Home Loan Calculator

Calculate your home loan EMI and amortization schedule.

Calculators

Home Loan EMI Calculator Amortization

₹
₹1 Lac₹10 Cr
%
0.5%25%
1 Year40 Years

Loan Summary

Monthly EMI
₹0
Principal
₹0
Total Interest
₹0
Total Payable
₹0
Principal Interest
Total Payable
₹0

Amortization Schedule

Year / MonthEMI (₹)Principal (₹)Interest (₹)Balance (₹)
These calculators are provided only as general self-help planning tools. Results depend on many factors, including the assumptions you provide. We do not guarantee their accuracy or applicability to your circumstances. NRIs should input net income.

Home Loan EMI Calculator

CashKonnect's home loan calculator helps you calculate your Home Loan EMI with ease. It is useful in planning your cashflows for servicing your home loan.

What is Home Loan EMI Calculator?

Home Loan EMI Calculator assists in calculation of the loan installment i.e. EMI towards your home loan. It is an easy to use calculator and acts as a financial planning tool for a home buyer.

What is Home Loan EMI?

EMI stands for Equated Monthly Installment. It includes repayment of the principal amount and payment of the interest on the outstanding amount of your home loan. A longer loan tenure (for a maximum period of 30 years) helps in reducing the EMI.

Illustration: How is EMI on Loan Calculated?

Formula for EMI Calculation is:

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

Where:
P = Principal loan amount
N = Loan tenure in months
R = Monthly interest rate

The rate of interest (R) on your loan is calculated per month:

R = Annual Rate of interest / 12 / 100

If rate of interest is 7.2% p.a. then r = 7.2/12/100 = 0.006

Example: If a person avails a loan of ₹10,00,000 at an annual interest rate of 7.2% for a tenure of 120 months (10 years), then his EMI will be calculated as under:

EMI = ₹10,00,000 x 0.006 x (1 + 0.006)120 / ((1 + 0.006)120 - 1) = ₹11,714

The total amount payable will be ₹11,714 x 120 = ₹14,05,703.
Principal loan amount is ₹10,00,000 and the Interest amount will be ₹4,05,703.

How to use the Home Loan EMI Calculator?

All you need to do is input the following to arrive at your EMI:

  • Loan Amount: Input the desired loan amount that you wish to avail.
  • Loan Tenure (In Years): Input the desired loan term for which you wish to avail the housing loan. A longer tenure helps in enhancing the eligibility.
  • Interest Rate (% P.A.): Input interest rate.

What is Home Loan Amortization Schedule?

Loan amortization is the process of reducing the debt with regular payments over the loan period. A home loan amortization schedule is a table giving the details of the repayment amount, principal and interest component.

CashKonnect's EMI calculator gives a clear understanding of the ratio of the principal amount to the interest due, based on the loan tenure and interest rates. The EMI calculator also provides an amortization table elucidating the repayment schedule with a complete break-up of the interest and principal amount.

Key Features and Benefits

  • Home Loans for purchase of a flat, row house, bungalow from private developers in approved projects.
  • Home Loans for purchase of properties from Development Authorities such as DDA, MHADA etc.
  • Loans for purchase of properties in an existing Co-operative Housing Society or Apartment Owners' Association.
  • Loans for construction on a freehold / lease hold plot or on a plot allotted by a Development Authority.
  • Flexible repayment options including Step Up, Step Down, and Tranche Based EMI.
  • Longer tenure loans of up to 30 years with telescopic repayment option.

Repayment Plans

Step Up Repayment Facility (SURF)

SURF offers an option where the repayment schedule is linked to the expected growth in your income. You can avail a higher amount of loan and pay lower EMIs in the initial years. Subsequently, the repayment is accelerated proportionately with the assumed increase in your income.

Flexible Loan Installments Plan (FLIP)

FLIP offers a customized solution to suit your repayment capacity which is likely to alter during the term of the loan. The loan is structured in such a way that the EMI is higher during the initial years and subsequently decreases in proportion to the income.

Tranche Based EMI

If you purchase an under construction property you are generally required to service only the interest on the loan amount drawn till the final disbursement of the loan and pay EMIs thereafter. In case you wish to start principal repayment immediately you may opt to tranche the loan and start paying EMIs on the cumulative amounts disbursed.

Accelerated Repayment Scheme

This option provides you the flexibility to increase the EMIs every year in proportion to the increase in your income which will result in you repaying the loan much faster.

Telescopic Repayment Option

With this option you get a longer repayment tenure of up to 30 years. This means an enhanced loan amount eligibility and smaller EMIs.

Frequently Asked Questions

What is a Home Loan EMI?
Equated Monthly Installment (EMI) is the fixed amount you pay the bank every month. It includes a portion of your principal amount and the interest accrued on the outstanding balance.
How does the EMI calculation work?
The calculator uses the standard reducing balance formula. In the early years, a larger portion of your EMI goes toward interest, while in later years, the principal component becomes larger.
Does prepayment reduce my EMI or loan tenure?
Making a partial prepayment reduces your outstanding principal. You can then choose to either reduce your monthly EMI amount or keep the EMI same and reduce your overall loan tenure.
Can I claim tax benefits on a home loan?
Yes, in India, you can claim tax deductions on the principal repayment under Section 80C and on the interest component under Section 24(b) of the Income Tax Act.
Can I use this Home Loan Calculator for free?
Yes, this Home Loan Calculator is completely free to use. You can use it as many times as you want without any hidden charges or registration.
How much time does it take to use the Home Loan Calculator?
It takes less than a minute! Our calculator works instantly. Just enter your values in the input fields, and the results, along with visual charts, are generated in real-time.