# Home Loan EMI Calculator

## Calculate Home Loan EMI

Home Loan Calculators are self-help planning tools that depend on important factors and the assumptions you make before you decide on taking a home loan. Home loan calculators are an accurate system of deriving the EMI that you would need to pay after you avail of a home loan, depending on the loan amount you have requested, the tenure that you would want the loan for, and the rate of interest that is offered to you by the bank or the financial institution. A home loan is a viable option that helps you with financial resources to get your own house. You can easily repay your loans through an equivalent monthly payment (EMI), and it is always a good idea to estimate what the EMI will be as part of careful loan planning. This is a comprehensive guide on Home Loan Calculators - an automated tool that is effective in helping you manage your loan and finances well for the coming years after you take a home loan.

## Home Loan Amortization Schedule

Year Interest Paid (A) Principal Paid (B) Total Payment (A+B) Outstanding Loan Balance
1 17,708 13,288 30,996 2,486,712
2 17,614 13,382 30,996 2,473,330
3 17,519 13,477 30,996 2,459,853
4 17,424 13,572 30,996 2,446,280
5 17,328 13,669 30,996 2,432,612
6 17,231 13,765 30,996 2,418,846
7 17,133 13,863 30,996 2,404,983
8 17,035 13,961 30,996 2,391,022
9 16,936 14,060 30,996 2,376,962
10 16,837 14,160 30,996 2,362,803
11 16,737 14,260 30,996 2,348,543
12 16,636 14,361 30,996 2,334,182
13 16,534 14,463 30,996 2,319,719
14 16,431 14,565 30,996 2,305,154
15 16,328 14,668 30,996 2,290,486
16 16,224 14,772 30,996 2,275,714
17 16,120 14,877 30,996 2,260,837
18 16,014 14,982 30,996 2,245,855
19 15,908 15,088 30,996 2,230,766
20 15,801 15,195 30,996 2,215,571
21 15,694 15,303 30,996 2,200,268
22 15,585 15,411 30,996 2,184,857
23 15,476 15,520 30,996 2,169,337
24 15,366 15,630 30,996 2,153,707
25 15,255 15,741 30,996 2,137,966
26 15,144 15,852 30,996 2,122,113
27 15,032 15,965 30,996 2,106,148
28 14,919 16,078 30,996 2,090,070
29 14,805 16,192 30,996 2,073,879
30 14,690 16,306 30,996 2,057,572
31 14,574 16,422 30,996 2,041,150
32 14,458 16,538 30,996 2,024,612
33 14,341 16,655 30,996 2,007,957
34 14,223 16,773 30,996 1,991,183
35 14,104 16,892 30,996 1,974,291
36 13,985 17,012 30,996 1,957,279
37 13,864 17,132 30,996 1,940,147
38 13,743 17,254 30,996 1,922,893
39 13,620 17,376 30,996 1,905,517
40 13,497 17,499 30,996 1,888,018
41 13,373 17,623 30,996 1,870,395
42 13,249 17,748 30,996 1,852,647
43 13,123 17,874 30,996 1,834,774
44 12,996 18,000 30,996 1,816,774
45 12,869 18,128 30,996 1,798,646
46 12,740 18,256 30,996 1,780,390
47 12,611 18,385 30,996 1,762,005
48 12,481 18,516 30,996 1,743,489
49 12,350 18,647 30,996 1,724,843
50 12,218 18,779 30,996 1,706,064
51 12,085 18,912 30,996 1,687,152
52 11,951 19,046 30,996 1,668,106
53 11,816 19,181 30,996 1,648,926
54 11,680 19,317 30,996 1,629,609
55 11,543 19,453 30,996 1,610,156
56 11,405 19,591 30,996 1,590,564
57 11,266 19,730 30,996 1,570,835
58 11,127 19,870 30,996 1,550,965
59 10,986 20,010 30,996 1,530,954
60 10,844 20,152 30,996 1,510,802
61 10,702 20,295 30,996 1,490,507
62 10,558 20,439 30,996 1,470,069
63 10,413 20,583 30,996 1,449,485
64 10,267 20,729 30,996 1,428,756
65 10,120 20,876 30,996 1,407,880
66 9,972 21,024 30,996 1,386,856
67 9,824 21,173 30,996 1,365,683
68 9,674 21,323 30,996 1,344,360
69 9,523 21,474 30,996 1,322,886
70 9,370 21,626 30,996 1,301,260
71 9,217 21,779 30,996 1,279,481
72 9,063 21,933 30,996 1,257,548
73 8,908 22,089 30,996 1,235,459
74 8,751 22,245 30,996 1,213,214
75 8,594 22,403 30,996 1,190,811
76 8,435 22,562 30,996 1,168,250
77 8,275 22,721 30,996 1,145,528
78 8,114 22,882 30,996 1,122,646
79 7,952 23,044 30,996 1,099,602
80 7,789 23,208 30,996 1,076,394
81 7,624 23,372 30,996 1,053,022
82 7,459 23,538 30,996 1,029,485
83 7,292 23,704 30,996 1,005,780
84 7,124 23,872 30,996 981,908
85 6,955 24,041 30,996 957,867
86 6,785 24,212 30,996 933,655
87 6,613 24,383 30,996 909,272
88 6,441 24,556 30,996 884,717
89 6,267 24,730 30,996 859,987
90 6,092 24,905 30,996 835,082
91 5,915 25,081 30,996 810,001
92 5,738 25,259 30,996 784,742
93 5,559 25,438 30,996 759,304
94 5,378 25,618 30,996 733,686
95 5,197 25,799 30,996 707,887
96 5,014 25,982 30,996 681,904
97 4,830 26,166 30,996 655,738
98 4,645 26,352 30,996 629,386
99 4,458 26,538 30,996 602,848
100 4,270 26,726 30,996 576,122
101 4,081 26,916 30,996 549,206
102 3,890 27,106 30,996 522,100
103 3,698 27,298 30,996 494,802
104 3,505 27,492 30,996 467,310
105 3,310 27,686 30,996 439,624
106 3,114 27,882 30,996 411,742
107 2,917 28,080 30,996 383,662
108 2,718 28,279 30,996 355,383
109 2,517 28,479 30,996 326,904
110 2,316 28,681 30,996 298,223
111 2,112 28,884 30,996 269,339
112 1,908 29,089 30,996 240,250
113 1,702 29,295 30,996 210,956
114 1,494 29,502 30,996 181,454
115 1,285 29,711 30,996 151,742
116 1,075 29,922 30,996 121,821
117 863 30,134 30,996 91,687
118 649 30,347 30,996 61,340
119 434 30,562 30,996 30,778
120 218 30,778 30,996 0

The EMI for a home loan (Equated Monthly Installment) is a combination of the principal amount and the interest paid on loan. EMI needs to be paid each month and is usually fixed over the loan term. The first few EMIs comprise a higher amount of interest payment as compared to the principal amount payment as EMIs are calculated using a balance reduction method, which works to your advantage as a borrower.

As discussed above, a housing loan calculator is an automated tool that helps you make an informed decision and manage your finances well by giving you the accurate EMI amount that you are liable to pay each month after you have taken out a home loan. This simple, convenient, and user-friendly home EMI calculator helps in choosing the right loan offer and the right loan amount plus loan term. This tool is also quite helpful in managing your cash flow and in analyzing how you can fit the new EMI into your monthly income budget.

EMI is short for Equated Monthly Installment, which comprises repayment of the principal loan amount and outstanding interest amount of your home loan. In the initial months, the deduction of interest amount will be more than the proportion of the principal amount in your EMI.

Eventually, in the coming years, the monthly EMI payment does not change, but the ratio of the principal and interest components will change. If you opt for a longer home loan tenure, the EMI will reduce. If you opt for a financial lender who is charging a higher rate of interest, this would mean a higher amount of EMI to be paid each month. So, EMI depends on the principal loan amount, loan tenure, and rate of interest. The EMI for a home loan should be paid each month until the loan amount is fully repaid.

Here is home loan emi calculator formula:

E = EMI

P = Principal Loan Amount

r = Rate of interest

The Rate of interest is calculated every month, which means if it is 10% for the whole year, then it will be 10/12/100, which will be 10/12/100=0.00833

n =loan term (number of months)

For example, if you borrow ₹20,00,000 from the bank at 10% annual interest for a period of 10 years (i.e., 120 months), then EMI = ₹10,00,000 * 0.00833 * (1 + 0.00833)120 / ((1 + 0.00833)120 - 1) = ₹26,430.

This means you will have to pay ₹26,430 for 120 months to repay the entire loan amount.

The total amount payable = ₹26,430 * 120 = ₹31,71,619

Interest paid will be = ₹11,71,619

If you want to apply certain permutations and combinations using a different value for the principal amount, rate, or interest, and the number of months, the manual home loan interest calculation can be quite a tedious job.

For such purposes, it is highly recommended to use the automated Home Loan Calculator that can help you with various calculations till the time you get the achievable EMI which you can easily pay out. This also helps you assess the different rates of interest offered by different lenders, so you can wisely make the decision.

The housing loan emi calculator provides a clear understanding of your home loan outflow each month. This helps you to prudently evaluate the loan amount, which can be affordable, and assess your contribution or the part-payment that you would need to make from your savings considering the cost of the property.

The higher amount you shell out from your pocket, the lower will be the principal amount and thus the EMI. Also, considering your monthly income, the housing loan calculator makes it easy for you to budget the amount accordingly and assess whether you can afford to pay the EMI for the home loan amount after taking out your mandatory monthly expenses or not.

Thus, a home loan calculator is of paramount importance when planning your home purchase journey.

It is very simple to use the housing loan emi calculator online at 5Paisa. Here are step-by-step details on what you need to do:

Step 1 – Visit the official website and home loan calculator link of 5Paisa - https://www.5paisa.com/calculators/home-loan-calculator

Step 2 – Enter the loan amount that you wish to apply for. This amount should be assessed after you have decided on the contribution that you would be making from your savings towards the loan.

Step 3 – Enter the desired loan term in the number of years you wish to apply for the loan.

Step 4 – Enter the rate of interest offered to you by the bank or the financial institution.

Step 5 – You will get the estimated EMI amount that you would need to pay every month, along with the total amount of interest and the total payable amount to be paid towards the loan by the end of the term. You will also get a year-by-year Home Loan Amortization Schedule, which will be discussed below.

There are many advantages of using the home loan calculator, and some of them are listed below:

The EMI calculator for housing loans helps to manage your cash flow well in advance and is substantial for financial planning and credit management. It helps you assess the kind of loan amount, EMI amount, and rate of interest that you can afford according to your monthly income, other expenses, other loans, and repayment capacity.

Choosing the Right Term

If you can afford a higher amount of EMI, you must choose a shorter loan tenure so that you pay less interest and your loan closes soon. But if your monthly income doesn’t allow a heavy EMI amount, then you can choose a longer loan tenure using the property loan EMI calculator, which gives you the benefit of a lower monthly EMI but increases your interest amount.

Convenient, Safe, and Easy to Use

You can save all the time and effort that you would be wasting when doing manual home loan interest calculations for EMI. With home loan calculators, all you have to do is, enter staple inputs, and you get the EMI payable amount in a second.

Helps Validate Information

The home loan repayment calculator helps you verify and validate the repayment schedule. There could be slight variations considering the fee charged by the banks, which can be included in the EMI amount.

Compare Loan Offers

This is one of the best features of home loan repayment calculators, as you can easily compare loan offers from various institutions and pick the most viable option.

Helps You Focus on Real Estate Research

The property loan EMI calculator helps you determine the right mortgage amount, EMI to be paid, and the term that best fits your financial situation. This helps you pay more attention to your real estate search.

Easily Accessible Tool

You don’t need to download or install the app. All you need to do is to go to the official website of 5Paisa, and you can easily access the home loan calculator without any hassles. You can apply different permutations and combinations to reach the desired EMI.

Home Loan Amortization Schedule is the debt relief process that displays the payments that you make regularly and gives you a balance of the tenure, principal amount, and amount of interest. It is in the tabular form that shows details on repayment amount, principal, and an interest component.

You also get insights into the accurate principal/interest ratio using the home loan amortization schedule, based on loan term and a complete breakdown of interest amount.

If you have good credibility, a decent credit rating, income, a financial status, you can get the privilege of a pre-approved in-principal home loan. This is offered by banks or NBFCs even before you apply for a home loan to acquire your dream home.

The Home Loan monthly emi calculator consider some important factors before displaying the expected EMI amount:

● Principal amount: This is the amount that you plan to borrow.

● Interest rate: The rate offered to you by the bank/NBFC depends on your credibility and CIBIL score, Income, age, and repayment capacity.

● Duration: The term of the loan, a maximum of which is 30 years and majorly depends on your age.

● Processing Fees: These are the costs that are charged by financial institutions while processing your loan application.

● Prepayments: Prepaying your loan – partially or fully can reduce your outstanding principal amount and interest burden, which ultimately reduces your monthly EMI.

## FAQ’s

The home loan EMI runs from the month following the one in which the loan was disbursed. So, if your loan amount will be disbursed in November 2022, you will start paying your EMIs from December onwards.

A home loan is usually repaid in equal monthly installments (EMI), which comprises the interest and principal amount.

The following types of home loan products are commonly offered in India by banks and financial institutions:

1. Home loans to buy a bungalow, an apartment, etc.

2. Home loans for the purchase of real estate from development agencies.

3. Loans for construction on owned/leased land or land allocated by a development agency.

4. Plot purchase credit to purchase a plot through direct assignment or a second sale transaction.

5. Balance transfer loan - Transferring your current home to another bank/financial institution is known as a balance transfer loan.

6. Home improvement loan to renovate a home in several ways.

7. Loan for the extension of the house to expand or add space to your home, such as extra rooms and floors, etc.

You can choose to make a down payment of a minimum of 10% to 25% from your savings, and the remaining amount (90% or 75%) of the property purchase can be applied for as a loan.

Yes! You are entitled to tax relief as specified under the Income Tax Act, 1961:

Section 80C: Deduction of up to ₹1.5 lakh annually on the principal paid.

Article 24: Deduction of up to ₹2 lakh on the annual interest paid.

Section 80EE: Deduction on the additional amount of interest up to ₹50,000 besides the amounts indicated in Articles 80C and 24, which is subject to certain conditions.

You must apply for a home improvement/renovation loan which comprises longer repayment terms and affordable interest rates to make necessary renovations to your home.

The minimum amount that you can borrow as a home loan is Rs 3 lakh.