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Home Loan EMI Calculator

Home Loan EMI Calculator

Loan AmountRs. 100000

1L10Cr

Tenor1Years

130

Interest Rate1%

115

Your EMI is Rs. 0

0.00%

Total Interest

Rs. 0.00

0.00%

Principal Amount

Rs. 0.00

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Repayment schedule
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Home Loan EMI Calculator: Calculate Home Loan EMI

For many, a Home Loan is the most accessible financial solution to becoming a homeowner today. You have access to a sizeable sanction at a competitive interest rate, with the freedom to repay over a tenor your choice. But before you proceed to apply, it is advisable to plan well. One of the key aspects that will determine your Home Loan’s affordability on a monthly basis is your EMI. Use a Home Loan EMI Calculator before you apply to know which loan terms are best suited to you. A Home Loan calculator also gives you insights into how much interest you will be paying over the course of the tenor.

Use the Bajaj Housing Finance Home Loan EMI Calculator to check the applicable EMI amounts by entering basic details, including the principal, rate of interest, and tenor. Moreover, a few calculations will give you an idea of how these factors affect your EMI, helping you decide the ideal loan amount and tenor for you considering your income and liabilities.

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What is the Home Loan EMI Calculator?

The Home Loan EMI calculator, as the name suggests, is a tool you can use to calculate your housing loan EMIs. Based on the values entered for the principal amount, interest rate, and tenor, the calculator displays the EMI you must pay each month.

What is a Home Loan EMI?

EMI, or Equated Monthly Instalment, is the monthly amount you pay to repay your loan by the end of the tenor. Its amount depends on the applicable Home Loan interest rate, the principal amount, and the loan tenor. To know your EMI, use the Bajaj Housing Finance EMI Calculator.

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What Factors Affect your Housing Loan EMI?

Your Home Loan EMI is dependent on the principal amount, interest rate, and loan tenor. Use our  Home Loan Eligibility Calculator  to know how much you can borrow based on your monthly income and fixed obligations.

The tenor refers to the number of months over which you will pay your EMIs, and the housing loan interest rate is the rate offered to you by the lender. The interest rate depends on market conditions and your credibility as a borrower.

The below EMI formula exhibits the relationship between the EMI, principal, rate of interest, and tenor.

EMI = [P x R x (1+R)N ]/[(1+R)N-1]

Where,

‘P’ is the principal or loan amount

‘R’ is the monthly Home Loan interest rate

‘N’ is the number of EMIs (the tenor in months)

When you use a Home Loan EMI Calculator, the tool uses this formula to display your EMI instantly and accurately. While this gives you an overview of your repayment plan, bear in mind that the actuals change in case you opt for a part-prepayment, or if the interest rate changes.

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What is a Home Loan Amortization Schedule?

The Home Loan amortization schedule is a table of EMI payments over your tenor, which indicates the interest and principal break-up of each instalment from the start to the end of the tenor. In the amortization table, while the EMI remains constant, the interest component decreases and the principal component increases as the tenor progresses. Apart from the opening and closing balance, one can also infer the total interest and principal paid and the interest and principal paid yearly. You can use a Home Loan calculator that offers an amortization schedule to view your EMI break-up across the tenor.

Year Opening Balance EMI*12 Interest Paid Quarterly Principal Paid Yearly Closing Balance
1 25,00,000 2,30,792 1,70,621 60,172 24,39,828
2 24,39,828 2,30,792 1,66,335 64,457 23,75,371
3 23,75,371 2,30,792 1,61,744 69,048 23,06,323
4 23,06,323 2,30,792 1,56,826 73,996 22,32,357
5 22,32,792 2,30,792 1,51,558 79,234 21,53,122
6 21,53,122 2,30,792 1,45,915 84,878 20,68,244

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How Does Home Loan EMI Repayment Reduce Tax Obligations?

As per the India Income Tax Act, you can claim Home Loan tax benefits on both principal and interest repayment.

  • Section 80C: Principal repayment (including registration fee and stamp duty), up to Rs.1.5 Lakh
  • Section 24B: Interest repayment, up to Rs.2 Lakh
  • Section 80EE: Additional interest, up to Rs.50,000

In case of a joint Home Loan, both homeowners can claim their Home Loan tax benefits separately.

While using the Bajaj Housing Finance Online Home Loan Calculator to view your EMI and amortization schedule, make sure you review the conditions to qualify for Home Loan tax benefits under relevant sections.

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Home Loan EMI Calculator: FAQs

You can make a part payment several times your EMI. The amount paid goes towards reducing the outstanding loan amount and thereby reduces the net interest payable. Use the Bajaj Housing Finance  Home Loan Prepayment Calculator  to view your EMI and tenor savings.

Generally, your Home Loan EMI payments begin in the month after the disbursal. In case a moratorium is agreed upon, the Home Loan EMIs start after a predefined period. For under-construction properties, EMIs commence only after the final disbursement, and only the interest is to be paid till then. However, you can opt to start your EMI payments after the initial disbursal itself.

Often, there are concessional rates for women applicants/co-applicants who are homeowners/co-homeowners. In such a case, you can use the Home Loan Interest Calculator, adjust the interest rate as per the discount, and view your new EMI. Making the most of such schemes can help you get the lowest EMI Home Loan.

There are several advantages of using a Home Loan Calculator; it:

  • shows you your EMI accurately
  • displays the EMIs instantly
  • can be used online from anywhere
  • helps you pick the ideal tenor
  • helps you decide upon the loan amount (principal) for you 
  • assists in repayment planning
  • makes it easy for you to compare loans

The Home Loan interest calculator shows you your amortization schedule, annual interest, and principal break-up, and you can use it to plan your taxes for the year. Similarly, it can also be used to assess if a Home Loan is the right choice for you based on your current debt-to-income ratio.

For a Home Loan of Rs.20 Lakh, your EMI would vary based on the interest rate and tenor. You can calculate your EMI with our Home Loan Instalment Calculator. 

Interest Rate 10-Year Loan 15-Year Loan 20-Year Loan
8% 24,266 19,113 16,729
9% 25,335 20,285 17,995
10% 26,430 21,492 19,300

For a Home Loan of Rs.15 Lakh, you can compute your EMI by entering values for the interest rate and tenor into our Home Loan Calculator.

Here are sample EMI values.

Interest Rate 10-Year Loan 15-Year Loan 20-Year Loan
8% 18,199 14,335 12,547
9% 19,001 15,214 13,496
10% 19,823 16,119 14,475

In our Home Loan Calculator, enter the loan amount, interest rate, and tenor to know the EMI for a Home Loan of Rs.40 Lakh.

Interest Rate 10-Year Loan 15-Year Loan 20-Year Loan
8% 48,531 38,226 33,458
9% 50,670 40,571 35,989
10% 52,860 42,984 38,601

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