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Calculate your monthly Home Loan EMI with our easy-to-use EMI calculator.

EMIs are a long-term commitment but can be your greatest ally if planned properly. BASIC home loan EMI calculator is a simple tool that allows you to easily calculate your EMI by entering the loan amount, interest rate, and loan term.

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What is Home Loan EMI?

A home loan's Equated Monthly Installment (EMI) is a fixed payment made by borrowers to lenders every month as part of their repayment obligation for a housing loan. The EMI includes both the interest charges on the loan amount and the principal amount repayment. It depends on certain factors, such as the rate of interest on which the home loan is availed, the loan tenure, and the principal loan amount.

What is a Home Loan EMI Calculator?

A home loan EMI calculator is a convenient online tool that helps individuals to estimate their monthly repayment obligations for a housing loan. The use of a home loan EMI calculator online empowers borrowers to make informed decisions for better financial planning while achieving home ownership. An individual can get instant EMI estimates by inputting details like loan amount, loan tenure, and interest rate in a home loan EMI calculator in India

EMI Calculator

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Break up of Total Payment

Your monthly EMI is

Total Amount Payable

  • Principal Amount

  • Total Interest

How is EMI on Loan Calculated?

Borrowers keen to know how to calculate home loan EMI can calculate it manually using a simple mathematical formula that is based on three main loan parameters; principal loan amount denoted by ‘P’, rate of interest denoted by ‘R’, and the loan tenure in terms of number of repayment installments denoted by ‘N’. Here is the exact home loan EMI calculator formula:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

How to use BASIC Home Loan EMI Calculator?

BASIC Home Loan offers the most accessible loan EMI calculator home loan calculator. Here is a detailed description of how to use the BASIC Home Loan EMI Calculator:

  • Visit the BASIC Home Loan EMI Calculator url
  • Enter the Loan Amount (minimum loan amount is Rs. 5 lakh)
  • Now, enter the Interest Rate
  • Fill in the preferred Loan Tenure (minimum 1 year)
  • Click on the ‘Apply Now’ option
  • Your Total Monthly EMI Amount Payable and the Total Amount Payable will then be displayed on the same page on the right-hand side panel

Home Loan Amortization Schedule

The home loan amortization schedule is a detailed table that outlines the repayment schedule for a housing loan over the entire loan tenure. Through this table, the borrower can get detailed information on each installment payment with an exact breakdown of the principal amount, interest, and the outstanding loan amount after each home loan EMI.

Features and Benefits of Home Loan EMI Calculator

Home Loan EMI Calculator is a powerful financial tool that can simplify the process of calculating the Equated Monthly Installments (EMIs) for housing loans. Some of the main home loan EMI calculator features and benefits are listed below:

  1. Accurate and Precise: The use of an online home loan EMI calculator prevents the chances of human errors in calculating the EMI by providing accurate and precise calculations if the correct inputs are entered.

  2. Convenient and Free:The home loan EMI calculator is a convenient tool that can be assessed online anytime and anywhere. Moreover, it is completely free to use for multiple calculations.

  3. Quick and Flexible:Using an online EMI calculator tool for home loans means opting for quick results within a few clicks within seconds. These calculators offer the user the flexibility to input a variety of parameters to experiment with various loan amounts.

  4. Aids in Financial Planning:The EMI calculator helps potential home loan borrowers make informed decisions about the most affordable home loan amount. It also helps the borrower better plan for other monetary obligations.

  5. User-Friendly: Home loan EMI calculators are user-friendly and just ask for three main details from the user to provide them with instant EMI estimated as many times as they want.

FAQs

EMI stands for equated monthly installments. It is the monthly payment you must make until your loan amount is fully paid off.

The Home Loan EMI Calculator is a tool that will help you understand your loan's monthly payment. When you take out a loan, the EMI amount you will pay is very important in determining your final loan amount and repayment term. Our home loan calculator can assist you in doing so. You will be able to see your monthly payment, which will help you decide what your loan amount should ideally be and how long it should be payable over. The Loan EMI calculator is extremely simple to use. Simply enter the loan amount, interest rate, and repayment term, and your monthly EMI will be calculated automatically.

The best part about our Home Loan EMI Calculator is that you can use it even if you've never had a loan before. As a result, such a loan EMI calculator is ideal for first-time borrowers because it provides a clear picture of their EMI. Simply enter three key elements: loan amount, repayment term, and interest rate. The EMI calculation will be performed automatically for you.

Each EMI pays back a portion of the principal (or amount borrowed) as well as the interest due on that principal. The proportion of each EMI used for principal and interest repayment varies over time. The first few EMIs are mostly used to pay interest and contribute little to principal repayment. However, the subsequent EMIs contribute more to the principal payments.

Home loan prepayment can help you reduce your outstanding principal balance and help you get out of debt more quickly. Based on the customer's choice at the time of prepayment, the reduction in the outstanding principal will further reduce the loan EMI or outstanding tenure.

A Home Loan EMI payment usually begins one month after the disbursement. If the loan is subject to a moratorium, the EMI payments begin after that period. For properties under construction, EMIs do not begin until after final disbursement, and only interest must be paid up to that point. Nevertheless, you can start your EMI payments after the initial disbursement.

It depends on your income and expenses each month. It is recommended by most banks to keep your monthly EMI between 35% and 45% of your income so that you can afford to repay this debt. Before borrowing, determine how much EMI you can afford and understand the circumstances that can impact your EMI.

It's understandable that you'd prefer a lower home loan EMI. The lower your monthly payment, the more disposable money you have and the more room you have for extra EMIs. If you are considering a home loan, first determine how much EMI you are qualified for using a house loan calculator tool. Consider increasing your tenure or opting for better interest rates to further lower it. You can also increase your loan's down payment component for even cheaper EMIs.

In case you are already serving a home loan, it is still possible to reduce your existing EMI. This depends on multiple factors:

Make part prepayments

Ask for better interest terms

Consider a home loan balance transfer

The BASIC Home Loan online EMI calculator assists you in better planning your housing finance by displaying the monthly installment (EMI), net interest payable, and total payable amount.
  • You will save time and effort by using this tool to calculate without having to do it manually. With just a few details, the calculator will immediately display results.
  • Based on your repayment ability, you can also use the home loan EMI calculator to choose the loan tenure that works best for you. By evaluating your monthly income, expenses, and savings, you can easily determine your ability to pay back the loan.
  • It is a free service and you can use it as many times as you want.
  • You can use an EMI calculator to analyze multiple loan offers and determine which one is most affordable in terms of EMI and interest payable over the loan's entire term.
  • Knowing your EMI lets you know whether you'll be able to repay the loan, thereby increasing your chances of approval.

Here’s why:
  • Doorstep Documentation
  • Agent Support
  • 100% Online Process
  • Flexible Repayments
  • Disbursal within 15 Days