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Calculate EMI and Apply For a Home Loan

Calculate the EMI that you will be required to pay for your home loan with our easy to understand home loan EMI calculator.

Loan Eligibility
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Total EMI Paid Monthly for all Loans
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Principal Amount
Interest Amount
Total Amount Payable
EMI ₹ 0/ Month Apply for Loan

How is eligibility calculated?

Based on your income, different banks consider different percentages that you can set aside for paying EMIs. This percentage depends on parameters like your occupation and number of dependents. Your EMI is then calculated based on inputs like

  • Interest rate of the bank
  • Time period for which you want the loan
  • Loan amount required by you

The calculator then lets you know how much loan you are eligible for. Generally Medical allowance and LTA are not considered as part of income as banks consider them as reimbursements. Banks also consider the borrower's credit history and CIBIL score before sanctioning the loan.

The higher your ability to pay back the loan, higher would be the amount that you would be eligible for. Similarly, the loan amount is higher for bigger tenures and lower interest rates.

There are other ways to increase your loan amount like clubbing your income. You can jointly apply for a loan along with a spouse or any other earning member of the family to increase your loan eligibility.

₹
Enter Loan Amount
Years
Month
Enter Loan Tenure In Months
Enter rate of interest
Edit
EMI ₹ - / Month
Apply for Loan

How is EMI calculated?

EMI are used to pay off both interest & principal each month. It is calculated on the following parameters:

  • Amount of loan
  • The time period for which the loan is taken (Tenure of loan)
  • Rate of interest

EMIs can be reduced by increasing the time period, but this will come at a cost of more interest to the bank and liability for a larger duration.

₹
Enter Loan Amount
Years
Month
Enter Loan Tenure In Months
Enter rate of interest
Enter Loan Amount
₹
Enter Loan Amount
Edit

When tenure is same, Revised EMI would be

₹ -
Savings in EMI
₹ -
Total Interest Saved
₹ -

When EMI is same, the revised tenure would be

Months
Reduction in tenure
Months
Apply for Loan

How does this calculator work?

This calculator helps you find out how changes in the rate of interest might affect your monthly payments. If you keep the loan tenure same (period for which you have taken the loan), then this calculator will display the new EMI based on the new rate of interest. However, if you choose to keep the EMI same, then it will show the new Tenure.

₹
Enter Loan Amount
Years
Month
Enter Loan Tenure In Months
Enter rate of interest
Enter rate of interest
Enter rate of interest
Enter rate of interest
Edit

If you keep the EMI fixed, the revised tenure would be

Revised Tenure
Months
Total reduction in tenure
Months

If you keep the tenure fixed, the revised EMI would be

Revised EMI
₹ -
Total reduction in EMI
₹ -
Apply for Loan

How does this calculator work?

This calculator helps you find out how changes in the rate of interest might affect your monthly payments. If you keep the loan tenure same (period for which you have taken the loan), then this calculator will display the new EMI based on the new rate of interest. However, if you choose to keep the EMI same, then it will show the new Tenure.

Current Loan

₹
Enter Loan Amount
Enter rate of interest
Enter Installments paid
Years
Month
Enter Loan Tenure In Months

New Loan

Enter rate of interest
Enter rate of interest
Years
Month
Enter Loan Tenure In Months
Edit
You will save
₹ -
in interest amount.

EMI Tenure will be reduced by 8 Months

Current
EMI - Per Month
₹ -
Outstanding Principal
₹ -
EMI Tenure
Months
Interest
₹ -
New
EMI Tenure
Months
Total Interest
₹ -
Apply for Loan

How does this calculator work?

You will need to enter a few details like:

  • Details of the existing loan
  • Period for which you have availed the loan
  • Period for which you have availed the loan
  • Prepayment fees

Calculator will use these details and the approximate details of the new loan that you can get. It will then compare the two loan options and advice you whether to switch the loan or continue with the existing one. You can however modify the details of the new loan.

₹
Enter Loan Amount
Years
Month
Enter Loan Tenure In Months
Enter rate of interest
Enter Loan Amount
Edit
Principal Paid
₹ -
Principal Outstanding
₹ -
Interest Paid
₹ -
Interest Outstanding
₹ -
Total Instalment Paid
-
EMI
₹ -
Apply for Loan

How does this calculator work?

An EMI has 2 components, Principal and Interest. The initial installments have a higher share of interest. The Interest component gradually decreases towards the end of the loan tenure, which in turn increases the principal component.

This Calculator separates the Interest and principal that is paid for each EMI payment. Borrower can use this knowledge to evaluate the possibilities of prepayment, switching loan or simply to understand how much he has already paid to cover the principal and how much is the balance, similarly for the interest.