Recalculate your Home Loan EMI and Total Interest Due in a snap!
Monthly amount paid to your Home Loan provider
Your debt repayment schedule in regular instalments over a period of time.
|Year||Principal Paid(A)||Interest Paid(B)||Total Payment (A+B)||Outstanding Loan Balance||Pre-payment|
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An Equated Monthly Installment (EMI) calculator, as the name suggests, helps you understand the regular EMIs applicable on your subscribed for loan. In the case of the Home Loan EMI Calculator on BankBazaar.com, the usually tedious and time consuming task of manually calculating the EMI applicable on your home loan is simplified and loaded with all the essential data, including amortization details and ability to alter components such as interest rate and tenure to test different permutations and combinations.
When using the housing loan calculator on BankBazaar.com, the following parameters need to be kept handy. The simplicity of this online tool is directly related to the minimal inputs and ability to personally customize the results.
The obvious perks are massive savings of time, energy and your fragile patience. Aside from these, the following advantages are in order,
These are busy times and anything that isn’t nailed down by a timer is too much of an indulgence or not worth the bother. The immensely friendly housing loan calculator as available on BankBazaar.com is designed and deployed to simplify a tedious task, in the shortest time possible. Managing your loan EMIs has never been easier, thanks to this user friendly and aesthetically deployed home loan repayment calculator. Plus, BankBazaar’s experienced customer support team is always at hand if you encounter a problem or need clarification for a particular query. Go ahead- crunch your numbers today!!
It is the monthly repayment amount the borrower is required to pay the lender every month as a part of the repayment arrangement over a specified term. The amortization schedule acts as the reference for details on the home loan repayment. EMI stands for Equated Monthly Installment, an amount derived from the principal amount borrowed along with the applicable interest charges at fixed or floating rate.
EMI is one of the most important components of a home loan which should be given due consideration before signing up for a home loan as it has the potential effect on your monthly budget. Since paying off a housing loan is relatively a long term commitment, understanding the EMI value and its impact on your finances is paramount. A amortization schedule is what you need, to dig into the nitty gritty of EMIs.
For those of you wondering about the calculations in the background, the formula for calculating EMI for home loan has been given below. Not as complicated as its looks, you can use this formula to manually arrive at the EMI amount.
Formula to Calculate House Loan EMI:
E = P x r x (1+r)^n/((1+r)^n – 1)
|P is the principal amount to be borrowed|
|r is the rate of interest, provided on a monthly basis. The interest rate is generally provided annually. To input the rate on a monthly basis, use the formula, r= (annual interest/12) x 100.|
The formula above is a basic formula used to calculate the monthly installment of a home loan. It does not take into account, other components such as processing fee, a small percentage of the disbursed loan amount. For further clarity and to ensure accuracy, use the automated tool available on this site.
If your loan amount is ? 20,00,000 from the bank, at an interest rate of 9.50% per annum, for a period of 20 years (or 240 months), then monthly loan installment or EMI = ? 20,00,000* 0.007916 * (1 + 0.007916)240 / ((1 + 0.007916)240 – 1) = ? 18,643. i.e., you will have to pay ? 18,643 per month for 240 months (20 years) to repay your entire loan amount. The total amount payable will be ? 18,643 * 240 = ? 44, 74,320 which includes an interest amount of ? 2474320 towards the loan.
Complex calculations meet eye-pleasing user interface. This is the USP for the housing loan EMI calculator as offered by BankBazaar.com. As listed in a segment above, the essential inputs required are- Loan amount, Loan tenure, Applicable interest rate, Applicable processing fee and the choice between a ‘yes’ for the pre-payment option or the alternative ‘no’ for the same. All these points must be marked on the very simple ‘slider’ based interface of the home loan calculator, followed by the click on the ‘Calculate’ button. And just like that, it’s done.
The resultant page will list the EMI applicable to you, based on the specific inputs provided. Aside from this, amortization details are also offered as part of the result. Tedious calculations that would have taken a sizable chunk off your patience, has now been accomplished in mere minutes. Cheers to technology.
It is a statement like schedule which offers elaborate details based around the future payments of the loan. It provides comprehensive information such as balance before payment of the EMI, the EMI value, breakup of the EMI into principal and interest repayment until the end of the term. The amortization schedule can be obtained by using the EMI calculator available on this website.
Helps in ascertaining the EMI amount:
The primary benefit of using an Home Loan EMI calculator is that it helps in arriving at the EMI amount. By simply providing basic inputs such as loan amount, rate of interest and the loan term, you will be presented with an elaborate output which includes the EMI amount payable.
Offers breakup of various finance charges:
Using the calculator also helps in understanding various financial charges such as total interest paid & processing fee value. Since banks and financial institutes present them as a percentage of the principal amount, knowing the actual value helps immensely in deciding the terms of the loan.
Comparing Loan Offers:
You can use the home loan calculator to compare the financials involved in loan offers from various banks. Provide the required inputs on the basis of offer made from different banks, get the results, jot them down and compare. You can decide to sign up for the most feasible one which offers the lowest rates and charges.
Helps in Choosing the Terms:
Knowing the EMI value also helps in choosing the terms of the loan such as tenure of the loan. If a shorter term means a higher EMI, you can try various combinations of available tenures and work out suitable terms that match your monthly income and budget.
Helps in Loan Management:
If you’re in the middle of repaying a home loan and would like to revisit the financials with a specific motive such as paying off the loan before the term ends, using the EMI calculator helps in making decisions in this regard.
Helps in Validating Information:
If you’re negotiating a home loan deal with the bank, you can cross verify the schedule provided by the bank by using the EMI calculator to get the amortization table. If the numbers mismatch, you can contact the bank and get them clarified.
One of the more useful features of this EMI calculator for home loans is that it can be customized in line with your individual requirements and limitations, even before you have applied for the home loan. Thereby, substitute various combinations of interest rates and tenures to work out a schedule that works best for you. Again, amortization details for various combinations plus the applicable EMI in each case can help you be more prepared with regards to your specific requirements before you approach the chosen bank/financial institution for the home loan.
The following pointers are essential to understand the various factors that make up your home loan’s amortization details,
No. This home loan repayment calculator is 100% free to use and no specified conditions exist to qualify for its usage. As a visitor to BankBazaar.com, you can access the page directly and compute your home loan EMIs.
Not a worry. If you have any queries concerning the workings of this home loan calculator in India, kindly consult our customer support team. We will be happy to help you with all your queries and concerns.
You should be able to get this information from the loan related documents issued by your bank. Alternatively, you can search for this detail on the bank’s official website, or by personally contacting the bank’s customer support department.
Immediately below the EMI calculation, you can see a pronounced ‘+’. Click on this to find additional details pertaining to your home loan EMI breakup. There are even options to share this EMI wizardry on your social media channels.
Similarly, under the title marked ‘Your Amortization Details (Yearly/Monthly)’, the pronounced ‘+’ can be clicked to reveal a graphical representation of the amortization details associated with your home loan. This chart format is immensely user friendly and divulges a treasure trove of related information.
Surely, touch bases with us and we will be happy to talk. Btw, this EMI calculator for home loans is based on a unique in-house technology that is tuned towards making the whole process of calculating your home loan EMIs, faster, hassle free and immensely user friendly.
Well, it makes sense to do so even though our calculator is accurate. There may be slight changes, owing to the way your bank calculates the EMI. Also, your installment may include other monetary components which you were probably not aware of, while using the tool. Therefore, make sure to cross check before making critical decisions.
The calculation is done on the basis of reducing balance principle, which implies the interest charges are applied on the outstanding balance only. Therefore, as you pay off the loan, the balance owed reduces, affecting the interest charged.
If you would like to make prepayments during the loan tenure, say “Yes” against this question and provide inputs in the fields that follow, to take into account, the pre-payments in the amortization schedule.
With this tool, you can obtain information under three different components. They are EMI amount, breakup of charges & amortization tables.
Yes, you can use find this calculator available on our apps. Tap the left hand top navigation and choose “Finance Tools” to locate the EMI calculator. Bankbazaar mobile apps are available on both Android and iOS platforms.
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Home loans, in essence, are advances taken from financial institutions to fund the purchase of a residential property. In India, banks are the most popular financiers of homes. With growing demand for real estate in India, basic home loan products have been tweaked resulting in variants that suit diverse individual needs.
Home loan products offered in India
They are categorised according to the purpose they are availed for. Home loans are commonly offered:
Other variants of home loans are:
Home loan interest rates are offered either on a fixed or floating rate basis or a hybrid of fixed and floating rates.
Floating rate home loans are those where the interest rate is pegged to the bank’s lending rate. The interest rate can change over the tenure of the loan. Most home loans in India are disbursed on the basis of floating interest rates.
Fixed rate home loans are those where the interest rate remains fixed over the tenor of the loan. These are not popular and are opted for when rates are expected to rise in the foreseeable future. Fixed rate home loans often come with a reset clause i.e. the rate can be revised upwards or downwards or converted to floating rates after a specific number of years.
Hybrid rate home loans are those where the loan is structured such that fixed rates and floating rates apply during different times during the loan period.
Home loan rates of some of the leading banks in India have been tabulated below. Interest rate trends can be gauged by changes made by these banks.
|Bank Name||Home Loan Interest Rate|
|State Bank of India (SBI)|| All: 10.15%
Maxgain: Rs.1 crore and > - 10.40%
Women: 0.05% less than existing rates
|ICICI Bank (SBI)|| Salaried:
Floating: 10.15% - 10.25%
Fixed, 1 or 2 yrs.: < Rs.75 lakhs - 10.15%
Rs.75 lakhs - Rs.5 crores - 10.50%
Fixed, 10 yrs: < Rs.1.5 crores - 10.25%
Rs.1.5 crores to Rs.5 crores - 10.40%
Rs.5 crores and > - 10.50%
Floating: < Rs. 75 lakhs - 10.15%
Rs.75 lakhs and > - 10.35% - 11.00%
Fixed, 1 or 2 yrs.: < Rs.75 lakhs - 10.25%
Rs.75 lakhs to Rs.3 crores - 10.50%
Rs.3 crores to Rs.5 crores - 11%
Fixed, 10 yrs: Below Rs.1.5 crores - 10.25%
Rs.1.5 crores to Rs.5 crores - 10.40%
Rs.5 crores and > - 10.50%
Below Rs.75 lakhs: Floating - 10.10%; Fixed - 10.20%
|Punjab National Bank (PNB)|| Floating: < Rs.75 lakhs - 10.25%
Rs.75 lakhs and > - 10.50%
Fixed: < Rs.75 lakhs - 10.75%
Rs.75 lakhs and > - 11%
Flexible - OD: < Rs.75 lakhs - 10.25%
Rs75 lakhs and > - 10.50%
(+0.50% on existing rates for 3rd house onwards)
|Bank of Baroda (BOB)||Floating, 5 to 30 yrs.: 10.25%|
|Canara Bank|| All
< Rs.75 lakhs - 10.20%
Rs.75 lakhs and > - 10.45%
|Bank of India (BOI)|| Star Home: < Rs.75 lakhs - 10.20%
Rs.75 lakhs and > - 10.45%
Star Diamond: Rs.5 crores and > - 10.45%
Star Smart: < Rs.1 crore - at Star Home rates
Rs.1 crore and > - 0.25% over Star Home
|HDFC Bank|| Self-employed/Non-professionals:
< Rs.75 lakhs - 10.15% to 10.65%
Rs.75 lakhs and > - 1025% to 10.75%
Floating: < Rs.30 lakhs - 10.50% to 11%
Rs.30 lakhs and > - 10.75% to 11.75%
Floating: 10.15% to 10.65% (limited offer)
TruFixed Plus, fixed 2 yrs. (limited offer):
< Rs.30 lakhs - 10.25% to 10.75%
Rs.30 lakhs to Rs.75 lakhs - 10.50% to 11%
Rs.75 lakhs and > - 10.50% to 11%
TruFixed Plus, fixed 3 yrs. (limited offer):
< Rs.30 lakhs - 10.75% to 11.25%
Rs.30 lakhs to Rs.75 lakhs - 10.75% to 11.25%
Rs.75 lakhs and > - 11% to 11.50%
|Standard Chartered Bank (SCB)||Up to Rs.10 crores: 10.15% upwards|
|IDBI Bank|| Home Loan (floating): 10.25%
Home Loan (fixed): < Rs.30 lakhs - 10.75%
Rs.30 lakhs and > - 11%
Home Loan Interest Saver (floating): 10.40%
|Axis Bank|| Salaried: < Rs.75 lakhs - 10.15%
Rs.75 lakhs and > - 10.40%
Self-employed: < Rs.25 lakhs - 10.40%
Rs.25 lakhs and > - 10.90%
Home loans are repayable in fixed installments over the loan period. These installments are called EMIs (Equated Monthly Installments).
Borrowers have to repay the principal as well as the interest on the loan. Every month, a part of the principal and interest due is repaid until the entire loan is cleared in full.
Although the EMI (i.e. monthly principal and interest payments) remains the same every month, the ratio of principal to interest payments changes. Initially, interest payments are high but as time progresses, interest payments reduce and EMIs comprise mostly principal payments.
This is because most banks use the monthly reducing balance method whereby interest is calculated on the balance outstanding at the end of every month i.e. interest is not charged on amounts already repaid.
P = Principal; i = interest rate (monthly i.e. annual rate divided by 12); n = loan period (in months i.e. loan period divided by 12)
Using the above formula and considering a loan of Rs. 10 lakhs @ 10% p.a. for a period of 5 years, the EMI = Rs.21,247.
This is payable over a period of 60 months i.e. 5 years / 12.
The amortization table below shows the loan repayment schedule.
It depicts how the EMI = Rs.21,247 is split between interest and principal payments. The balance outstanding reduces every month thereby reducing interest due.
|Month||Opening Balance||Principal Repaid||Interest Paid||Outstanding Balance|
These are online tools that borrowers can use to calculate their home loan EMIs by inputting data pertaining to the loan amount, tenure and interest rate.
It is useful for quick calculations to assess monthly outflows, make comparisons between home loan schemes, before applying to a bank, and on existing loans, in case of refinancing.
Banks are bound to assess borrowers, applying for a home loan, based on their creditworthiness.
Determining whether a borrower is eligible for a home loan depends on a number of factors, all of which go to showing whether the borrower can repay the loan, completely and in a timely manner, over the entire loan period.
Maintain or improve credit scores by utilising debt responsibly and making timely repayments, in full. Banks commonly prefer a CIBIL score ranging between 750 and 900 points. Checking scores before applying for a loan provides opportunities to improve a bad score. (This includes credit card usage).
Display a good repayment record on past loans/credit cards to increase financial credibility when applying for a fresh home loan.
Reduce financial obligations by clearing outstanding debt. Banks are more confident disbursing loans to borrowers who don’t have other loans to service.
Include a co-applicant e.g. a spouse to enhance income levels. Loan amounts are usually sanctioned up to 50% of the borrower’s income.
Include all components of primary income when declaring earnings e.g. bonus, perks etc. in addition to basic salary and other/alternative sources of income e.g. rental income. This gives a broader view of income levels, positively influencing a bank’s outlook on earning capacity.
Build / leverage on existing relationships with the bank as a customer. Banks are more likely to approve loans of customers who have dealt satisfactorily with them in the past since they feel they already know the borrower. It is also one way for the bank to retain customers and build goodwill.
Show sufficient funds to make a down-payment. The LTV ratio offered by most banks ranges between 70% to 80%. The balance, usually the down-
payment, has to be borne by the borrower. Alternatively, investing in a less expensive property will reduce the loan requirement. Banks tighten their approval processes for large loan amounts.
Opt for a long-term loan. Longer tenures bring down EMIs since the amount to be repaid is spread over many months/years. Lower EMIs mean less strain on income which in turn strengthens repayment capabilities.
Highlight positive personal attributes e.g. good educational qualifications, few dependents, good health, strong history of savings/money management, residential stability etc. A stable borrower is unlikely to default on repayments. Also, a borrower with fewer dependents has fewer personal financial obligations.
Opt for loans that offer repayment flexibility e.g. staggered repayment schedules wherein interest charged is lower during the initial part of the loan period and higher during the latter. Banks may accommodate borrowers on this basis based on proven potential for higher incomes in the foreseeable future.
Invest in quality properties. Banks tend to qualify borrowers who plan to invest the funds obtained through a home loan in high-quality properties. This is because the property so funded is usually mortgaged to the bank as security.
Offer additional collateral by pledging physical assets such as existing property, investment instruments like shares or term insurance to get a positive risk rating. Alternatively, appoint a guarantor.
Apply while still young. Most banks require home loans to be repaid before the borrower retires. Applying for a home loan late in life limits the loan period. This increases EMIs since the option to stretch payments over a longer tenure is not available.
Several lenders across the country are tying up agreements with India Mortgage Guarantee Corporation. Mortgage guarantee will allow down payments to be lowered and also extend tenure of loans so that the equated monthly installments (EMIs) is brought down.
In the long run buying a home will be made more affordable, thereby lowering monthly installments. Amitava O Mehra, Chief Executive Officer, India Mortgage Guarantee Corporation (IMGC) said that they are between discussions with 7-8 home loan providers for the guarantee product. The end result will mean better terms for home buyers. Currently, IMGC has arrangements with ICICI Bank for new loan originations. They have also had transactions with Dewan Housing Finance Corporation, Reliance Home Finance and Home First Finance Company.
18th May 2016
The Reserve Bank of India’s new rules announced in December 2015 which took away banks’ freedom to revise rates at their will, mean that home loans have started to become cheaper. Banks throughout India has begun to calculate lending rates according to this new rule. Home buyers can rejoice. This means that Home Loan EMIs will decrease by more than Rs 300 for borrowers who avail a loan of Rs 50 lakh over 15 years. State Bank of India, India’s largest lender has reduced their home loan rate to 9.4% from 9.5%. This came into effect on April 1st 2016.
26th April 2016
In an apparent attempt to bring down home loan rates further, the Reserve Bank of India reduced the repo rate to 6.50%, bringing it down by 25bps. This in turn has brought about a drop in the minimum daily cash reserve ratio (CRR) of the banks.
RBI has not made any change to the CRR at 4% of NDTL (Net Demand and Time Liabilities), however the policy rate corridor has been narrowed from +/-100 bps to +/-50 bps. In order to achieve this, the MSF rate was decreased by 75 bps and reverse repo rate was increased by 25 bps. According to experts, the most positive aspect of the financial year’s policy is the boost in liquidity, owing to the central bank.
18th April 2016
Reserve Bank of India Governor Raghuram Rajan reduced repo rate by 25 basis on Tuesday in its monetary policy review. The percentage has been cut to 6.50%, the lowest it has been in over five years.
The central bank gave a hint that there may be more rate cuts in future. The bank wants to stay accommodative in its policy stance. This will be a deciding factor of interest rate reduction.
Raghuram Rajan said that ever since banks have been reducing their interest rate by 25-50 bps, borrowing had already become more affordable. This is even before the monetary policy review.
7th April 2016
A sharp reduction in the lending rates by India’s biggest public bank, SBI, has started a trend for other banks. The proposal to deliver house loans at reduced rates could be a setting stone for sheer rivalry among banks, which is sure to benefit the consumer in the end – a win-win situation. SBI has publicized its 40 bps cut the very next day after the RBI has made the policy change to 50-bps-less repo rates. An astonishing sales extravaganza followed from then on, making it quite easier to rope in more customers. This proves that SBI’s move will soon pressure other banks and financiers to declare a rate cut as well. But chances of beating SBI seems bleak. At a time when the demand for housing has dipped drastically even with reduced process, abating interest rates is one of the few steps to rescue the market. And it looks like the tactic is already working.
14th January 2016
Home loans and vehicle loan debtors now have every cause to celebrate at the onset of festive time. This is because the standard EMIs for these loans are anticipated to reduce. This was expected after the RBI cut the repo rate by a whopping 50 bps. Since many marketer were betting on a 25 bps reduction, this was a huge shocker. The repo rate is now 6.75 percent from the previous 7.25 percent. The Cash Reserve Ratio (CRR), which presently touches the 4 percent mark and the reverse repo rate at 5.75 percent are still the same. Ensuing this step, retail banks will be forced bring down their own loan rates for individual, vehicle, home and commercial loans, which translates into lesser EMIs. Yet, the RBI Governor Mr. Raghuram Rajan says that not many banks have followed suit and those banks that have complied, did it only to a certain extent.
7th October 2015
In a bold step that will be like a breath of fresh air to thousands of housing loan borrowers throughout the nation, the RBI has slashed its standard repo rate by 50 bps. And now the repo rate is 6.75 percent compared to the previous 7.25 percent. This is the lowest in this decade. Even the most learned financial analysts admitted this news to be a shocker.
While the RBI’s standpoint will remain to be flexible, the emphasis of fiscal action for the near future will change to functioning with the government to make sure that hitches to banks passing on the greater part of the accumulative 125 bps cut in the rates are taken back. This was mentioned by RBI Governor, Mr. Raghuram Rajan while declaring the rate cut. This has been the most vital financial policy decision taken by him during his term.
1st October 2015
Anyone who has been seriously hunting properties and has been hoping for a drop in property prices can breathe a sigh of relief – the real estate slowdown is official and the construction companies are offering up to 20% discounts to negotiate better deals with buyers. Over the past two quarters, buyers with acute eyes have noticed the process decline by about 5% in Bangalore and over 8% in Noida, the two most preferred places to buy property currently. Property experts claim that the property market has become buyer-focused and that the price corrections has happened in sub-markets depending on supply-demand, leading to a drop in prices.
This might also be the best time to avail a home loan. With SBI offering home loans to women at 9.7% and at 9.75% to other applicants and ICICI reducing its interest rates to 9.85% for women and 9.9% for others, customers can easily buy their dream property.
Do not miss the opportunity to grab a property because of the lack of finance. Browse BankBazaar to find out attractive deals on home loans and also plan your future with BankBazaar’s proprietary home loan EMI calculator.
28th September 2015
The Reserve Bank of India’s step to retain the same interest rates as the previous year has come as a blow to those mortgagors who were hoping for a fall in Home Loan EMIs. After RBI’s order in the previous financial policy, almost all Indian banks had cut down their base rates by a 1/4th percentage point. Banks and financiers are dealing with increased pressures on their non-viable products and total interest margins. Hence it would be challenging if they go for another round of slashes in rates.
11th August 2015
Hours after the Reserve Bank of India (RBI) announced a 25 basis points cut in the current repo rate, SBI has followed suit with its own slashing of 15 basis points from its base interest rate. RBI’s move comes in light of the lowering rate of inflation, and the need to promote growth rather than control prices, and puts the repo rate at 7.25%. The updated rate from SBI will come into effect from June 8, and will likely result in the reduction of Equated Monthly Installments (EMI) figures as concerning the SBI auto and home loan products. SBI’s domestic competitors including ICICI, HDFC and others are expected to announce their own rate cuts soon.
9th June 2015