The above Home Loan EMI Calculator depends on various factors and assumptions created by us. There is no assurance that the results provided by the calculator are accurate as per the current home loan rates in the market. Results may also vary based on different banks, their interest rates, and tenure.

Home Loan EMI Calculator

The Home Loan EMI Calculator will help you calculate your EMI based on tenure and yearly interest rate. It is designed to provide you with information in advance so that you can make an informed decision before buying a new house. The Amortization Schedule generated by the Home Loan EMI Calculator can help you understand how much money you will need to pay every month towards the EMI. Along with the full tenure, it will also display vital information about the total interest you will pay until the end of the loan. Banks usually collect the maximum interest during the first few years of the loan. If you review the Amortization schedule, you'll notice that the EMI for the first five years consists of more interest and less principal, and this gradually changes over time as you continue to make payments.

Home loan interest rates start at 8% and vary from bank to bank. For example, HDFC offers home loans at 8.70% per annum, while Yes Bank offers the same at 9.40% per annum. Below is a list of all banks and their respective interest rates.

Home Loan Interest Rate of all Banks 2024

The interest rates below were updated for the financial year 2024-2025 and do not include processing fees, taxes, document charges, etc.

Bank of India	8.30
Standard Chartered Bank	8.30
Union Bank of India	8.35
LIC Housing Finance	8.35
Bank of Maharashtra	8.35
South Indian Bank	8.35
Canara Bank	8.40
IDBI Bank	8.40
HSBC Bank	8.45
Central Bank of India	8.50
State Bank of India	8.50
Punjab and Sind Bank	8.50
Saraswat Bank Home Loan	8.60
Tamilnad Mercantile Bank	8.60
Aditya Birla	8.60
Bandhan Bank	8.65
Kotak Mahindra Bank	8.70
HDFC Home Loans	8.70
Tata Capital	8.70
Axis Bank	8.75
IDFC First Bank	8.75
Karnataka Bank	8.75
Federal Bank	8.80
GIC Housing Finance	8.80
Jammu and Kashmir Bank	8.85
Karur Vysya Bank	9.00
Hudco Home Loan	9.25
Indiabulls	9.30
Dhanlaxmi Bank	9.35
Punjab National Bank	9.40
Yes Bank	9.40
Shriram Housing	9.50
Bank of Baroda	10.15

What is a Home Loan EMI Calculator?

The Home Loan EMI Calculator will assist you in calculating the tentative EMI that you have to pay every month to the bank. This EMI is calculated based on the Loan Amount, Tenure, and Interest rate. It serves as a financial planning tool for those who are looking to buy a new home or property.

What is a Home Loan EMI?

EMI stands for Equated Monthly Installments. It is the amount you pay back to the bank against the property loan. The bank charges yearly interest on the loan, which is an integral part of the EMI. The maximum Home Loan tenure provided by the bank is 30 years; the longer the tenure, the more interest you pay.

How EMI is Calculated?

EMI is calculated based on a formula: P x R x (1+R)^N / [(1+R)^N-1]​ , where the total Principal Amount along with Loan Tenure in Months and Monthly Interest rate is taken into consideration. Here is a detailed explanation of how it works.

EMI Calculation Formula: P x R x (1+R)^N / [(1+R)^N-1]

• P - Principal Loan Amount.

• N - Loan Tenure in Months.

• (R) - Monthly Interest Rate.

• R - Annual Interest Rate divided by 12 (Year) divided by 100.

The Principal Loan Amount is the total loan that is disbursed to you, excluding Loan Charges and Taxes. N is the total tenure in months. For example, if you take a loan for 20 years, then 20 × 12 = 240 20×12=240 Months. 𝑅 R is the Rate of Interest calculated every month, and 𝑅 R without brackets is the Annual interest rate. Here is an example of how the EMI Formula works.

Assuming Rohit takes a housing loan of 25 Lakhs for 10 years at an interest rate of 8.75% per annum. What will be his monthly EMI?

1. First, we will pull out the R, the interest rate is 8.75% per annum. So monthly is - 8.75 / 12 / 100 = 0.007.

2. Second Loan Tenure - 20 Years x 12 = 240 Months.

So Monthly EMI will be: 25,00,000 x 0.007 x (1 + 0.007) / 240 / [(1 + 0.007) 240 - 1)] = 22,093

The total repayment to the bank will be Rs. 22,093 x 240 = Rs. 53,02,320. In this repayment, 25 Lakhs is the principal amount, and approximately 28 Lakhs is the interest you paid in addition to the bank over the 20-year tenure.

Using the above Home Loan EMI Calculator will ease your task of finding out how much principal and interest you are paying. This way, you can make informed financial decisions.

How does EMI calculation help in planning the home purchase?

This Home Loan EMI Calculator will give you a clear vision of how much money you will need every month for the next 10, 20, or 30 years. Without having enough data, you cannot plan for a dream home, as EMI is just one fixed cost among many variable costs, such as Loan Processing Fees, Interior Charges, Cost of Living, etc. The Home Loan EMI Calculator will also guide you about the down payment, where you can reduce your Principal Loan or choose a lower tenure. It is important to make informed decisions and be well aware of how much money you need. Taking a huge loan without planning is not feasible because if you fail to pay, the Bank can auction your house, which can be devastating. The Home Loan EMI Calculator will help you determine your contribution towards the EMI and plan your income and expenses accordingly.

How to Use Home Loan EMI Calculator?

Input the Loan Amount and then select the Tenure. Type in the Interest rate, and on the right side, you will see details of your Monthly EMI, Principal Amount, Interest Amount, and Total Amount Payable. The amount displayed on the right end with a Pie Chart shows the total payable loan in full tenure, which can be a maximum of 30 years. If you need a breakup, then scroll down and look for the Home Loan Amortization Schedule. Here, you can see the year-wise breakup of your Home Loan. This schedule will display the break of principal + interest you are paying every month. Below are some conditions to use the EMI calculator.

• NRIs should enter the net loan amount.

• Find out the right interest rate that is available on the bank side.

• The loan calculator does not include Loan Charges.

• The loan calculator will display results based on the Per Annum Interest Rate.

• Max tenure is 30 Years.

• The monthly EMI displayed may differ from the bank's actual EMI.

What is Amortization Schedule?

The Home Loan Amortization Table gives a detailed report of the repayment schedule. It provides a breakup of the Principal and Interest you're paying towards an EMI. You can keep an eye on the interest component and learn how to reduce it by using a pre-payment feature. Many banks offer this service where you can pay additional EMIs to reduce the burden on your future self. Even paying 3 extra EMIs every year can reduce your home loan by up to 5 years. The

Home Loan EMI Calculator is the best way to get a fair understanding of the debt. Once the loan is issued, the clock begins. Make sure you inquire about EMI bounce charges, pre-payment charges, etc., which are not a part of the Home Loan Amortization Table.

What are different Home Loan Repayment Plans?

Different banks offer different types of Loan Repayment plans, which can maximize your Home Loan eligibility. Below are some of the common types of repayment plans you can find in the market.

HDFC Bank Repayment Plans:  HDFC offers five types of plans where you can wind up your loan faster.

1. The first is the Step Up Repayment Facility (SURF), where your EMI increases as your income increases, resulting in faster payment.

2. The second is the Flexible Loan Installments Plan (FLIP), where you can pick the loan term as per your needs. You can choose to pay a higher EMI at the start and then decrease it if your income falls. 

3. The third one is the Tranche-Based EMI Plan. Here, you buy a construction property, and once the property is handed to you, the loan is disbursed. You can pay the principal until the property gets ready and avoid interest.

4. The fourth is the Accelerated Repayment Scheme, where you can increase your EMI every year to clear your loan faster.

5. The last option is the Telescopic Repayment Option, where you can connect with the bank to get a maximum loan repayment tenure of 30 years. You may end up paying more interest, but your EMI will be smaller.

ICICI Bank Repayment Plans:

1. EMI Holiday: ICICI Bank offers a unique EMI holiday option where you can delay your EMI after the disbursal of the loan. You can do this three times within three months of the loan disbursal.

2. Step-Up Repayment: This is similar to HDFC SURF, where your EMI amount increases as your income increases. You can pay a higher EMI and reduce your tenure as well as interest.

3. Step-Down Repayment: Here, the EMI reduces if there is an issue with your income. You have to connect with the bank for this, and the tenure of the loan will increase in this option.

4. Lump Sum Repayment: If you have any extra money, you can repay the amount to the bank under the Lump Sum Repayment scheme. The Bank will restructure your loan with lower EMIs.

5. Refinance: If you need more money, you can refinance on the same loan with a lower interest rate.

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