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Home Loan EMI Calculator

Calculate your Home Loan EMI & Total Interest Due

Loan Amount
Loan Amount:
Tenure in Years:
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: Rs 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
15 Years
Interest Rate
Processing Fee
Is your Credit Score good enough for getting a loan or card?

Your Repayment 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
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Home Loan EMI Calculator

BankBazaar’s Home Loan EMI Calculator follows a step-by-step process to find out your EMI. Here’s how you can use it:

  • Step 1: Use the first slider to select the amount of loan you are looking for. You can do this by moving the slider to the appropriate amount. You can also enter the amount in the corresponding space if that is easier.
  • Step 2: Use the second slider to choose the tenure of the loan. Or you can enter the number in the given space.
  • Step 3: In the next section, enter the interest rate that your lender is charging you. For example, if you are given a quote of 10.55% p.a., enter the same here.
  • Step 4: In the next space, enter the processing fee applicable to your loan.
  • Step 5: The last section is regarding pre-payments. If you plan on making pre-payments during the loan period, choose “Yes” and give the necessary details. If you’re not making pre-payments, select “No”.
  • Step 6: Now, make sure that all the figures you’ve entered are correct and then click “Calculate”.

Home Loan Repayment Calculator

The table below gives you a breakdown of loan repayment for a loan amount of Rs 30 Lakh, tenure of 15 years, interest rate of 8.6% and a total processing fee of Rs 10,500 (at 0.35%):

Year Principal Interest Balance
2019 ₹ 58,779 ₹ 1,49,248 ₹ 29,41,220
2020 ₹ 1,07,861 ₹ 2,48,760 ₹ 28,33,360
2021 ₹ 1,17,511 ₹ 2,39,109 ₹ 27,15,849
2022 ₹ 1,28,025 ₹ 2,28,597 ₹ 25,87,824
2023 ₹ 1,39,478 ₹ 2,17,138 ₹ 24,48,344
2024 ₹ 1,51,960 ₹ 2,04,660 ₹ 22,96,385
2025 ₹ 1,65,556 ₹ 1,91,064 ₹ 21,30,830
2026 ₹ 1,80,368 ₹ 1,76,251 ₹ 19,50,463
2027 ₹ 1,96,505 ₹ 1,60,113 ₹ 17,53,957
2028 ₹ 2,14,088 ₹ 1,42,533 ₹ 15,39,870
2029 ₹ 2,33,242 ₹ 1,23,378 ₹ 13,06,627
2030 ₹ 2,54,110 ₹ 1,02,506 ₹ 10,52,516
2031 ₹ 2,76,845 ₹ 79,772 ₹ 7,75,670
2032 ₹ 3,01,617 ₹ 55,004 ₹ 4,74,053
2033 ₹ 3,28,604 ₹ 28,016 ₹ 1,45,450
2034 ₹ 1,45,449 ₹ 3,141 ₹ 0

Loan Summary
Loan Amount Rs. 30,00,000
EMI Rs. 29,718
Total Interest Due Rs. 23,49,294
Processing Fee Rs. 10,500
Total Amount Payable Rs. 53,59,794

In the above example, if you make a prepayment of Rs. 5,00,000 after paying 60 instalments:

You will Save an amount of Rs. 5,40,429 in interest Loan tenure will be reduced by 35 months


Interest: Rs. 23,49,294
EMI tenure: 15 years


Interest: Rs. 18,08,865
EMI tenure: 12 years 1 month

Outstanding Principal: Rs. 23,86,607
EMI: Rs. 29,718

You should get your results in a few seconds. This will show you how much you’re expected to repay every month. In addition to this, the results will also show you how much interest you will pay over the period of your loan. You will also get a loan repayment table clearly indicating how much interest and principal you will pay back each month.

Home Loan EMI Calculator

What the Loan Repayment Table shows you

This table is designed to show you every detail of your loan repayment schedule. It shows you the following components:

  1. Your principal amount (the amount you initially borrow)
  2. Your EMI per year and per month
  3. Principal component of your EMI
  4. Interest component of your EMI
  5. Outstanding balance after each payment
  6. Prepayment amounts as and when paid

If you plan on prepaying any part of your loan, the prepayment analysis will also show you how much you owe over your chosen tenure, with and without the prepayment. This way you get to see how you can benefit from making advance payments.

How to Calculate Home Loan EMI using Formula:

Formula for Home Loan EMI Calculation:

Home Loan EMI Calculation formula


E: 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 instalments or loan tenure in months.
*This formula doesn’t include the home loan processing fee charged by the bank.

Simple Steps to Calculate Home Loan EMI

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

Interest Rate Applied = 8.65%

Monthly EMI = Rs 27,285

EMI Paid For the Year = Rs 27,285 * 12= Rs 327,419

How to Calculate EMI for Home Loan using Excel sheet

Calculation of home loan EMI is a simple method using an excel spreadsheet. In order to do so, three variable of a housing loan is utilised, namely, rate of interest, period, and loan amount. It must be noted that the rate of interest should be calculated on a monthly basis.

For example, if the rate of interest is 12%, it should be calculated as 12%/12 = 1%. The period represents the total number of EMI payable.

In order to calculate EMI, click on the “=” symbol, type ‘PMT(the rate of interest, period, loan amount)’, and click enter. The excel sheet will the produce an amount in a negative value. This indicates the cash flow that the borrower will have to incur. This is the EMI that a home loan borrower would have to pay.

For example if your loan amount is Rs.5 lakh for 2 years at 12% p.a., the formula to calculate EMI is as follows.

=PMT(12%/12, 24, 500000)

Benefits of Using the Home Loan EMI Calculator

There are many advantages of using the EMI calculation tool provided by BankBazaar. They are listed below:

  • Easy process: You only have to enter the loan amount, interest rate, processing fee (if available), and tenure. No complicated calculations or difficult mathematics. The actual computation will be taken care of by the calculator.
  • Get the breakup of the finance charges: This tool helps you understand the financial charges such as total interest payable, and processing fee value associated with your EMI. Since banks and financial institutes present them as a percentage of the loan amount, knowing the actual value can help understand the true cost of the loan.
  • Comparing loan offers: You can use the loan calculator to compare loan offers from various banks. The results will show you the total cost of each loan along with their respective EMIs. This will help you narrow down on the most feasible option.
  • Choosing the right tenure: Knowing your EMI also helps you choose the right tenure of the loan. If you can afford to pay a higher EMI, you can choose a shorter loan period and pay off your loan at the earliest. Otherwise, you can pay a more comfortable EMI and extend your loan period.
  • Helps in validating information: If you are negotiating a housing loan deal with a bank, you can verify the repayment schedule it provides. The repayment table details from the calculator can help you verify this. Do keep in mind that the numbers may sometimes differ. This is because lenders may also include certain other fees and charges in your EMI calculation.
  • Helps with loan management: Sometimes, while paying your EMIs, you may have some extra funds to make prepayments. If you want to revisit the financials and see how prepayments can help to pay off the loan before the term ends, the home loan EMI calculator can help you do that.

Factors That Affect Your Home Loan EMI

When calculating your EMI, the calculator includes all the parameters that impact it. Let’s take a look at the various factors that impact your monthly repayments:

  • Principal: The principal is the loan amount you initially borrow from the lender. It is directly proportional to your EMI. Higher the loan amount, higher the EMI.
  • Interest Rate: The interest rate is what you pay for borrowing the loan. In short, it shows you the cost of your loan. It differs from one bank to another. The higher the interest rate, the higher the EMI will be. Finding a lender that offers you the lowest interest rates can help you lower your EMIs. The lower the interest rate, the lower the total cost of your loan will be.
  • Tenure: The time you take to repay the amount you borrow is called tenure or the period of the loan. The tenure is inversely proportional to your EMI. The longer the loan tenure, the lower your EMI. The loan tenure is determined based on your age at the time of borrowing and your retirement age. The longest loan tenure offered banks in India is 30 years.
  • Processing Fee: This value is a percentage of your loan amount or a minimum or maximum fee decided by the lender. It is the fee that the bank charges to process your loan application. You can know about this amount from your loan documents. At least a part of this fee will be payable at the time of application. And your lender may not refund this amount even if your application is rejected.
  • Prepayments: As mentioned earlier, making prepayments on your property loan can help you reduce the outstanding principal. This, in turn, reduces your interest charges. And both together contribute to reducing your EMIs if you prefer to keep the tenure constant.

Can the Home Loan EMI Change or is it Fixed?

Your housing loan EMI is usually a fixed amount. But there are certain circumstances under which it can change. Let’s take a look at some of these instances:

Flexible EMIs: If you have opted for flexible EMIs such as in the case of step-up or step-down property loans, then there will be a change in your loan EMIs. In the case of step-up loans, your EMI will gradually increase over the tenure. In the case of step-down loans, your EMIs will decrease as time passes.

Partly Disbursed Loan: In the case of partly disbursed loans, the pre-EMIs will increase with each disbursement.

Loan Prepayment: Prepayments impact your EMIs as well. You can either choose to reduce the EMI for the same loan tenure or reduce the loan tenure and keep the EMIs constant. The latter is more beneficial since you will pay lesser interest.

Rise in the floating interest rate: Whenever the repo rate changes, the floating rate of interest also changes. If the floating rate increases, the lender will normally increase the loan tenure while keeping your EMI the same. If the new tenure exceeds the maximum period permitted, then the bank may increase your EMI.

What is Home Loan Prepayment and How Does it Help?

Usually, people follow their EMI payment schedule. But if you have extra money, you can use it to pay off parts of your loan before they are due. This is known as prepayment.

When you prepay a portion of your loan, the amount goes towards reducing the outstanding principal. This benefits you because as your outstanding principal reduces, your interest charges will also reduce. Also, you will be able to repay the loan a lot faster.

What is a Home Loan Pre-EMI?

In some cases, the lender will disburse the loan amount in stages. When this happens, you have to start paying your EMI only when you get the final amount and the whole loan has been disbursed. Till this date, you have to pay only the interest applicable on the partly disbursed amounts. This is known as pre-EMI.

Once the loan gets fully disbursed, the pre-EMIs will stop and you have to start paying your regular EMIs.

For Example, if you are borrowing a loan of Rs.40 lakh at an interest rate of 10.5% for a period of 20 years for a property under construction. The bank will usually disburse the loan amount in the following manner:

Month January July October December
Amount Disbursed Rs.10 lakh Rs.10 lakh Rs.10 lakh Rs.10 lakh
Pre-EMI Rs.8,750 Rs.17,500 Rs.26,250 Rs.39,935
Stage On agreement On completion of the initial phase On completion of the next phase On completion of the final phase and possession

As per the table, you will be paying a pre-EMI of Rs.2,36,250 i.e., (26250 x 3) + (17500 x 3) + (8750 x 6) as interest for the amount disbursed by the bank. You will have to begin paying your EMI of Rs.39,935 for the next 20 years after the final loan amount has been disbursed.

However, a wiser option would be to opt for a full EMI payment as it ensures that you have already paid down a portion of the remaining loan amount at the time of possession.

Tax Benefits of Paying Home Loan EMIs

Taking a loan to buy a house can be expensive, but it also has certain benefits, especially when it comes to taxes. The government offers tax reliefs via the Income Tax Act, 1961 on the EMIs you pay every year. These are as follows:

  • Section 80C: You can claim a tax deduction of up to Rs.1.5 lakh every year on the principal amounts paid towards your property loan.
  • Section 24: Under this section, you can claim a deduction of up to Rs.2 lakh on the interest component you pay each year.
  • Section 80EE: Under this section, you can claim an additional interest amount of up to Rs.50,000 per year. This is over and above the amounts mentioned in Sections 80C and 24. This deduction is subject to certain terms and conditions.

FAQs on Home Loan Calculator

  1. Do I have to sign up with BankBazaar to use the EMI calculator?

    No, you don’t have to sign up or pay any fee to use the EMI calculator. It is completely free of charge and can be accessed by all.

  2. Is the EMI calculator available on the mobile app?

    Yes, this calculator is available on the BankBazaar mobile app. Open the menu on the left top corner of the app. Scroll down till you see “Finance Tools”. You will find the EMI calculator in this section.

  3. Are the calculated results accurate?

    An EMI calculator gives results based on the inputs you give it. That being said, the results may sometimes vary with what your lender gives you. This is because the lender may also factor in other costs and charges.

  4. What do you mean by amortisation?

    When you take a loan, it needs to be repaid in a certain manner. How you repay the loan is called amortisation. BankBazaar’s EMI calculator gives you the amortisation schedule of your loan as soon as you calculate your EMI.

  5. I’ve noticed that the interest charges in the amortisation table are higher during the initial months of the loan. Why is this so?

    The repayments on your loan are calculated on the basis of the principle of reducing balance. The interest rate is applied based on the amount of principal outstanding. Initially, the principal is high. So, the interest amount is also high. As your principal amount reduces, the interest charges also reduce proportionately.

  6. Are there any tips on how I can reduce my EMI burden?

    Yes, there are a number of ways in which you can ease the pressure your home loan puts on you.

  7. Which bank offers the lowest interest rates on housing loans?

    The interest loans offered by banks in India change from time to time. Visit our home loan page to know more about the best rates available right now.

  8. Can I apply for a joint property loan?

    Yes, you can. But this depends on the nature of your relationship with the joint applicant. Banks usually don’t offer such loans if you’re applying along with a friend or a non-blood relative.

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar’s partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

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News About Home Loan EMI

  • Home Loan EMI to come down due to repo rate cut by RBI

    Reserve Bank of India (RBI) today cut the repo rates by further 0.25%. The repo rate stands at 5.15% as compared to 5.40% previously.

    Despite the RBI cutting rates, the lending rates still looks to be on the higher side. Hence, RBI directed the lenders to lend their loan products at interest rate linked to the RBI repo rate from October 1. This means that if a customer is looking to avail a home loan then he/she will be offered one at repo linked lending rate (RLLR).

    Interestingly the post office small savings interest rate for the October – December quarter or the 3rd quarter of the financial year 2019-20 was kept unchanged by RBI. Recently, the interest rate on EPF was set at 8.65% and approved by the Ministry of Labour.


    8th Oct 2019

  • 5 effective tips to improve home loan eligibility

    Home loan is a great borrowing option for individuals who want to buy a home without exhausting their capital. Several banks and NBFCs offer home loans to the eligible borrowers at a low-interest rate. However, many times the applicants face rejection while applying for a home loan. The lenders check various factors like income, age, credit score, repayment capacity etc. of the applicant before approving a loan request. However, there are certain ways to increase the approval chances. Paying higher down payment, applying with a co-borrower having a good credit history, and choosing a longer loan tenure are some tips to reduce rejection. Moreover, by reducing one's FOIR to 40% to 50% and building a robust credit score can also help to improve the chances of a home loan application approval. One should also avoid applying for multiple home loans within a short period of time to increase his/her creditworthiness.

    14 January 2019

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