Home Loan EMI Calculator

The home loan EMI calculator, as the name suggests, is a tool you can use to calculate your housing loan EMIs. Based on the values entered for the principal amount, interest rate, and tenor, the calculator displays the EMI you must pay each month.

What is a Home Loan EMI?

EMI, or Equated Monthly Instalment, is the monthly amount you must pay to repay your loan by the end of the tenor. Its amount depends on the applicable home loan interest rate, the principal amount, and the loan tenor. To know your EMI, use the Bajaj Housing Finance EMI calculator.

What Factors Affect your Housing Loan EMI?

Your home loan EMI is dependent on the principal amount, interest rate, and loan tenor. Use our Home Loan Eligibility Calculator to know how much you can borrow based on your monthly income and fixed obligations.

The tenor refers to the number of months over which you will pay your EMIs, and the housing loan interest rate is the rate offered to you by the lender. The rate, in turn, depends on market conditions and your credibility as a borrower.

The below EMI formula exhibits the relationship between the EMI, principal, rate of interest, and tenor..

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

Where,

P is the principal or loan amount

R is the monthly home loan interest rate

N is the number of EMIs (the tenor in months)

When you use a home loan EMI calculator, the tool uses this formula to display your EMI instantly and accurately. While this gives you an overview of your repayment plan, bear in mind that the actuals change in case you opt for a part-prepayment.

What is a home loan amortization schedule?

A home loan amortization schedule is a table of EMI payments that indicates the interest and principal break-up of each instalment from the start to the end of the tenor. In the amortization table, while the EMI remains constant, the interest component decreases and the principal component increases as the tenor progresses. Apart from the opening and closing balance, one can also infer the total interest and principal paid and the interest and principal paid yearly. You can use a home loan calculator that offers an amortization schedule to view your EMI break-up across the tenor.

 

How Does Home Loan EMI Repayment Reduce Tax Obligations?

As per the India Income Tax Act, you can claim home loan tax benefits on both principal and interest repayment.

Section 80C: Principal repayment (including registration fee and stamp duty), up to Rs.1.5 lakh

Section 24B: Interest repayment, up to Rs.2 lakh

Section 80EEA: Additional interest, up to Rs.1.5 lakh

Section 80EE: Additional interest, up to Rs.50,000

In case of a joint home loan, both homeowners can claim their home loan tax benefit separately.

While using the Bajaj Housing Finance online home loan calculator to view your EMI and amortization schedule, make sure you review the conditions to qualify for home loan tax benefits under relevant sections.

Can I Pay Home Loan EMI in Advance?

You can make a part payment several times your EMI. The amount paid goes towards reducing the outstanding loan amount and thereby reduces the net interest payable. Use the Bajaj Housing Finance home loan part payment calculator to view your EMI and tenor savings.

When Will My Home Loan EMI Begin?

Generally, your home loan EMI payments begin in the month after the disbursal. In case a moratorium is agreed upon, the home loan EMIs start after a predefined period. For under-construction properties, EMIs commence only after the final disbursement, and only the interest is to be paid till then. However, you can opt to start your EMI payments after the initial disbursal itself.

Is the Home Loan EMI Rate Different for Women?

Often, there are concessional rates for women applicants/co-applicants who are homeowners/co-homeowners. In such a case, you can use the Home Loan Interest Calculator, adjust the interest rate as per the discount, and view your new EMI. Making the most of such schemes can help you get the lowest EMI home loan.

What Are the Advantages of Using Home Loan EMI Calculator?

There are several advantages of using a home loan calculator . A home loan calculator:

• shows you your EMI accurately
• displays the EMIs instantly
• can be used online from anywhere
• helps you pick the ideal tenor
• Helps you decide upon the loan amount (principal) for you 
• assists in repayment planning
• makes it easy for you to compare loans

The home loan interest calculator shows you your amortization schedule, annual interest, and principal break-up, and you can use it to plan your taxes for the year. Similarly, it can also be used to assess if a home loan is the right choice for you based on your current debt-to-income ratio.

What Is the EMI for Rs.20 lakhs Home Loan?

For a home loan of Rs.20 lakh, your EMI would vary based on the interest rate and tenor. You can calculate your EMI with our Home Loan Instalment Calculator. 

 

What Is the EMI for a Rs.15 lakhs Home Loan?

For a home loan of Rs.15 lakh, you can compute your EMI by entering values for the interest rate and tenor into our Home Loan Calculator.

Here are sample EMI values.

 

What is the EMI for a  Rs.40 lakhs home loan?

In our home loan calculator, enter the loan amount, interest rate, and tenor to know the EMI for a home loan of Rs.40 lakh.