Home Loan EMI Calculator

Total Interest
Principal amount

Monthly EMI

Principal amount

Total Interest

Total amount

What is Home Loan EMI Calculator?

A home loan is a type of secured loan that helps individuals finance the purchase of a home and pay the borrowed amount in monthly installments. It is offered by banks and NBFCs who take the property as collateral for the loan. A home loan calculator allows you to calculate the EMI on your home loan and helps you make an informed decision.

How Home Loan EMI Calculator Works?

A house loan calculator is a financial planning tool that helps you in the calculation of EMI, interest amount payable, and the total home loan amount. The calculator requires a few inputs to work:

  • Borrowed Amount: The amount of loan that you want to borrow for the purchase of the house.
  • Loan Tenure: The amortization period for the repayment of the home loan.
  • Rate of Interest: The interest rate that the lending institution will charge on the loan.

The housing loan EMI calculator will use the inputs to calculate and show EMI amount, total payable interest, and total repayment amount. You can also change the inputs and the home loan interest calculator will show you the results accordingly.

Formula Used in Calculation of Home Loan EMI

The formula for home loan EMI is P x R x (1+R)^n/{(1+R)^n-1} where,

P is the principal loan amount borrowed

R is the applicable monthly home loan interest rate

N is the total loan tenure in months

Illustration With an Example

Suppose X took a home loan of Rs 60,00,000 for 20 years at an interest rate of 6 percent per annum.


R (monthly interest rate) = 6/(12×100) = 0.005

N (loan tenure in months) = 20 x 12 = 240 months

Your EMI will be: 60,00,000 x 0.005 x (1+0.005)^240/238 = Rs 42,986

Total interest payable = Rs 43,16,606

Total payable amount (principal + interest) = Rs 1,03,16,606

Calculation of home loan EMI can be complex and time-consuming as it requires a number of inputs and complicated calculations. A home loan interest rate calculator does all the work and shows you the EMI, interest payable, and total payable amount within a moment.

Note: If you opt for a floating interest rate home loan, your monthly EMI will keep changing according to the change of interest rate by the lender. Hence, a home loan EMI calculator works for fixed interest rate home loans.

Factors that affect your Home Loan EMI

Below are the major factors that affect the EMI of your home loan:

1. Principal Amount

The principal refers to the amount you borrow from the lender. It is directly proportional to your EMIs, i.e., the lower the principal, the lower will be your monthly installments and vice versa. You can use the home loan eligibility calculator to know the principal amount you are eligible for.

2. Rate of interest

The home loan interest rate is the rate at which the lender offers you the home loan. It is also directly proportional to the value of your home loan EMIs.

3. Tenor

Tenor is one of the most important factors when you are doing Home Loan EMI Calculation. It is the time within which you repay your home loan. It is inversely proportional to your loan EMIs, i.e., the longer the tenor, the smaller your EMIs. But it is important to remember that a longer tenor translates to a high interest outgo.

How can home loan EMI calculator help you?

Equated Monthly Instalment or EMI is a fixed amount that a borrower must pay back to the lender every month till their tenure ends. 

Calculating the EMI and its components can be a cumbersome exercise for first-time financers. A home loan EMI calculator India can do these complex calculations in no time, and save you from the trouble of doing it manually.

  • Manually performing such complicated home loan EMI calculations can be both time-consuming and inaccurate. A home loan monthly EMI calculator saves the valuable time of prospective home buyers.
  • It gives you an accurate estimate, which is pivotal for financial planning. There is no probability of any inaccuracies or ambiguity.
  • The EMI calculation procedure for each type of loan is different. For example, home loan EMI calculation is different from personal loan EMI. The housing loan EMI calculator is specific only for home loans.
  • The online calculator is free for unlimited use. You can check the EMI for various loan amounts and determine which amount suits your financial situation.

How to use CashZeni online home loan EMI calculator?

All you have to do is enter the loan amount, interest rate and the loan tenure in years. 

The exact EMI value will be calculated and displayed within seconds. 

Advantages of using CashZeni calculator

There are numerous advantages of using the calculator available at this website. 

  1. It’s easy to use. All you have to do is insert a few necessary details, and the calculator will do the rest.
  2. It’s free for everyone. You don’t even have to register to the website.
  3. There is no limit on the number of times you can use it. So, you can quickly check the EMI for different home loan amounts. 

As a debt category, the home loans corpus is expected to grow faster in the coming years. An online bank EMI calculator for a home loan is the go-to tool for all prospective debtors. 

Finance the Purchase of Your Dream Home

Owning a home is a dream of many but the expenses associated with it can come heavy on the pocket. A home loan helps you to finance the purchase of your dream home easily. You can borrow a home loan and purchase a house whenever you want to and repay the loan in small monthly installments. A home loan helps you in a number of ways.

A Type of Investment

Buying a house not only serves the purpose of your living but is more of a type of investment. Your house property has a value that in general, increases over the year. So, in other words, you are actually making an investment by taking a home loan.

Low Interest Rate

You can get a home loan at as low as 6 percent. This helps you to lessen the financial burden from your shoulders. Now, with the home loan EMI calculator, you can easily compare the home loan offers by different lenders and get the best deal possible.

No Additional Collateral Required

One of the best benefits of a home loan is that you do not have to pledge any extra collateral other than the home (for which the loan is taken). This also saves you from taking over-expensive unsecured loans.

Tax Benefits

There are a number of provisions in the Income Tax Act of India like Section 24(b), 80C, 80EE, and 80EEA that allow you to claim home loan interest deductions from your taxable income. You can save up to 3.5 lakhs annually by claiming exemptions according to your home loan EMI and annual taxable income.

Frequently asked questions

What is a home loan EMI calculator?

A home loan EMI calculator is a financial planning tool that assists you to make an informed decision by helping you to estimate EMIs payable towards your home loan, before applying.

What is a home loan EMI?

The word EMI stands for ‘Equated Monthly Installment’. It refers to the sum you have to pay every month towards the repayment of your home loan. It includes the principal amount as well as interest. The EMI varies as per the loan amount, interest rate and tenure. You can reduce your home loan EMIs by increasing your tenure. We offer a tenure of up to 30 years.

When will my home loan EMI be due?

As the term rightly suggests, Equated Monthly Instalments (EMI) are due every month, and gradually reduce the principal borrowed throughout the selected tenure. You are obligated to pay your housing loan EMI on a fixed date every month, which is set at the time of loan disbursal. Missing an EMI payment could lead to penal charges, and will also impact your credit score.

What is a home loan Pre-EMI?

Housing loans are one of the most flexible credit options that are available to borrowers, to fund the purchase of a residential property. Often, depending on the borrower’s requirements, the lender can disburse the home loan amount in parts. Till the full loan amount isn’t disbursed to you, you are required to repay only the interest component of the principal loan amount. The amount you pay as the home loan EMI in the meanwhile is also called a home loan pre-EMI.</p> <p>Borrowers only start paying full home loan EMIs, once the home loan principal amount is fully disbursed to them. Typically, a home loan tenure can stretch up to 30 years, giving borrowers the flexibility of choosing a repayment schedule as per their convenience.

What are the tax benefits of paying home loan EMIs?

A home loan is a tax-benefit credit option, which is also why many choose to buy a second property as an investment – allowing them to avail of tax benefits through their second home loans as well. There are several tax benefits and concessions attached to paying home loan EMIs, such as:
Section 80C: You can claim a tax rebate on the principal component of your home loan EMI, up to Rs. 1.5 lakh every year
Section 24(b): You can claim a tax rebate on the interest component of your home loan EMI, up to Rs. 2 lakh every year
Section 80EE: You can claim a tax rebate on the interest component of your home loan, after you have exhausted the claimed cap under Section 24(b), up to Rs. 50,000, only if you are a first-time home buyer

How does home loan repayment work?

Home loan repayment refers to the process of paying back your entire loan (principal plus interest) to the lender over the agreed-to timeframe. Your repayment primarily depends on the selected tenure and the timely payment of your Equated Monthly Instalments (EMI). Your EMI amount depends on the loan amount, the tenure chosen, and the home loan interest rate.
To repay your loan earlier than planned, you will need to make part prepayments or completely foreclose the loan with one lump sum payment. In case you have surplus funds and choose to become debt-free sooner, use our home loan foreclosure calculator to know the sum payable. This is important as a home loan is a sizable sum, which necessitates planning and research.

How can I reduce my home loan EMI?

There are several ways in which borrowers can reduce their home loan EMIs. Eligible applicants who meet the home loan criteria can benefit from lower interest rates and longer tenure – bringing down their total cost of borrowing. Here are a few ways to help reduce home loan EMIs:
– Scale up your down payment amount
– Focus on boosting your credit profile and CIBIL score
– Ensure maximum repayment capacity
– Pay off all pending dues and obligations
– Apply with a co-applicant to enhance your home loan application
– Select the right property that passes the lender’s verification

How do you calculate interest rate on a home loan?

An error-free and easy way to calculate interest on your home loan is by using the home loan EMI caclulator. All you must do is open the home loan interest rate calculator tool available on the CashZeni website and enter the fields such as the interest rate, principal amount, and tenure. When you enter all the values correctly, you will not only find out the amount you will pay as interest but also the EMIs and the total loan payable by the end of your tenure.

What is a Home Loan Amortization Schedule?

The home loan amortization schedule is a record of all the periodic payments on your home loan. It is the total tally of loan payments showing the amount of interest and principal contained in each payment until the entire loan is repaid.
The home loan EMI calculator shows you the amortization table, broken down to show you the details of your ongoing home loan interest rate, principal amount, repayment tenure, and balance repayment amount.

What is the impact of part-prepayments on your EMI?

The part-prepayment facility on your home loan helps you to reduce your home loan EMIs. By making part-prepayments, you can save substantially on the overall interest payment, as you repay the full amount well before the end of the repayment tenure.

What is better: reducing the home loan or tenor?

Existing home loan borrowers and new ones all have the same question, which is – what will bring down the cost of borrower faster – smaller EMIs, or a short tenor? There are several points to consider while making that choice.

How can I repay my home loan faster?

A home loan is a sizeable financial commitment and taking on one could mean that you will be repaying the loan amount for almost 25 to 30 years of your life. While the home loan repayment is still feasible and can continue along with your other financial developments, one can choose to repay their home loan faster, if their budget and repayment capacity allows for it. Here are two ways to do it: