Home Loan EMI Calculator
Calculate your monthly EMI, total interest payable, and total payment for your home loan.
Adjust Parameters
₹1,00,000₹10,00,00,000
0.5%12%
1 years30 years
Loan Details
How to Calculate Home Loan EMI
The Equated Monthly Installment (EMI) for a home loan is calculated using the following formula:
EMI = [P × R × (1+R)^N]/[(1+R)^N-1]
Where:
- P = Principal loan amount
- R = Monthly interest rate (Annual rate ÷ 12 ÷ 100)
- N = Total number of monthly installments (Loan tenure in years × 12)
Example Calculation
For a home loan of ₹30,00,000 at 8.5% interest for 20 years:
- P = 30,00,000
- R = 8.5 ÷ 12 ÷ 100 = 0.00708
- N = 20 × 12 = 240 months
- EMI = ₹26,035 per month
Factors Affecting Home Loan EMI
- Loan amount (higher amount = higher EMI)
- Interest rate (higher rate = higher EMI)
- Loan tenure (longer tenure = lower EMI but more interest)
- Down payment (higher down payment = lower loan amount)
About Home Loans
A home loan is a secured loan provided by financial institutions to help individuals purchase residential property. The property itself serves as collateral for the loan, which typically offers lower interest rates compared to unsecured loans.
Types of Home Loans
- Fixed-rate home loans
- Floating-rate home loans
- Balance transfer home loans
- Home improvement loans
- Land purchase loans
How to Use This Calculator
- Enter your desired loan amount
- Set the interest rate offered by your lender
- Choose your preferred loan tenure
- View your monthly EMI and total interest payable