A "low interest" loan shouldn't mean you have very little interest in paying it back!

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

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
Landing Previous Arrow
Have a question? Leave your email here Thank You! Sorry! That looks invalid. Please try again.
Down Arrow
Down Arrow

Home Loan EMI Calculator

The cost of a home loan is calculated in terms of EMIs. If your home loan EMI is more than you can afford to pay each month, you can reduce your loan amount accordingly. This is why, it is important to calculate EMI prior to borrowing a home loan. Home loan EMI calculation has become easier now as most banks provide online EMI calculators on their websites for easy computation. You can also visit third-party sites such as the BankBazaar website to calculate your home loan EMI.

Home Loan Offers

What is Home Loan EMI?

Owning a home is most everyone's dream. Savings alone will not be sufficient to buy or build a home. Most of us rely on home loans to make our dream come true. Home loan EMI or Equated Monthly Installment is a fixed amount that you pay every month over a fixed period of time in order to repay the loan amount that you had borrowed from the bank. EMI is made up of 2 components:

  • The principal amount you borrowed, and
  • The interest rate on that borrowed amount

EMI is divided across each month over the loan repayment period.

Process to Calculate Home Loan EMI

The EMI of your home loan can be calculated using 4 major factors such as:

  1. Principal Amount
  2. Interest Rate
  3. Loan Tenure
  4. EMI Computation Formula

The basic formula to calculate EMI is as follows:

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

With the online EMI calculator, you are no longer required to do manual calculations.

  1. First Visit the BankBazaar Site
  2. Enter the Loan Amount You Require
  3. The Rate of Interest Offered By The Bank
  4. The Loan Tenure to Calculate Your EMI on Home Loan

In addition to the principal amount and interest, EMI also includes processing fees charged by the banks to process your loan. It is usually a small percentage of the principal amount. Most borrowers prefer to make prepayments on home loans. Therefore, the BankBazaar EMI calculator takes the prepayments into account while computing the EMI on your home loan.

How Does BankBazaar Housing Loan EMI Calculator Work?

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 calculator. All you have to do is enter 3 main components to calculate the EMI on your home loan:

  • Loan amount
  • Loan tenure
  • 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 EMI calculator is also available on the BankBazaar mobile app.

Factors Affecting Home Loan EMI

Listed below are the various factors affecting home loan EMI:

  • 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.
  • 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.
  • 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.
  • 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.
  • 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.

Formula to Calculate Home Loan EMI

Listed below is the basic formula to calculate your home loan EMI:

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

  • Where, EMI is the Equated Monthly Installment
  • P is the principal or loan amount,
  • r is the interest rate per month (the annual interest rate is divided by 12 to get the monthly interest rate), and
  • n is the number of monthly installments or loan tenure in months.

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

Benefits of the Home Loan EMI Calculator

Listed below are the various benefits if using a home loan EMI calculator:

  • Saves 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.
  • 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 calculator.
  • Detailed Results: The online EMI calculator not only saves you time but also presents you with detailed results such as your contribution towards the principal and interest repayment each month over the loan tenure.
  • Amortisation Schedule: You will get to know the outstanding balance before and after each EMI payment every month.
  • Other Charges: The calculator takes processing fees and other charges into consideration while calculating the EMI.
  • Compare Loan Offers: You can use the EMI calculator to compare home loan offers across various banks in India and choose the one that best suits your needs.
  • Loan Prepayment and Part Payment: You can decided whether or not to prepay your loan or make part payments based on the EMI calculation using the online EMI calculator.
  • Cross-Check the Amortisation Schedule: With the use of the online EMI calculator, you can do your own research on home loan EMIs and cross-check the date provided by the bank.

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:

  1. 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.
  2. 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.
  3. Partly Disbursed Loan: In the case of partly disbursed loans, the EMI is bound to increase with each disbursement.
  4. 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.
Down Arrow
Further Reading

Top picks from our Financial Expert

News About Home Loan EMI Calculator

  • 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

  • Save Rs.2,000 on every EMI towards home loans booked under the PM Awas Yojna (PMAY)

    The 'Housing for All' initiative announced by Prime Minister Narendra Modi has brought interest events in the realty sector of the Indian market. Since the announcement, people have been eager to know the benefits. The outcome of the initiative at this stage has been revealed that offers home loan interest subsidy to the middle-class taxpayers. Individuals applying for a home loan of Rs.9 lakh up to Rs.12 lakh will be eligible to apply for a home loan subsidy under the PM Awas Yojna (PMAY) scheme. An interest subsidy of 3% for loan amount up to Rs.9 lakh and 4% for a loan amount of Rs. 12 lakh or higher will be applicable for borrowers buying their first house. This subsidy can turn out to be a saving of Rs2,000 on EMIs every month towards the repayment of the loan.

    31st March 2017

  • Pay Off Your Home Loan EMI’s From EPF Account Soon?

    The government is planning an amendment to the Employees’ Provident Fund which will enable EPFO members to withdraw up to 90% of their funds towards down payments for homes.

    With over 4 crore Indians members of the EPFO at present, the amendment would benefit a large number of prospective home owners.

    The amendment will also allow subscribers to make EMI (Equated Monthly Instalments) towards their home loans from their EPF balance.

    To avail this scheme, however, the EPFO subscribers would need to form a co-operative society with a minimum of 10 members.

    The Union Law Minister informed Parliament of the decision and further stated that the EPFO member would be able to utilise their EPF balance to fund the purchase or construction of a dwelling house or towards the acquisition of a site.

    He further stated that withdrawal towards home loans would be enabled only for EPFO members who fulfil certain criteria, which would be made public shortly.

    21st March 2017

  • India Home Loan’s Credit Ratings Upgraded by Credit Analysis and Research Limited (CARE)

    n a recent announcement, India Home Loan revealed that its credit ratings were upgraded by Credit Analysis and Research Limited (CARE). Long-term bank facilities saw their credit rating improve from Care BB+ to Care BBB-. The upgrade was considered by CARE following the recent progress made by India Home Loan with regards to its financial and operational performance. As a result, India Home Loan has moved up by almost 1% on the National Stock Exchange, and in just one year, 157% returns have been achieved by stocks.

    13th March 2017

  • SBI may see lower EMIs for new home loan borrowers

    From 1st April, banks began pricing their lending rates based on MCLR. Since RBI holds the interest rates by maintaining the repo rate at 6.25%, banks may see lower EMIs for borrowers. In a temporary measure, RBI had raised the CRR for banks to 100% of their deposits to absorb excess liquidity post demonetisation. Rajnish Kumar, MD of SBI, has said that with the withdrawal of incremental CRR requirement from 10th December, banks can bring down MCLR.

    SBI loan borrowers are locked into the MCLR for a year. Borrowers can switch their loans to lenders to avail lower EMIs. Soumya Kanti Ghosh, Chief Economic Adviser at SBI, has said that even if withdrawal restrictions are lifted, banking sector could see a gain of Rs.1.5 lakh crores through new deposits. In November, SBI cut its home loan rate for new borrowers to a 6-month low to 9.15%.

    22nd December 2016

  • RBI holds policy rates but excess liquidity in banking system may help home loan borrowers

    Although RBI hasn’t reduced policy rates (6.25%), excess liquidity in the banking system may help new home loan borrowers (who take loans post demonetisation) with lower EMIs. After demonetisation, banks have been flooded with deposits of nearly Rs.5.12 lakh crores, while the withdrawals have been Rs.1.3 lakh crores only. There has been a delay in rate cut because the return on the savings account will remain an outflow for banks, impacting their cost of funds. Another reason RBI holds rates may be because the US Fed rate is expected to be hiked, triggering dollar outflows, and resulting in the weakening of the rupee.

    All home loans taken after 1st April, are now linked to the bank's MCLR. Lower MCLR rates can be expected. Currently, the 12-month MCLR for most banks is in the 9.05 to 9.45 % range. After the mark-up, the actual home loan rate is around 9.35%. Even after the expected rate cut by RBI in February 2017, borrowers can expect a waiting period of 1 year before they see an impact on their EMIs.

    19th December 2016

  • RBI relaxes loan payment norms

    Due to the demonetization of the Rs.500 and Rs.1,000 currency notes borrowers are finding it hard to repay their loans. Keeping this in mind the Reserve Bank of India (RBI), in an effort to assist borrowers, banks and financiers has given an additional 60 days to declare certain loans of up to Rs.100 lakh as bad loans. The revised norms will also be applicable to running working capital accounts with a limit of Rs.1 crore, term loans with a limit of Rs.1 crore, housing loans, agricultural loans, loans sanctioned by Non-banking Financial Companies (NBFCs), loans extended by District Central Cooperative Banks (DCCBs). The relaxed dispensation will be applicable to loans payable between November 1st and December 31stt.

    5th December 2016

  • Home Loan EMI’s to fall, Lead by Repo Rate cut by 0.25%

    Loan rates for ordinary citizens will drop which includes car and housing loans with the RBI declaring 25 basis points 6.25% repo rate cut. This means the lending companies have to revise their rates based on the new repo rates as the repo rate is directly linked to Marginal cost of funds based lending rates (MCLR) therefore making the changes clear instantly. The lending rates of the bank are also affected by the repo rate as well as the Monthly reporting for MCLR.

    19th October 2016

  • Home Loan EMI’s likely to Become Cheaper with RBI Rate Cuts

    With RBI cutting the repo rates by 25 basis points, real estate developers are ecstatic about a potential increase in demand in the real estate market. With the first round of repo cuts coming in April followed by the most recent rate cut, experts are positive that the banks will transfer the benefit to the customers. With the slash in rates, people will be keen to buy property and banks can offer home loans at cheaper EMI’s. Using the new rates offered, prospective home loan applicants can use the revised rates and calculate their EMI’s using an EMI calculator. Rajeev Talwar, the CEO of DLF Ltd feels that the time of the rate cuts couldn’t have been better and the revised rates can offer attractive home loan interest rates during the upcoming festival season.

    4th October 2016

Down Arrow
How to Use
EMI Calculator
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.