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Home Loan EMI Calculator

Recalculate your Home Loan EMI and Total Interest Due in a snap!

Your Home Loan Details

Use the slider to alter your Home Loan details.

Loan Amount
Loan Amount:
Interest Rate in %:
Processing Fee: (% of loan amount)
Would you like to make Pre-payments?
Pre-payment Frequency
Pre-payment starts in
Pre-payment amount
Loan Completion Month
Pre-payment Fee %
Pre-payment Applies to

Your Monthly Home Loan EMI: Sprite 4,292

Monthly amount paid to your Home Loan provider

Break-up of all total amount payable
Loan Amount
Total Interest Due
Processing Fee
Loan Amount Via EMI
Loan Amount Prepaid
Total Interest
Processing Fee
Pre-payment Fee
Total Amount Payable
Your loan details as specified by you
Loan Amount
6 Months
Interest Rate
Processing Fee
Is your Credit Score good enough for getting a loan or card?

Your Amortization Details (Yearly/Monthly)

Your debt repayment schedule in regular instalments over a period of time.

Tab amortization
Principal Paid Interest Paid Outstanding Loan BalanceO/S Balance(Without Pre-payment) O/S Balance(With Pre-payment)
Year Principal Paid(A) Interest Paid(B) Total Payment (A+B) Outstanding Loan Balance Pre-payment
Pre-payment Analysis

(We've broken it down for you!)

SummaryTotal AmountTenure
Without Pre-payment Rupee 47,87,42610 yrs
With Pre-payment Rupee 45,33,7238years 4months
YOU SAVE Sprite 0 YOUR TENURE REDUCED BY 1 years 8 months
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How Does BankBazaar Home Loan EMI Calculator Work? [ Easy Steps ]

The BankBazaar home loan EMI calculator is not only simple and easy to use but also free. You don’t have to sign up to use the tool. You can just visit the site and start using the home loan calculator. All you have to do is enter 3 main components to calculate your home loan EMIs:

  1. Loan Amount
  2. Loan Tenure
  3. Rate of Interest (you can get the interest rate from the bank website or your loan documents)

You are also given the option to include home loan prepayment in the EMI calculation. You can opt for monthly and yearly amortisation schedules. The amortisation table presents you with details such as outstanding balances after each EMI payment, interest payment, and principal repayment. The details will be presented in the form of tables and charts to make it easier for anyone to understand. The home loan calculator is also available on the BankBazaar mobile app.

Home Loan EMI Calculator
Home Loan EMI Calculator 2017

6 Components of the Home Loan Amortisation Table

  1. The amount borrowed by you from the bank, also known as the principal amount.
  2. The period of fixed payments
  3. Any insurance or tax payments
  4. Each contribution made towards principal repayment
  5. Each contribution made towards interest payment
  6. New outstanding balance after each payment is made

What is Home Loan Amortisation Schedule

Home loan amortisation schedule presents you with the following details:

  • Your contribution towards principal repayments
  • Interest repayment
  • Outstanding balance before and after each EMI payment

With the amortisation table, you get to know exactly when your loan repayment comes to an end.

Simple Steps to Calculate Home Loan EMI

How does Home Loan EMI is calculated:

Formula for home loan EMI calculation:

Equated Monthly Installment (EMI) = P x r x (1+r)^n/((1+r)^n -1)


EMI : Equated Monthly Installment,

P : Principal or loan amount,

r : Interest rate per month (the annual interest rate is divided by 12 to get the monthly interest rate), and

n : Number of monthly installments or loan tenure in months.

*This formula doesn’t include the home loan processing fee charged by the bank.

 Calculate Your Home Loan EMI (Example)

Mr. Patra borrowed a home loan amount of Rs.3,500,000 (Principal amount or P) from a reputed bank. The rate of interest (R) associated with the loan stands at 8.65% p.a. The tenure of the loan (N) is 360 months for 30 years.

After you apply the formula to calculate your home loan EMI, the monthly instalment amount comes up to Rs.27,285.

P = 3,500,000 R = 8.65% N = 30 years or 360 Months

Monthly EMI = Rs 27,285

Home Loan Tenure Opening Balance Interest Rate Applied EMI Paid For the Year Principal The Paid For the Year Interest Paid For the Year Closing Balance
1st Year 3,500,000 8.65% 327,419 25,671 301,748 3,474,329
2nd Year 3,474,329 8.65% 327,419 27,982 299,437 3,446,347
3rd Year 3,446,347 8.65% 327,419 30,500 296,919 3,415,847
4th Year 3,415,847 8.65% 327,419 33,246 294,173 3,382,601
5th Year 3,382,601 8.65% 327,419 36,238 291,181 3,346,363
6th Year 3,346,363 8.65% 327,419 39,500 287,919 3,306,862
7th Year 3,306,862 8.65% 327,419 43,056 284,363 3,263,807
8th Year 3,263,807 8.65% 327,419 46,931 280,488 3,216,875
9th Year 3,216,875 8.65% 327,419 51,156 276,263 3,165,719
10th Year 3,165,719 8.65% 327,419 55,761 271,658 3,109,959
11th Year 3,109,959 8.65% 327,419 60,780 266,639 3,049,179
12th Year 3,049,179 8.65% 327,419 66,251 261,168 2,982,928
13th Year 2,982,928 8.65% 327,419 72,214 255,205 2,910,714
14th Year 2,910,714 8.65% 327,419 78,714 248,705 2,832,000
15th Year 2,832,000 8.65% 327,419 85,800 241,619 2,746,200
16th Year 2,746,200 8.65% 327,419 93,523 233,896 2,652,677
17th Year 2,652,677 8.65% 327,419 101,941 225,478 2,550,736
18th Year 2,550,736 8.65% 327,419 111,117 216,302 2,439,619
19th Year 2,439,619 8.65% 327,419 121,119 206,300 2,318,499
20th Year 2,318,499 8.65% 327,419 132,021 195,398 2,186,478
21st Year 2,186,478 8.65% 327,419 143,905 183,514 2,042,573
22nd Year 2,042,573 8.65% 327,419 156,859 170,561 1,885,714
23rd Year 1,885,714 8.65% 327,419 170,978 156,441 1,714,736
24th Year 1,714,736 8.65% 327,419 186,368 141,051 1,528,368
25th Year 1,528,368 8.65% 327,419 203,144 124,275 1,325,225
26th Year 1,325,225 8.65% 327,419 221,429 105,990 1,103,795
27th Year 1,103,795 8.65% 327,419 241,361 86,058 862,435
28th Year 862,435 8.65% 327,419 263,086 64,333 599,348
29th Year 599,348 8.65% 327,419 286,768 40,651 312,581
30th Year 312,581 8.65% 327,419 312,581 14,839 0
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7 Benefits of Using Home Loan EMI Calculator

  1. Offers Breakup of Various Finance Charges: Using the home loan 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.
  2. 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.
  3. Helps in Choosing the Loan 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.
  4. Helps in Loan Management: If you're in the middle of repaying a housing loan and would like to revisit the financials with a specific motive such as paying off the loan before the term ends, using the home loan EMI calculator helps in making decisions in this regard.
  5. Helps in Validating Information: (Cross-Check Amortisation Schedule) If you are negotiating a home loan deal with the bank, you can cross verify the schedule provided by the bank by using the home loan EMI calculator to get the amortization table details. If the numbers mismatch, you can contact the bank and get them clarified.
  6. Saves Lots of Time: With an online home loan EMI calculator, you don't have to waste time performing manual computation. Manual calculation can take time and be difficult to see through till the end. Human error is another disadvantage of manual computation of the EMI on your home loan.
  7. Easy Process: You only have to enter the loan amount, interest rate, and loan tenure in the tool, the actual computation will be taken care of by the home loan EMI calculator.

While computing the Home loan EMI, taking inflationary and deflationary scenarios of floating interest rate into account, you will be better prepared to meet the outcome. Depending on the EMI, you can opt for prepayment of your home loan.

5 Factors that Affect your Home Loan EMI

  1. Loan Amount: The principal is the loan amount borrowed from the bank. It is used to determine the total cost of the loan. Higher the loan amount, higher the EMI.
  2. Interest Rate: The interest rate for home loans differ from bank to bank. Higher the interest rate, higher the EMI. It is advisable to do some research and choose a bank that offers the lowest interest rate. Lower the interest rate, lower the cost of your home loan.
  3. Loan Tenure: The time taken to repay the loan amount is called loan tenure. Longer the loan tenure, lower the EMI. Loan tenure is determined based on your age at the time of borrowing and your retirement age. In India, the longest loan tenure available across banks is 30 years.
  4. Processing Fee: This value, assigned in terms of the percentage of loan amount, is the agreed upon processing fee applicable to the loan product. If you aren’t sure about this value, kindly consult your loan related documents or consult the appropriate resource at your loan lender.
  5. Pre payments: Usually, many home loan subscribers prefer to make pre-payments on their loan. This point is given due consideration in the EMI calculator for housing loans as available on BankBazaar.com. Make your choice by opting for the yes/no toggle that is provided as the final input in the tool.

How Does Home Loan EMI Payment get you Tax Benefits?

Paying EMIs every month can be hard on your bank account. You have to prepare a monthly budget to save money after paying your bills, EMIs, and meeting any unexpected financial requirements. Fortunately, the government of India offers tax benefits to Indian nationals on home loan repayments to incentivise home loans. The following are the various tax benefits you can get with regards to home loan repayments:

  • Under Section 80C of the Income Tax Act, 1961, you can avail tax deduction of up to Rs.1.5 lakhs per financial year towards the principal repayments made on your home loan.
  • Under Section 24 of the Income Tax Act, 1961, you can avail tax deduction of up to Rs.2 lakhs per financial year towards the interest payment on your home loan.
  • Under Section 80C of the Income Tax Act, 1961, you can avail tax deduction on stamp duty charges and registration charges.
  • Under Section 24 of the Income Tax Act, 1961, you can avail tax deduction on processing fees, prepayment charges, and service fees.

Tax deduction is applicable only if the home loan is used to purchase or construct a home. You can claim tax benefits only when the construction is completed or you have taken possession of the home. There is no tax benefit for property under construction. Tax deduction is not applicable to a home loan taken for repair, reconstruction or renovation.

What is the Impact of Part Payments on EMI?

If you have a lump sum amount of money, you can use it to make part payment on your home loan. Part payment made towards principal repayment can bring down your EMI or reduce your loan tenure. Lower EMI means that you can save on interest payments. For part payments to make that much of an impact on your EMI, the part payment has to be significantly large. You make more than one part payment. However, not all banks allow part payments.

Is the Home Loan EMI Fixed or Can It Change in Future?

Home loan EMI is fixed but there are certain circumstances under which it can change such as:

  • Rise in Floating Rate of Interest on Your Home Loan: Whenever the RBI announces repo cuts and there is a change in the floating rate of interest, the bank will increase the loan tenure while keeping the EMI same. If the new loan tenure exceeds the permissible number, then the bank may increase your EMI amount.
  • Flexible EMIs: If you have opted for flexible EMIs such as step-up or step-down EMIs, then there will be a change in your home loan EMI over the loan tenure. In the case of step-up EMI, your home loan EMI will increase with each repayment. In the case of step-down EMI, your home loan EMI will decrease with each repayment.
  • Partly Disbursed Loan: In the case of partly disbursed loans, the EMI is bound to increase with each disbursement.
  • Loan Prepayment: If you decide to prepay your loan, the outstanding balance will reduce and so will your EMI. You can either choose to reduce the EMI for the same loan tenure or reduce the loan tenure while keeping the EMI same. However, the latter is found to be beneficial.

How is Floating Rate home loan different from Fixed Rate Home Loan?

When deciding on a housing loan, you must consider whether you want to opt for a floating rate or fixed rate loan. The loan amount and loan tenure can be determined by you, the borrower, but the rate of interest on your home loan is determined by the bank based on the RBI's policies and rules.

Therefore, it is advisable to use home loan calculator and while doing so, one must keep two scenarios in mind. The rate of interest can either increase or decrease during the loan tenure. Accordingly, your home loan EMI will also change. Borrowing a home loan is a long-term commitment that can span years. In the case of a floating rate loan, when there is a decrease in home loan interest rate, you will benefit. In the case of a fixed rate loan, as the rate of interest is fixed throughout the loan tenure, even if the home loan rates are slashed you will not benefit from it. When you take the effort to determine how much EMI you will have to pay under these 2 circumstances prior to borrowing a home loan, you have the opportunity to change your loan amount and loan tenure to make the EMI more affordable to you.

What is Pre-EMI on a Home Loan and How is It Different from Regular EMI?

For partly disbursed home loans, you can make pre-EMI payments, wherein you are only paying interest payments until the full loan amount is disbursed.

Regular EMI consists of both the interest payment and principal repayment. Regular EMI commences only after the full loan amount is disbursed.

The following are the benefits of paying pre-EMI:

  • If you are staying in a rented property, it can be difficult to manage both EMI and rent payments every month. By opting for Pre-EMIs, it can be easier to manage your monthly finances.
  • Under Section 80C of the Income Tax Act, 1961, you can get tax deductions on principal repayment of home loan once the construction is complete. In the case of Pre-EMI option, you commence principal repayment only after the completion of property construction.
  • Pre-EMI interest payment is payable only on the disbursed loan amount.
  1. Must I signup on BankBazaar.com or have a housing loan procured for using home loan emi calculator?

    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 housing loan EMIs.

  2. I don't know the processing fee applicable to my housing loan. What should I do?

    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.

  3. What are some of the tips and tricks associated with this home loan calculator?

    Immediately below the EMI calculation, you can see details of your housing loan EMI breakup, Your Amortization Details (Yearly/Monthly), a graphical representation of the amortization details associated with your house loan.

  4. Do I need to verify the results of of my calculations with the bank for accuracy?

    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.

  5. Is the EMI calculator available on your mobile app?

    Yes, you can use find this calculator available on our apps.

    Tap the left hand top navigation – Finance Tools >> Locate the EMI Calculator. Bankbazaar mobile apps are available on both Android and iOS platforms.

5 Crucial Points to Remember While Paying Your EMI

Paying you EMI is a fairly simple procedure. However, going off track even slightly with regard to your Equated Monthly Payments (EMI) can cause disastrous circumstances. From putting you in a financial crunch to increasing the interest to be paid substantially, the outcomes can be plenty. To ensure that you don’t fall into the pitfall of bad decision making when it comes to EMI:

Click here to find more about: Click Here

Your Home Loan Eligibility Checklist

Before applying for a home loan, it’s important to first gauge if you’re eligible for it or not. Trying to avail a Home Loan without actually understanding a particular lender’s eligibility criteria can cause detrimental repercussions. Apart from not getting the loan itself, a rejection in your Home Loan applicant may decrease your credit score while will certainly be a barrier to you for future loans that may or may not even pertain to housing finance.

Read on to find more about: Click Here

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News About Home Loan EMI Calculator

  • Home Loan and Car Loan EMIs Unlikely to Come Down Soon

    With the country’s apex bank deciding to keep the policy rates unchanged, the Equated Monthly Installments (EMIs) on home loans and cars loans are unlikely to come down in the near future. In the wake of the decision, officials from banks like Bank of Baroda, State Bank of India and others have come forward with statements stating that there won’t be any change in the existing rates. The Managing Director, Global Markets, State Bank of India stated that while the lending rates can still go down considering banks lower their deposit rates but to expect deduction in marginal cost-based lending rates (MCLR) is limited.

    13th December 2017

  • Home loan Defaults Rise in 2 years

    Housing and auto loans have seen an increase in defaults over the period of two years. In other words, borrowers have failed to pay off the loan on a timely basis. Two-wheeler and gold loans have however seen a reduction in defaults.

    Defaults in the PSU banks have shown an increment, which can be linked to the higher percentage of home, loans within this sector. For other non-banking financial institutions and private banks, defaults showed a downward trend even though these organizations showed a higher disbursement rate in the last few years. The retail lending of these banks also grew from around 14% to 19% since 2014.

    29th November 2017

  • Dena Bank Now Offers The Cheapest Home Loan In The Market Charging Just 8.25%

    For the past few months, we all are only reading news about banks dropping their home loan interest rates. It all started when the leading public sector bank, State Bank of India dropped their Marginal Cost of Lending Rate by 5 basis points to 8.30% p.a. and claimed itself as the cheapest home loan provider in the county.

    Many leading banks followed this trend and started dropping their home loan rates and was eager to get the “Cheapest home loan providers” tag. A new twist in the banking sector is that Dena Bank, a leading state-owned lender in the country has also dropped their home loan interest rates. Currently, Dena Bank charges 8.25% p.a interest rate on home loans.

    This special interest rate offer that Dena Bank announced is a part of their retail loan carnival which starts from 16 November 2017 and continues till the end of this calendar year. Dena Bank stated that carnival is specially launched to promote home and vehicle loans among people. If you are planning to apply for Dena Bank Home Loan, check your home loan eligibility using an online home loan eligibility calculator.

    17th November 2017

  • Eminent Banks Fueling Retail Growth

    The festive season, of this financial year, has brought in golden opportunities for many of the retail borrowers. Of late, the premium banks of the nation including SBI, ICICI Bank, Axis Bank, Bank of Baroda and Andhra Bank have come up with lucrative offers to entrance iPhone buyer, and automobile or home buyer. By providing EMI and processing fees waivers, cash back on home loans, interest rate cuts etc., banks are trying to bolster retail sectors growth. They are now not leaving any stone unturned to pull in more number of borrowers.

    In fact for home loans up to Rs. 30 lakh, SBI’s Hamara Ghar scheme offers fixed rate of 8.35% for the initial two years. Similarly, the ICICI Bank has also come up with a home loan scheme using which borrowers can gain 1% cashback on every EMI. With all these initiatives taking place,the market is having an exponential rise in the number of buyers.

    10th October 2017

  • Banks Jostle to Capture Market Share of Home Loan

    Though home loan growth has declined in the banking sector, banks are jostling their way to corner market share with interesting schemes. After State Bank of India (SBI) and Axis Bank, ICICI Bank, India's largest private sector bank by consolidated assets has declared the launch of a new home loan product that offers borrowers the benefit of 1% cashback on every equated monthly installment (EMI) for the entire period of the loan. SBI had recently launched a new scheme campaign 'Hamara Ghar' that offers housing finance to the affordable housing segment. The loan has a fixed rate of interest for two years up to a loan amount of Rs.30 lakh. SBI also waived processing fees on all home loans. Axis Bank also introduced an offer promising to waive EMIs if the borrower does not default on EMIs in an attempt to improve borrower behaviour.

    ICICI's latest home loan enables the borrowers to select their preferred mode of cashback, the bank said. They can choose to make use of the cashback to prepay the principal outstanding of their home loan or take credit in their ICICI bank account. Both residents and NRI borrowers can apply for the cashback home loan.

    4th October 2017

  • Home loan with EMI Waivers introduced by Axis Bank

    Axis Bank will now offer EMI waiver for the disciplined borrowers. 12 EMIs will be waived off for home loan amounts of up to Rs.30 lakh. The executive director of Axis Bank, Rajiv Anand, stated that people who take the loan amounts for at least a tenure of 20 years will be eligible for the waivers.

    At present, the base interest rate for the home loans stand at 8.35%. A borrower stands a chance of saving more than Rs.3 lakh in waivers of interest and principal. Additional savings can be availed by customers who are eligible under the PMAY (Pradhan Mantri Awas Yojana) scheme.

    22nd August 2017

  • Repo rate cut making EMIs for car loan and home loan go down

    The repo rate has been cut by the Reserve Bank of India or RBI by 25 basis points. At present, then repo rate stands at 6%. This step will bring down the lending rates associated with car loans and home loans. According to the veterans of the finance sector, this can prove to be a gala time for the consumers as the equated monthly instalments for their loan are going to reduce substantially.

    The festivals have just started. The onset of the festival season means that offers will be rolled out by different lenders. This can bring the EMIs further down. The governor of the Reserve Bank of India hoped that the transmission of the lending rate cuts become effective in the other types of loans too. He wants this to happen with respect to the liquidity situation.

    7th August 2017

  • To Escape the Burden of Higher EMI, Home Buyers Should Avoid Buying Projects that are Nearing Completion

    Since the service tax has been increased from 15% to 18% according to the new GST law, there has been a lot of confusion about whether the home loan EMIs will become more expensive. The fact is, service tax was never charged on EMI, and thus, tax will not be deducted under GST. Hence, home loan EMIs will not increase after the implementation of GST. However, since the prices of the projects that are nearing completion might increase after the implementation of GST, higher EMIs on such properties can stress out the borrowers. People who are keen on buying a home should avoid near completion projects until all kinds of doubts about the EMIs are erased. Earlier, VAT and service tax of 5-6% were charged on the sale cost of the property. Now, this gets subsumed into the GST rate of 12%. On first look, the tax incidence under GST might appear to be expensive, making property more expensive. However, under the previous government, a lot of Central and State taxes-Central Excise Duty, VAT, and entry tax on construction material was being paid by the builders, which was then compensated from the consumers. After the implementation of GST, full input tax credit would be charged for offsetting the main rate of 12% that will decrease the effective rate by 5%.

    7th July 2017

  • Caveats Exist, But PF Funds Could be Utilised to Make Payments Towards EMIs for Home Loans

    The rules and regulations concerning the use of Provident Fund to make payments towards EMIs for home loans has been relaxed by the Employees Provident Fund Organisation, revealed a report from NDTV Profit. The ‘Housing for all’ project is what this scheme falls under, and it has a number of caveats. Previously, subscribers were allowed to withdraw provident fund to make payments towards home loans, or purchase land or houses. However, subscribers could only do this once they had made contributions for five years, and the amount of money that could be withdrawn could not exceed more than 36 months’ worth. However, this requirement has been lowered to three years, but subscribers will not be allowed to withdraw money. The report revealed that only the Employees Provident Fund Organisation will give the money to the housing agency, or a government authority, or a lender. The other prominent requirement of the scheme is that the subscriber will have to gain membership into a society that is registered for housing reasons, or a cooperative society, and either of these societies are required to have a minimum of 10 members.

    3rd May 2017

  • EMIs of home loans set to decline

    State Bank of India, one of the largest banks in India brought down their benchmark lending rate to 9.10%. This means there was a reduction of 0.15% in the benchmark lending rate. By doing it, they reduced the EMIs for all the borrowers.

    The minimum lending rate or base rate was 9.25% before. The base rate has been reduced by 0.05%. The BPLR or benchmark prime lending rate has also been reduced from 14% to 13.85%.

    10th April 2017

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