Home Loan EMI Calculator – Calculate Your Housing Loan EMI Online

Given the high price of real estate in India, purchasing a house can be a challenging task without external finance. Housing credit grew over 16% in FY18, with many opting for home loans to fund purchases.

Knowing your exact EMI amount is vital. A home loan EMI calculator helps calculate this quickly and accurately, saving you time and effort.

How can a home loan EMI calculator help you?

• Accurately calculates fixed monthly EMI payments based on loan amount, interest rate, and tenure.
• Saves time compared to manual calculations and avoids errors.
• Provides clarity on your monthly financial obligations, aiding better financial planning.
• Specific to home loans with features tailored to real estate financing.
• Free and unlimited use to explore different scenarios.

The formula to determine home loan EMI amount

The standard formula is:

E = [P × R × (1+R)N] / [(1+R)N - 1]

Where:
E = EMI amount
P = Principal loan amount
R = Monthly interest rate (annual rate / 12 / 100)
N = Loan tenure in months

Example

For a home loan of ₹1 Crore at 12% interest over 15 years, the EMI will be approximately ₹1,10,108.

EMI Components

Each EMI consists of principal and interest components. Initially, the interest part is higher and reduces over time, while the principal component increases as the loan progresses.