Home Loan EMI Calculator
Calculate the future value of your SIP investment
Loan Amount
Rate Of Interest
Loan Tenure
Summary
Based on the details provided, your monthly EMI is ₹11,355 for a principal loan amount of ₹10,00,000, with a loan tenure of 10 years and an interest rate of 6.5% per annum. The total interest payable over the loan tenure is ₹3,62,576, bringing the total repayment amount to ₹13,62,576.
Summary
Based on the details provided, your monthly EMI is ₹11,355 for a principal loan amount of ₹10,00,000, with a loan tenure of 10 years and an interest rate of 6.5% per annum. The total interest payable over the loan tenure is ₹3,62,576, bringing the total repayment amount to ₹13,62,576.
Total Investment Breakup
Lumpsum Investment
Interest Amount
Total Investment
| Year | Opening Balance (₹) |
Yearly Interest (₹) |
Yearly Principal (₹) |
Outstanding Balance (₹) |
|---|
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Home Loan EMI Calculator
Home Loan EMI Calculator: Your Ultimate Guide to Planning Your Dream Home
Owning a home is a significant milestone for many Indians. However, the financial aspect of purchasing a house can often feel overwhelming. This is where a home loan EMI calculator comes handy. It helps you understand your loan repayments and manage your finances effectively. In this article, we’ll delve into everything about home loan EMI calculators online, their benefits, and how they can assist in planning your home.
What is Home Loan EMI?
EMI, or Equated Monthly Installment, is the fixed amount you pay your lender monthly to repay your home loan. This amount includes both the principal and interest components. The EMI amount remains consistent throughout the loan tenure unless there are changes in the interest rate or prepayments. To simplify the calculation, you can use a home loan monthly EMI calculator and get a head-start on your prepayment and financial planning.
What is a Home Loan EMI Calculator?
A home loan EMI calculator is an online tool that simplifies calculating your monthly home loan repayments. By entering the loan amount, interest rate, and tenure, you can instantly determine your EMI. This home loan EMI calculator is especially beneficial for Indian homebuyers to:
- Plan their budgets effectively.
- Compare loan options from different lenders.
- Understand the financial impact of varying loan terms.
Home Loan EMI Calculator Formula
The formula used to calculate EMI in the home loan and EMI calculator is:
E = [P x R x (1+R) ^N] / [(1+R) ^N-1]
Where:
- P = Principal loan amount
- R = Monthly interest rate (annual interest rate divided by 12)
- N = Loan tenure in months
This formula ensures accuracy and consistency, making it ideal for housing loans.
Home loan EMI calculator Excel
You can use a PMT function to replicate a house loan EMI calculator in Excel. Here’s how you can calculate your home loan EMIs in 2 simple steps:
- Open Excel and enter the formula: =PMT(rate, nper, pv)
- rate: Monthly interest rate
- nper: Total number of payments (loan tenure in months)
- pv: Loan amount
- Press “Enter” to calculate your Home loan EMI instantly.
Home Loan EMI Calculation Example
To understand how the house EMI calculator works, let’s take an example where –
- Loan amount §: ₹50,00,000
- Annual interest rate: 8%
- Tenure (N): 20 years (240 months)
Monthly interest rate ® = 8% / 12 = 0.00667.
Using the formula:
The EMI comes to approximately ₹41,822.
How Can a Home Loan EMI Calculator Help You?
This Home EMI calculator can help you in the following aspects:
- Financial Planning: Helps you understand your financial commitments before applying for a loan.
- Customizable Inputs: Allows you to experiment with loan amounts, interest rates, and tenures.
- Compare Offers: This home loan EMI calculator India enables you to evaluate loan options from different Indian banks and financial institutions.
- Prepayment Analysis: Assesses the impact of part-payments on your loan.
- Amortization Schedule: Provides a detailed repayment breakdown showing the principal and interest components.
- EMI Table for Home Loan: The home loan installment calculator on smallcase also provides a table and a graphical representation of your yearly EMIs along with principal and interest amounts to help you with yearly repayment calculation and the balance amount.
How to Use a Home Loan EMI Calculator?
- Enter the Loan Amount: Specify the amount you intend to borrow.
- Select Interest Rate: Input the applicable interest rate.
- Choose Loan Tenure: Provide the repayment period in months or years.
- Get Instant Results: View your EMI, total interest payable, and overall repayment amount.
What is a Home Loan Amortization Schedule?
The home loan amortization schedule is a detailed table showing how each EMI payment is divided into principal and interest components over the loan tenure. It also highlights the outstanding balance after each installment. This schedule can be generated by most home loan EMI calculators, including those in Excel formats.
Benefits and Limitations of Home Loan EMI Calculator
Benefits of The Home Loan EMI Calculator:
- Time-Saving: This home loan EMI calculator is quick and shows accurate EMI calculations.
- Financial Clarity: Helps in planning your budget.
- Ease of Access: Available for free online.
- Scenario Testing: You can test different loan scenarios on a home loan tenure calculator by changing variables at your convenience
- Error-Free: Eliminates manual calculation mistakes.
Online Home Loan EMI Calculator Limitations:
- Static Results: Doesn’t account for fluctuating interest rates.
- Simplified Outputs: May not include additional fees like processing charges.
- Dependent on Accuracy: Results depend on the accuracy of input data.
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Frequently Asked Questions
How to use a Home Loan EMI Calculator?
To use the home loan part payment calculator, input the loan amount, interest rate, and tenure to get your EMI instantly.
What is the minimum & maximum amount that can be borrowed as a home loan?
The minimum amount varies by lender, but loans generally start from ₹1 lakh and go up to ₹10 crore or more.
Can you take a home loan for home improvements and extensions?
Yes, many lenders offer loans specifically for home renovations and extensions.
Are there any tax benefits for Home loans?
Yes, under Section 80C (principal repayment) and Section 24(b) (interest payment) of the Income Tax Act, you can claim deductions.
What is a Home Loan amortization schedule?
It’s a detailed breakdown of each EMI into interest and principal components over the loan period.
When do the Home Loan EMIs start?
EMIs usually begin after full loan disbursement. Some lenders may offer pre-EMI options.
What is a Pre-EMI interest rate in a Home Loan?
Pre-EMI refers to the interest paid on the disbursed loan amount before full disbursement.
What are the factors affecting Home Loan EMIs?
- Loan amount
- Interest rate
- Loan tenure
- Prepayments
- Processing fees
- Type of interest rate (fixed or floating)
You can test various combinations of tenure, loan amount, and interest rate on this home loan EMI calculator and find out an ideal plan for you.
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