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Home Loan EMI Calculator

A proper understanding of the Equated Monthly Installments (EMIs) for your home loan can help you budget more effectively and easily manage your loan. Calculating these monthly instalments has become easier and more convenient with the Home Loan EMI Calculator available on Bajaj Markets.

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This calculator eliminates the need for complicated manual calculations, which are time-consuming and prone to errors. This digital calculator calculates the instalment amount based on the loan amount, tenure, and interest rate of your loan. It generates the required results within seconds with the help of a set algorithm. You can use this house loan calculator to compare offers from multiple lenders.

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Your Home Loan EMI
₹ 8,025
Total Interest Amount

₹ 926,093

Principal Amount

₹ 10,00,000

Total Payable Amount

₹ 19,26,093

Loan Amount i
Interest Rate
- +
Min value reached
Max value reached
Tenure
Months arrow-down-img
  • Years
- +
Min value reached
Max value reached
Calculate Now

You can also make instant comparisons between loan offers from multiple Home Loan providers on Bajaj Markets.

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Furthermore, you can gain deeper insights into your loan instalments with the free amortisation schedule, which is provided with each calculation. 

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What is a Home Loan EMI Calculator

A home loan EMI is the fixed monthly payment you make to repay your home loan. Each EMI consists of two parts—the principal amount borrowed and the interest charged by your lender. The total EMI amount depends on factors such as your loan amount, home loan interest rate, and the tenure of your loan. To easily determine your monthly instalments, you can use a home loan EMI calculator. This simple, convenient EMI calculator online helps you instantly calculate EMI for a home loan in India, allowing you to manage your finances more efficiently.

How to Use the Bajaj Markets Home Loan EMI Calculator

Here is how you can easily use the Bajaj Markets home loan EMI calculator to plan your monthly payments accurately:

  1. Visit the Bajaj Markets website and open the EMI calculator for a home loan

  2. Enter the current home loan interest rate provided by your lender

  3. Input the principal amount you wish to borrow

  4. Select a loan tenure that suits your repayment capability

  5. Click on ‘Calculate Now’ to instantly calculate EMI for a home loan in India

  6. View the calculated home loan EMI, total interest, principal, and overall repayment amount clearly displayed

This calculator is completely free to use, allowing you to make unlimited adjustments and find a home loan suitable for you.

How is the Home Loan EMI Calculated

When you use an EMI calculator for a home loan, it applies a specific formula to give you an accurate monthly payment amount. The standard formula used by an EMI calculator online is:

E = [P x R x (1+R)N] / [(1+R)N - 1]

Here's what each part means:

  • E is the home loan EMI (monthly instalment)

  • P is the principal loan amount you borrow

  • R is your monthly home loan interest rate (annual interest rate divided by 12, then by 100)

  • N is the total number of months you'll repay the loan

Let’s simplify this with an example:

Imagine you take a ₹30 Lakhs home loan at a 9% annual interest rate for 20 years. First, convert the annual rate to a monthly rate, which is 9% ÷ 12 = 0.75% or 0.0075. The loan tenure in months is 20 × 12 = 240 months.

Using the formula:

E = [₹30,00,000 x 0.0075 x (1 + 0.0075)240] ÷ [(1 + 0.0075)240 - 1]

After calculation, your monthly home loan EMI comes to about ₹26,991.

Every EMI you pay has two parts—a principal and an interest amount. Initially, your EMI has a larger interest portion and a smaller principal portion. As you continue paying EMIs, the interest portion gradually reduces, while the principal repayment portion increases over time. This is how your home loan gradually gets paid off month by month.

Calculation of Home Loan EMI for Different Loan Amounts

These figures clearly show the monthly EMI, total interest, and overall repayment amount for various home loan amounts at a 7.45% annual interest rate over 30 years. Here is a detailed breakdown to simplify your home loan comparisons:

Loan Amount (₹)

Monthly EMI (₹)

Total Interest Amount (₹)

Total Payable Amount (₹)

₹50 Lakhs

₹34,926

₹75,73,537

₹1,25,73,537

₹1 Crore

₹69,852

₹1,51,47,075

₹2,51,47,075

₹3 Crores

₹2,09,558

₹4,54,41,227

₹7,54,41,227

₹5 Crores

₹3,49,264

₹7,57,35,379

₹12,57,35,379

₹10 Crores

₹6,98,529

₹15,14,70,758

₹25,14,70,758

Disclaimer: The EMI amounts, total interest, and overall repayments shown above are calculated based on an interest rate of 7.45% p.a. and may vary depending on your lender’s terms. Please verify these figures with your lender or financial advisor before making financial decisions.

Benefits of Using the Bajaj Markets Home Loan EMI Calculator

Instant EMI Comparison

Quickly compare loan options by using the home loan EMI calculator, ensuring you choose the best deal that suits your budget.

Accurate Results Every Time

With a reliable algorithm, this EMI calculator online provides precise EMI calculations, avoiding mistakes from manual calculations.

Instant Results Without Delay

Eliminate lengthy calculations by quickly entering your loan details to instantly calculate EMI for a home loan in India.

Free, Unlimited Usage

Use the calculator as often as needed without any fees, letting you test different loan amounts, tenures, and home loan interest rates.

User-friendly Experience

Enjoy an easy-to-use interface that clearly shows your home loan EMI, making loan planning hassle-free.

Available Anytime, Anywhere

Access this convenient loan EMI calculator online anytime through the Bajaj Markets website or app, allowing you to plan finances on-the-go.

Helps Improve Loan Eligibility

Adjust loan amounts and tenures easily with the calculator, indirectly helping you understand affordability and improve your home loan eligibility calculator results.

Clear Financial Insights

Using the loan EMI calculator provides transparent insights into total interest costs, helping you make informed financial decisions before borrowing.
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Factors that Affect Your Home Loan EMI

Here are the key factors you should know about that directly affect your monthly home loan EMI:

Loan Amount (Principal)

This is the total amount you borrow, and choosing a larger loan increases your monthly home loan EMI payments.

Home Loan Interest Rate

The interest rate is the cost you pay for borrowing; a lower home loan interest rate reduces your EMI significantly.

Loan Tenure

Your repayment duration matters—shorter tenures mean higher EMIs but lower total interest, while longer tenures mean lower EMIs and more interest.

Processing Fees

These fees, charged by lenders during loan approval, can slightly increase your loan amount and therefore affect your monthly EMI.

Prepayments

Making early repayments lowers your outstanding loan balance, which can decrease future EMIs and reduce overall interest payments.

Type of Interest Rate (Fixed or Floating)

Choosing a fixed or floating interest rate impacts your EMI consistency, with fixed rates keeping EMIs stable and floating rates causing fluctuations.

Credit Score

A high credit score improves your chances of a lower home loan interest rate, directly reducing your EMI payments.

Key Points to Remember When Calculating Your Home Loan EMI

Here are important points to remember for getting the most accurate results from your home loan EMI calculator:

Enter Accurate Information

Always enter the correct loan amount, tenure, and home loan interest rate to ensure your EMI calculations match your actual loan.

Explore Different Loan Terms

Use the EMI calculator online to experiment with different loan tenures and amounts to identify the best repayment scenario for you.

Understand Interest Rate Type

Know if your interest rate is fixed or floating, as this directly affects how your monthly home loan EMI payments are calculated.

Evaluate EMIs Across Tenures

Regularly check how adjusting your loan tenure affects monthly EMIs, total interest costs, and the affordability of the loan.

Factor in Additional Costs

Don’t forget to consider extra costs like processing fees and prepayment charges, which affect the overall expense of your home loan.

Check Monthly Affordability

Make sure the calculated EMI comfortably fits your monthly budget by carefully using the loan EMI calculator before finalising your loan.

Recalculate EMIs Periodically

Revisit your EMI calculations regularly, helping you adapt to any financial changes and determine if refinancing your loan makes sense.

Future Interest Rate Changes

Consider potential interest rate fluctuations, especially with floating rates, as these changes can alter your EMI amount during the repayment period.

Impact of Credit Score

Check your credit score using a housing loan eligibility calculator, as higher scores can secure better loan terms, reducing your EMI burden significantly.

Disclaimer

The calculation results are based on the values you enter in the calculator. Your EMI amount (including the actual interest amount charged) will depend on the prevailing rates. The results are neither certified nor guaranteed. The repayment schedule presented is for illustration purposes. Confirm the values with your lender prior to applying for the home loan.

Frequently Asked Questions

What is a home loan EMI?

A home loan EMI (Equated Monthly Instalment) is the fixed monthly amount you pay to your lender until your home loan is fully repaid. Each EMI consists of two components—the principal, which is the original borrowed amount, and the interest charged on that principal. These components are calculated using a home loan EMI calculator, based on the home loan interest rate and tenure you choose.

You can reduce your home loan EMI by opting for a longer loan tenure, negotiating a lower home loan interest rate, or by making periodic prepayments. Using a home loan interest rate calculator regularly helps you easily evaluate how changes impact your monthly repayments and identify strategies matching your financial needs.

Yes, choosing a floating interest rate means your home loan EMI can vary during the loan tenure, depending on market fluctuations. Unlike fixed interest rates, floating rates change with economic conditions, so periodically using an EMI calculator online helps you manage these changes.

Yes, choosing a longer tenure significantly lowers your monthly home loan EMI, making it easier to manage repayments. However, while your monthly EMI reduces, your overall interest payment increases. Using a home loan EMI calculator helps you compare tenures for balanced EMI affordability and total loan cost.

Choosing a floating home loan interest rate can lead to lower EMIs when market interest rates decrease. Floating rates change according to market conditions, affecting your repayments. Regularly using an EMI calculator for a home loan helps you track potential savings during favourable cycles.

Yes, an online home loan EMI calculator provides highly accurate EMI estimates by using precise formulas based on your loan amount, interest rate, and tenure. While results depend on the accuracy of the details you input, reputable tools like Bajaj Markets' EMI calculator online are reliable for effective financial planning.

Absolutely, you can easily calculate and compare home loan EMIs offered by different banks using a loan EMI calculator. By adjusting inputs like loan amount, interest rate, and tenure in the EMI calculator online, you can accurately calculate EMI for a home loan in India. This helps you easily compare offers across lenders and select the best option.

For loans with a fixed interest rate, the EMI remains constant throughout your tenure. However, loans with floating interest rates have varying EMIs due to periodic interest rate adjustments. Regularly recalculating your monthly repayments using a home loan EMI calculator helps you stay informed about any EMI fluctuations and manage your financial commitments effectively.

Reducing your home loan EMI is achievable by extending your loan tenure, negotiating a lower home loan interest rate, or making occasional lump-sum prepayments. Additionally, maintaining a strong credit score can help you secure better loan terms. Regularly checking your eligibility through a home loan eligibility calculator ensures you're positioned for the best possible EMI structure.

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