Slide the bars to adjust the numbers

Select Loan Amount
Select number of months
Select interest rate

EMI Payable

Total Interest

Payable Amount

How to use this EMI Calculator?

  • Use the slider for Selecting Loan Amount
  • Select the Loan tenure in Months using slider
  • Move the slider and select the Interest Rate
  • Recalculate your EMI anytime by changing the input sliders
  • EMI will be calculated instantaneously when you move the sliders.

Payment Breakup

Monthly Repayment schedule

Try our other EMI Calculators


What is Home Loan EMI?

Home Loan is the loan taken from any financial Institution for buying a home. Owning a home is a desire, hence, the home loan is one of the biggest and most sought out loans in the present scenario. Since the value of the property goes on increasing, so owning a home is a very good idea both from an owner view as well as from an investors view. To fulfill the same in an easy way you have Home loan option available with banks.

Home loan, usually taken is a big amount, for a longer period of time, upon which certain percentage of interest is levied. So a well planned EMI calculator is an important tool which will ease all your doubts within seconds.

It consists of a box, with 3 sliders, mainly Loan Amount, Loan Tenure, and Interest Rate. It is as simple as that, once you fill in the details you will be given how much EMI (Equal Monthly Installment), you need to give to the bank every month, in order to repay the loan to the Bank.

Formula for calculating EMI

You can calculate your EMI Amount with the help of the mathematical formula:

EMI Amount = [P x R x (1+R)^N]/[(1+R)^N-1], where, P, R, and N is the variable, which means the EMI value will change every time you change any of the 3 variables.

p>Let’s discuss these 3 variables in detail.

P, Stands for the ‘Principal Amount’. The principal amount is the original loan amount given to you by the bank, on which the interest will be calculated.

R stands for the rate of interest set by the bank.

N means the number of years for which the loan has been taken. Since EMIs are paid every month, the duration is calculated in the number of months.

So, assuming that you take a home loan of Rs. 50 lakhs with an average interest rate of  12%, the approximate EMI will be:

P = 50 lakhs, R = 12%, N = 10 years or 120 months

EMI = [5000000 x 12/100 x (1+12)^120] / [(1+12/100)^120-1]

EMI = Rs. 71735

How does an EMI Calculator work?

An EMI Calculator is a handy tool that calculates the monthly amount payable to the lender (Bank) every month. To calculate the EMI applicable on your loan amount, you need to use the sliders above to adjust the values for principal Amount (P), Time duration (N), and Rate of interest (R).

Follow these steps to calculate your EMI Amount.
  • Use the slider for Selecting Loan Amount
  • Select the Loan tenure in Months using slider
  • Move the slider and select the Interest Rate
  • Recalculate your EMI anytime by changing the input sliders
  • EMI will be calculated instantaneously when you move the sliders.

Principal Loan Amount: This is the original amount lent to you by the bank/lender. The loan amount will depend on your need and the purpose of the loan. Higher the loan amount, the higher will be the EMI that you pay for the loan taken.

Tenure: The tenure of a loan refers to the total time period given for the repayment of the loan. Since the repayment is done every month, the tenure is calculated in months and not years. So, a tenure of 2 years is equal to 24 months, and so on.

The rate of Interest: This is the rate at which interest is charged on the principal loan amount. The interest rate varies according to the type of loan taken and the lender (bank) from which you are taking the loan. The rate of interest has a direct bearing on your EMI amount; hence, it is important to compare interest rates across banks before opting for a loan.

Factors Affecting Home Loan EMI

There are several factors which affect the EMI calculation. Since the EMI depends broadly upon the principal amount, tenure, and rate of interest, any change in these variables can cause a change in the EMI amount.

Prior to this, one should know that there are many other factors upon which the Amount of home loan granted can vary. For instance,

  • Salaried, Self- Employed Professional or a Businessman
  • Income
  • Age
  • Qualifications
  • Number of dependants
  • Co-Applicants Income
  • Assets, Liabilities, Stability, and Continuity of Occupation of the borrower
  • Savings History

Further, the loan eligibility will also be dependent on the value of property selected by you.

Benefits of Home Loan EMI Calculator

Home loan EMI calculator is a hassle-free simple generic calculator, where you don’t have to do anything except entering the 3 values. Coming to the benefits, it is like you are aware of what you are getting into. You have a crystal clear picture of the loan amount you will be granted, for how many months/years, the interest you will be paying overall. This way you can plan all your budgets beforehand.

Considering the same, you need to pre-planned from where will you arrange to repay the initial amount as well as the EMI every month, which again is a challenge in itself.

So, to ease all your problems and arrange a better flow of money, on time,  Cleartax offers ELSS, which gives you a tension free amount as and when required.

FAQs on Home Loan EMI Calculator

Q1: How can I use the Home Loan EMI Calculator to find the best bank to apply for a LOAN ?

A: Home Loan EMI Calculator is a very handy tool not only to calculate but at the same time to compare your EMIs of different banks. This way you can actually take a smart decision which bank to go for!.

Q2: which one is better, Home Loan  EMI Calculator or  Excel Calculator?

A: If you are good with formulas, and know how to use excel well, then excel calculator is a good idea. Home Loan EMI calculator is tailored made. Since it caters to the need of calculating EMIs, so why to take so much of pain. Let’s save our energy for something more!

Q3: Will the Home Loan EMI calculated by the bank be different than that calculated by the EMI Calculator?

No, not at all. It will be exactly the same, provided you enter the same value everywhere. Please note that even a minor change, will result a change in the final value. It’s all calculation, output will definitely depend upon the input.

Q4: Will the Home Loan EMI Calculator help me understand how much EMI is payable after I repay a certain amount of principal as a chunk during the loan tenure?

A :Yes. If you feed in details of the balance outstanding principal and the tenure (provided by the bank upon such prepayment), the EMI calculator will help you calculate your EMI for the balance outstanding period.

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