Home Loan EMI Calculator | Calculate House Loan Equated Monthly Installments

Do you have a dream to buy a New House?. Yes, it is possible through the EMI Home loan. Before, you take a Home loan on EMI you have to calculate EMI using Home loan EMI calculator. EMI calculator for the housing loan can be calculated using the India home loan calculator on our site. Along with the Home loan Equated monthly installment calculator, we have also given types of home loans, Home Loan EMI benefits, and EMI home loan documents and eligibility, amortization table in the below sections of this page.

Home loan EMI calculator

Everyone wants an own house to live. Due to some financial problems individuals, can’t invest the huge amount of money to buy a property. So, to buy a property or house or land the EMI is the best option. Utilizing this EMI house loan many common people all over India have owned the property. The EMI calculation for the car loan, a personal loan may be same the same. Yet, there may be some slight variations in the Home loan EMI interest rates. So, we have provided the Home loan EMI calculator to calculate monthly installments.

How to calculate Home loan? parameters required to use home loan calculator are given in the below sections of this page. Therefore, you can easily use the home loan calculator to calculate EMI payment per month. The Home loan EMI can also be calculated on an excel sheet which takes much time and complicated process. So, use the Home loan EMI calculator provided below.

EMI Calculator For Home Loan


Click here to check Home Loan EMI Interest Rates

 What is Home loan EMI?

EMI stands for Equated monthly installments. We all know What is EMI but to gain the complete knowledge you must read this. If you take EMI home loan, you have to pay monthly fixed amount to the lender or to the bank which sanctioned the loan. In other words, the EMI is defined as the home loan repaid by the borrower in fixed installments. The home loan Principle amount along with the interest must be repaid within the EMI loan tenure. To get more clarity observe the EMI amortization table.

EMI Home Loan Benefits

  • EMI Interest rate is fixed.
  • Payment per month is not varied.
  • Secured and best for Home loan.
  • Tenure may be long term or short term.
  • Tax benefits.
  • Loan security.
  • Insurance on Home Loan.

Important Points To be Remembered While You Take Home Loan EMI

  • Home loan on EMI eligibility.
  • You have to know interest Rates.
  • Additional charges.
  • Tenure of the Home Loan.
  • Documents Required.

Home Loan EMI Interest Rates of Top Banks in India

Bank Name Interest Rate (Floating)
State Bank of India Home loan EMI Interest Rate 8.60% – 8.65%  (Women), 8.65% – 8.70% (Others)
ICICI Home loan EMI Interest Rate 8.65% – 8.80% (women) – 8.70% – 8.85%(Others)
HDFC Home loan EMI Interest Rate 8.65% (women) – 8.70% (Others)
LIC Housing loan EMI Interest Rate 8.50% – 8.70%
Bank of Baroda Home loan EMI Interest Rate 8.35% – 8.55%
Axis Bank Home loan EMI Interest Rate 8.65%
DHFL Home loan EMI Interest Rate 8.60% – 8.70%
IDBI Home loan EMI Interest Rate 9.15% – 9.20%
Union Bank of India Home loan EMI Interest Rate 8.75% – 8.80%
Bank of India Home loan EMI Interest Rate 8.65% – 8.70%
Corporation Bank Home loan EMI Interest Rate 8.85%
United Bank of India Home loan EMI Interest Rate 8.80%
HSBC Home loan EMI Interest Rate 9.35% – 9.45%
Indian Bank Home loan EMI Interest Rate 8.60%
Federal Bank Home loan EMI Interest Rate 9.57% – 9.82%
UCO Bank Home loan EMI Interest Rate 8.75% – 8.90%
Kotak Bank  Home loan EMI Interest Rate 8.75%
Syndicate Bank Home loan EMI Interest Rate 8.75%

Documents Required For EMI home Loan

  • Home loan documents.
  • Fee cheque for processing.
  • Bank statement of last 6 years.
  • Last 3 years Income Tax Returns.
  • Identity proof.
  • Address Proof.

What is Amortisation?

Many of you are familiar with the term amortization, but you really don’t know the exact meaning. The amortization is nothing but the EMI schedule with entire loan details. Amortisation is a table containing the number of payments, balance, principle etc. The interest per month, principle per month which is repaid are clearly mentioned in the Home loan Amortisation Table. Annual loan Amortisation table and the monthly loan Amortisation schedules are available.

Home loan Amortisation table by considering the Loan amount as Rs. 8,00,000, the interest rate is 9.60% per month and loan tenure is 10years i.e, 120 months. In this Amortisation table, you can find the balance EMI amount per each month.

Loan Period Principle/ loan amount Rate Of Interest EMI per Month Balance
1 50,114.85 74,633.01 124,747.86 749,885.15
2 55,143.31 69,604.55 124,747.86 694,741.83
3 60,676.32 64,071.54 124,747.86 634,065.51
4 66,764.50 57,983.36 124,747.86 567,301.01
5 73,463.57 51,284.30 124,747.86 493,837.44
6 80,834.81 43,913.06 124,747.86 413,002.63
7 88,945.67 35,802.20 124,747.86 324,056.97
8 97,870.36 26,877.51 124,747.86 226,186.61
9 107,690.54 17,057.32 124,747.86 118,496.07
10 118,496.07 6,251.80 124,747.86 0

 EMI Home Loan Types

There are different types of home loans available through EMI. You may buy a house or flat or land or building or any other property. So, the home loan EMI depends on the type of home loan you choose. The following are the various types of House loans.

  • Loan against property

This is the most popular home type loan where the loan is borrowed with the help of mortgaging an existing house to the lender. It is the most secure loan which can be chosen by any individual.

  • Land purchase loan

Land purchase loan is the for buying the land, plot/ flat. Usually, the maximum loan amount ranges between 80-85% of the total cost of the property. But the drawback of this home loan is the there will be no tax benefits.

  • Home purchase loan

The home purchase loan is sanctioned for the one who buys the house which is constructed. For example, a flat in an apartment or an individual home etc. It is also the best kind of Home loan.

  • Loan to construct home

The name itself indicates that the loan is for the construction purpose. If you already have a land and you want to construct a house this loan is suitable. You have to provide all the land details to the bank or the lender. Then, after verification, the loan is sanctioned.

  • Home Conversion loans

These home conversion loans are somewhat expensive. This is advisable to transfer the existing house loan to new loan. The interest rates are also high.

  • Improvement Home Loan

If you have a building and you want to add a floor to it or extend it this home loan is useful. Using the Home loan EMI calculator you can calculate this loan. The improvements include the painting, tiling etc.

  • Balance Transfer Loan

In case if you want to transfer the Home loan from one bank to another bank this type of loan will surely help you. ICICI, Kotak Mahindra are some of the banks which provide this facility.

How To Calculate EMI on Home Loan?

The EMI home loan calculation along with the formula to calculate home loan are clearly explained below. Otherwise, you can use the Home loan EMI calculator for the home loan to get the EMI per month within seconds. The following are the 3 major values required to calculate EMI.

  • Loan Amount/ Principle (in rupees).
  • Home loan Intrest Rate (in percentage per year).
  • Tenure/ loan period (years/ months).

Home Loan EMI Formula

E= P.r. (1+r)n/((1+r)n-1).

E stands for EMI.

P stands for Principle/loan amount.

r stands for Rate of Interest.

n stands for tenure/ loan period or duration.

With the help of the below example, you can completely understand the home loan EMI calculation.

Consider the EMI Home loan Amount/ Principle as Rs. 20,00,000.

The Home loan EMI Interest Rate is 9.50% per annum.

Home Loan Tenure is 20 years or 240 months.

Substitute the values in the above formula.

E= P.r. [ (1+r)n/((1+r)n-1) ]

EMI = (20,00,000)( 0.007916).[ (1+0.007916)240/((1+0.007916)240 ) ] – 1

= 18,643 Per month.

After seeing this long calculation you will definitely use the Home loan EMI calculator to calculate EMI on home loan.

EMI Home Loan Eligibility & Rules

The minimum age to apply for the Home loan is 21 years. Make sure that the repayment of the Home loan must be completed between 60-65 years.

How To Use EMI Home Loan Calculator

The Online EMI Home loan calculator is available on our site. Therefore, we have mentioned the steps to use the Home loan EMI calculator. Follow the simple steps to calculate the Equated monthly Instalments.

  • In the home page of our site, you will find the Home loan “EMI calculator”.
  • Simply click on it.
  • Then, a page opens where you have to enter the Home loan amount.
  • Now, enter the interest rate for EMI home loan.
  • Carefully, enter the loan tenure in months or years.
  • Finally, click on Calculate.
  • Now, the Total EMI payment per month is displayed on the Home loan rate calculator.
  • Check, the amount and pay on the exact date.

If you are looking for Car Loan EMI Calculator and Personal EMI Calculator, you can find on our site.

Updated: March 7, 2017 — 9:34 am

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