Home Loan EMI Calculator

EMI Calculator 2018 7708 views

Highlights

  • Know your home loan EMIs before applying.
  • Compare best home loans with EMI calculator.

A loan calculator is helpful to check your payments in advance. It not only helps you choose suitable EMI, but also total amount you will be paying to the lender in the form of interest. Why not use this amount you will save here can be used for processing fees? Here, we have brought in the following details that will you understand how it works:

  • An example showing home loan payments
  • EMIs for different loan amounts
  • Advantages of using a loan EMI calculator
  • Parameters based on which the calculation is made

EMI Calculator for Home Loan
Loan Amount (₹)
Interest Rate (%)
Tenure(year)
Results
Loan Amount
Interest Rate
Tenure(Months)
Monthly Instalment (EMI)
Total Interest Amount
Total Amount (Principal + Interest)
Year Principal Interest Balance Amount

Home Loan EMI Calculator 2018

Here is an example of a home loan to give you an idea of the payment flow. You can check the same for different values by using the calculator above. For now, just try to understand how your EMIs vary over a period of time.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

Year Principal Interest Balance Amount

Different Loan Amounts and their Home Loan EMI Details

Here are some examples showing monthly installments (EMI) for various loan amounts taken for different tenures at the assumed home loan interest rate of 8.35% per annum.

10 Lakh Home Loan EMI Details 2018

Tenure (in years)Monthly Installment (EMI in ₹)Total Interest Outgo (₹)
520,4442,26,659
1012,3184,78,219
159,7607,56,740
208,58410,60,047
257,95113,85,432
307,58317,29,910

15 Lakh Home Loan EMI Details 2018

Tenure (in years)Monthly Installment (EMI in ₹)Total Interest Outgo (₹)
530,6663,39,988
1018,4787,17,328
1514,64011,35,110
2012,87515,90,071
2511,92720,78,148
3011,37525,94,865

20 Lakh Home Loan EMI Details 2018

Tenure (in years)Monthly Installment (EMI in ₹)Total Interest Outgo (₹)
540,8894,53,318
1024,6379,56,437
1519,51915,13,480
2017,16721,20,094
2515,90327,70,864
3015,16634,59,819

25 Lakh Home Loan EMI Details 2018

Tenure (in years)Monthly Installment (EMI in ₹)Total Interest Outgo (₹)
551,1115,66,647
1030,79611,95,547
1524,39918,91,851
2021,45926,50,118
2519,87934,63,580
3018,95843,24,774

30 Lakh Home Loan EMI Details 2018

Tenure (in years)Monthly Installment (EMI in ₹)Total Interest Outgo (₹)
561,3336,79,976
1036,95514,34,656
1529,27922,70,221
2025,75131,80,141
2523,85441,56,295
3022,74951,89,729

What is the maximum loan amount for home loans?

The disbursal amount depends on the cost of the property and the repayment capacity of the borrower. One should remember that a lender can approve 85% of the property value as loan at max. Factors such as your income, property location and value, CIBIL score and documentation are taken into account to decide the loan amount you can get.

What are the parameters based on which EMI is calculated?

The following are the parameters on which home loan EMI is calculated:

  • Loan Amount: The borrower needs to enter the disbursal amount in the calcualtor without deducted the processing fees.
  • Interest Rate: Interest rates are divided into two categories-fixed rates and floating rate. In case of fixed interest rate, the interest rate remains unchanged throughout the loan tenure and all EMIs remain equal.
  • Tenure: The time duration taken by the borrower for repayment of the loan is known as tenure. In general, a home loan tenure varies from 20 years to 30 years.

EMI Calculation Formula

The calculation in the EMI calculator is done through the below-given formula:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
where,
EMI= Equated Monthly Installment
P= Principal Loan Amount
R= Monthly Interest Rate
N= Number of Monthly Installments

Benefits of Home Loan EMI Calculator

  • Easy determination of EMI amount: The home loan EMI calculator is helpful in determining the EMI amount. Just by entering the loan amount, the rate of interest and the loan-term, you can check the payment details.
  • Saves time: The calculator saves the borrower’s time as the calculation is done within a few seconds.
  • Provides authentic results: The calculation of EMI through the calculator provides the genuine payment details.
  • Categorization of various finance charges: Banks and financial institutions offer the annual rate of interest and the other charges associated with the loan. The charges such as the processing fees plus GST and stamp duty are often missed but these are to be paid at the approval time.
  • Comparison of Loan Offers: You can use the calculator as many time as you want and compare different interest rates before you come to the conclusion. You can then choose the lowest home loan rates.
  • Ascertainment of loan tenure: The tenure of the loan can be decided once the EMI value is known to the borrower. It will help the borrower to choose various other combinations of available tenures and select the appropriate terms that accommodate his/her monthly income and budget. The shorter term means a higher EMI, while the longer term reduces the monthly installments paid towards home loan.
  • Easy Management of Loan: If you want to repay the loan and would like to know the payments he has to make, the calculator helps in formulating the decision in this regard.
  • Makes Validity in Information: For negotiating a home loan deal with the bank, it is essential to verify the schedule provided by the bank. The borrowers can use the EMI calculator for getting the amortization table which can also help them to cross-check with the bank and get it clarified.

What is an Amortization?

Amortization is the process of reduction in the value of an asset or the balance of a home loan by a specific periodic amount. At the time of EMI payment, there is some portion of principal amount which also needs to be paid. The principal is the actual amount of loan which the borrower has to pay. However, by making regular periodic payments, the principal tends to decrease and gradually comes to zero.

What is an Amortization Schedule?

An amortization schedule is a tabular display of periodic payments made towards a home loan. It consistently shows the loan repayment process in a tabular form. The percentage of EMI which goes towards the interest component along with the principal can be ascertained by an amortization schedule. Every EMI paid is divided between interest and principal amount of the loan. But, the exact amount going towards the principal component each time differs and the remaining amount goes to the interest component.

People Also Look For

Personal Loan Interest Rates June 2018
Bajaj Finserv 10.99% - 16.00%
Fullerton India 14.00% - 33.00%
HDFC Bank 11.25% - 21.25%
ICICI Bank 10.99% - 18.40%
IndusInd Bank 10.99% - 16.00%
Kotak Bank 10.99% - 20.99%
RBL 13.00% - 18.00%
Standard Chartered Bank 10.99% - 14.49%
Tata Capital 10.99% - 18.00%
Home Loan Interest Rates June 2018
State Bank of India/SBI 8.45% - 9.00%
HDFC 8.50% - 9.15%
Bank of Baroda 8.45% - 9.45%
LIC Housing 8.45% - 8.90%
PNB Housing Finance 8.85% - 11.75%
ICICI Bank 8.50% - 9.05%
Axis Bank 8.50% - 8.85%
Citibank 8.40% - 9.20%
Indiabulls Housing Finance Limited 8.50% - 10.80%
Kotak Bank 8.60% - 8.70%
DHFL 9.05% - 9.95%
Reliance Home Finance 8.75% - 10.00%
EMI Calculator