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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.

Your Home Loan EMI

₹ 8,678

Total Interest Amount

₹ 1,082,776

Principal Amount

₹ 1,000,000

Total Payable Amount

₹ 2,082,776

Loan Amount

Interest Rate

- +

Tenure

- +

Check Offer

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

What is Home Loan EMI

An EMI for a home loan is an amount you pay every month in instalments. It includes both the principal and interest component. Several factors such as the loan tenure, interest rate, etc., determine this amount.

How Calculating EMIs Helps You Plan Your Home Purchase

Home Loan EMI calculation helps you estimate the monthly repayment amount, allowing you to plan your finances effectively. It provides a clear picture of your loan affordability, helping you determine how much you can borrow and what your monthly commitment will be.

Knowing your EMI in advance also helps you assess your own contribution, evaluate property costs, and make informed decisions about your home purchase. Since the EMI calculation is precise, it eliminates uncertainty and ensures better financial planning.

How to Use Our Home Loan EMI Calculator

You can calculate the probable EMI amount by entering the following 3 key details in our online home loan calculator:

Interest rate

The rate applied by a lender, usually on a per annum basis, as a fee for borrowing the loan amount. On Bajaj Markets, the rates start from 8.50% p.a.

Principal amount

The amount you borrow from the lender, which can range up to ₹15 Crores

Tenure

The period over which you wish to repay the borrowed principal amount along with the interest charges. These usually range up to 30 years in the case of home loans.

Once you provide this information you can quickly get the EMI amount. It also provides a list of lenders on Bajaj Markets who offer the loan and their EMIs. This helps you make instant comparisons and find an offer that suits your needs the best. You can also download the amortisation schedule which provides a complete breakdown of the instalments and how the EMI helps gradually repay the loan.

Why Use a Home Loan EMI Calculator on Bajaj Markets

Some benefits that you can enjoy by using a housing loan EMI calculator on Bajaj Markets are as follows:

Instant Comparison

Enter the needed loan amount in this home loan interest calculator to find lenders that offer the loan along with their interest charges. Compare the EMIs of each offer to find the option that fits your financial situation.

Precise Calculations

The calculator on Bajaj Markets offers error-free EMI calculations using a reliable algorithm.

Quick Results

Get EMI details within seconds by eliminating the tedious task of manually calculating the instalment amount, interest cost, and overall loan repayment amount.

Unlimited Free Use

Calculate EMIs as many times as you need and check various combinations of different loan terms, free of charge.

User-friendly Interface

Compute and understand your instalment details easily with the help of this simple online calculator.

Accessible Anywhere

Available online, access this tool anytime via the official website or the Bajaj Markets App.

How is the Home Loan EMI Calculated

The following formula is used to calculate the EMI for a home loan:

EMI =P×r×(1+r)n(1+r)n−1

Herein,

P = Principal amount
R = Rate of interest on a per annum basis
N = Repayment tenure of the loan in months

Here’s a simple example to help you understand how to calculate home loan EMI. Assume you took a home loan of ₹1 Crore at an interest rate of 8.50% p.a. for a tenure of 30 years. In this case:

P = 10000000
R = 8.5012100 = 0.00708 (converted to per month basis and changed from percentage to numeric value)
N = 30 x 12 = 360 (converted to monthly basis)

Let’s substitute these values in the formula above:

EMI =10000000 x 0.00708 x (1 + 0.00708)360[(1 + 0.00708)360- 1]

EMI =10000000 x 0.00708 x 12.677412.6774 - 1

EMI =70800 x 12.677411.6774

EMI =76,862.99

Such manual calculations can be quite difficult, time-consuming, and prone to errors. Thus, consider using a housing loan EMI calculator to get accurate results within seconds. It provides not just the EMI amount, but also the interest charges and total loan repayment cost.

Additionally, you can also access the amortisation schedule for free. This allows you to check the repayment status of your loan and identify the right time to foreclose or transfer the loan. It provides detailed insights into your loan EMIs, enabling you to budget and plan your finances strategically.

Home Loan EMI Calculator Online - Features and Benefits

Using an EMI calculator for a home loan can help you plan your finances better. Here are some of the key features and advantages of using a calculator for calculating your home loan EMI:

Quick and Simple

You can easily check your EMI by entering the loan amount, interest rate, and tenure

Better Budgeting

Knowing your EMI in advance can help you manage your monthly expenses more effectively

Saves Time

You don't have to visit the bank or spend time on manual calculations. You get instant results with the help of a calculator.

Accurate Estimates

It gives a clear idea of your monthly payments, helping you plan ahead

Flexible Adjustments

You can modify the loan amount, tenure, or interest rate on this housing loan interest calculator to see how it affects your EMI

Smart Loan Planning

You can analyse different loan options and choose a repayment plan that suits your financial situation

Factors That Affect Your Home Loan EMI

Several factors determine how much you pay as EMI on your home loan. Understanding these can help you make informed financial decisions.

Here are some of the factors:

Loan Amount (Principal)

This is the amount you borrow from the lender. A higher loan amount can result in a higher EMI.

Interest Rate

This is the cost of borrowing the loan and varies between lenders. A lower interest rate reduces your EMI and the overall loan cost. You can compare different values with a home loan interest rate calculator.

Loan Tenure

This refers to the duration of your loan repayment. A longer tenure reduces your EMI, while a shorter tenure increases it.

Processing Fee

Lenders charge this fee to process your loan application. It may be a fixed amount or a percentage of your loan amount.

Prepayments

Prepayments are the extra payments you make towards your loan, that reduce the outstanding balance, and in turn, lowers the interest cost.

Considerations for Calculating Home Loan EMIs

Here are some things to keep in mind when calculating the monthly instalments of your home loan:

Enter Correct Details

Double-check the loan amount, interest rate, and tenure you input to ensure accurate EMI calculations that align with your requirements

Compare Scenarios

Experiment with various loan terms to see how the EMIs change. This helps you compare options and select the one that suits your financial situation best.

Consider the Type of Interest Rate

The calculations for EMIs differ depending on floating and fixed interest rates. Ensure you know which type of interest rate applies before using the tool for precise results.

Check EMIs Across Tenures

Use the calculator to see how changing the loan tenure affects the EMI and overall cost of the loan

Consider All Costs

Along with EMI, factor in processing fees, prepayment charges, and other expenses to understand the loan's total cost

Check Affordability

Ensure the EMIs fit within your monthly budget before applying for the loan

Re-calculate the EMIs Regularly

Keep evaluating the EMIs and possible scenarios to accommodate changes in your financial situation. This helps in identifying the best time for refinancing or restructuring the loan.

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.

FAQs on Housing Loan EMI Calculator

Home Loan EMI Calculator

What is a home loan EMI?

The home loan EMI is the amount you are required to pay each month to the lender to service your home loan. This amount is calculated based on your loan amount, interest rate, and tenure.

How to reduce your home loan EMIs?

If you are yet to apply for a home loan, consider improving your loan eligibility to get better loan terms. This will help reduce the instalment amount. Try highlighting any additional sources of income you may have, pay your EMIs and credit card dues on time, and reduce your debt-to-income ratio. You can also opt for a longer tenure, as it usually comes with a lower EMI.

Does my EMI amount vary if I opt for a floating interest rate instead of a fixed interest rate?

A floating interest rate is initially lower than a fixed interest rate. So, at the beginning of the tenure, the EMI of your home loan with a floating interest rate is usually lower. However, this rate is subject to change as per revisions in the benchmark rate caused by various macroeconomic factors.

Thus, the EMI amount may increase or decrease depending on the change in rates. Meanwhile, the instalment for a loan with a fixed interest rate remains unchanged throughout the tenure.

By choosing a floating interest rate can I benefit from lower EMIs?

You may benefit from lower instalment amounts with a floating interest rate, depending on the market conditions. A floating interest rate is initially lower than a fixed interest rate. Thus, the EMI is usually lower.

However, the floating rate is subject to constant revisions and may surpass the fixed rate, depending on the market conditions. In such scenarios, the EMI for the floating rate loan may be higher than that for a fixed rate loan. It is essential to keep a close eye on fluctuations of rates in the market and predict the trend prior to opting for a floating rate.

Does choosing a longer tenure affect my home loan EMI?

Yes. Generally, a longer tenure results in a lower EMI, while a shorter tenure results in a higher instalment amount. Let’s look at the following example to understand this better. Consider you got a home loan of ₹50 Lakhs at an interest rate of 8.50% p.a. Here’s how the instalment amount will differ as per change in tenure:

Tenure	EMI Amount
10 years	₹61,992.84
15 years	₹49,236.98
20 years	₹43,391.16
25 years	₹40,261.35
30 years	₹38,445.67

*Note: The mentioned values are for illustrative purposes only. The actual values may differ depending on the lender’s policies.

Do note that as the tenure increases, there is a surge in the interest charges. So, it is essential to take into account the total loan repayment cost prior to making a decision.

Do prepayments affect my home loan EMIs?

Yes. A prepayment is usually directed towards the repayment of the principal component of your loan. This can lead to a drop in the interest charges which are calculated based on the outstanding principal amount each month. This results in a fall in the interest component, leading to lower instalment amounts. Remember, this is subject to the lender’s policies. In some cases, the EMI is kept the same while the tenure is shortened.

How many times can I check my home loan EMIs on this calculator for free?

You can check the instalment amount of your home loan as many times as you wish for free by using the housing loan EMI calculator on Bajaj Markets. This enables you to evaluate the EMI details of various loan offers and assess various possible scenarios without having to pay any charges. It can help you plan your finances efficiently and effortlessly.

How are the principal and interest paid through EMIs?

Each EMI includes a portion of both the borrowed amount (principal) and the interest charged on it. In the initial phase of your loan, a larger share of the EMI goes towards interest payments, while a smaller portion is used to repay the principal. Over time, this shifts, with more of your EMI contributing towards reducing the principal amount.
Lenders use a standard formula to calculate EMIs, which ensures consistency in repayment patterns across banks and financial institutions. A home loan EMI calculator in India will give similar results for the same loan amount, tenure, and interest rate.

How do part-payments affect your EMI?

Making part payments on your home loan lowers the outstanding loan balance, which in turn reduces the interest you pay over time. While your EMI amount typically remains the same, a greater portion of it starts going towards repaying the principal. This helps you repay the loan faster, reducing the overall interest burden.

Can you change your home loan EMI date?

Yes, you can request a change in your EMI payment date by contacting your lender. However, it’s important to check if any charges or conditions apply.

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Home Loan EMI Calculator

What is Home Loan EMI

How Calculating EMIs Helps You Plan Your Home Purchase

How to Use Our Home Loan EMI Calculator

Why Use a Home Loan EMI Calculator on Bajaj Markets

How is the Home Loan EMI Calculated

FAQs on Housing Loan EMI Calculator

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