator can estimate the monthly EMI and show how much of the total repayment represents principal and interest.
Changing the tenure or interest rate allows you to compare different borrowing scenarios before making a financial decision.
Property price vs home loan amount
The property price is the amount agreed for the property. The home loan amount is the amount borrowed from the lender. The difference is normally funded by the buyer through a down payment and potentially other available funds.
Property purchases can also involve additional costs such as stamp duty, registration charges, brokerage, insurance, furnishing and lender-related charges. These costs are not automatically included in the EMI calculation.
How does the down payment affect your EMI?
A larger down payment generally means a smaller home loan. A smaller principal usually results in a lower EMI and lower total interest, assuming the interest rate and tenure remain unchanged.
How does the interest rate affect home loan EMI?
A higher interest rate generally increases both the monthly EMI and the total interest paid. Even a relatively small change in the assumed rate can have a significant effect on a long-term home loan.
How does tenure affect home loan EMI?
A longer repayment period generally lowers the monthly EMI because the loan is spread over more instalments. However, the borrower may pay more interest over the complete loan period.
For this reason, it is useful to compare both monthly EMI and total interest rather than choosing a loan based only on the lowest monthly payment.
Floating-rate home loans
Many home loans can have interest rates that change over time. If the applicable rate changes, the actual EMI, repayment period or both can change depending on the lender's loan terms.
This calculator uses the interest rate entered by the user as an assumption. It does not predict future interest-rate changes.
Home loan affordability
Your affordable home loan amount depends on factors including income, existing EMIs and other financial obligations, interest rate, tenure, down payment and the lender's eligibility criteria.
The EMI calculator is therefore best used for scenario planning. A lender's final eligibility assessment may produce a different result.