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HOME LOAN EMI CALCULATOR

Calculate Home Loan EMI

Amount

Length

% Interest

0/mo

Principal

Interest

Total Payable

What is EMI?

Aquire Acres' home loan calculator helps you calculate your Home Loan EMI with ease. Aquire Acres' EMI calculator for a home loan can help you make an informed decision about buying a new house. The EMI calculator is useful in planning your cash flows for servicing your home loan. Most banks offers home loans with EMIs starting from ₹787 per lac and interest rates starting from 8.75%* p.a. with additional features such as flexible repayment options and top-up loan. With a low-interest rate and long repayment tenure, Aquire Acres ensures a comfortable home loan EMI for you. Calculate the EMI that you will be required to pay for your home loan with our easy-to-understand home loan EMI calculator.

The formula to calculate EMI is as follows:

[ EMI = P \times \frac{r \times (1 + r)^n}{(1 + r)^n - 1} \]

Where:

  • **E** is the EMI
  • **P** is the Principal Loan Amount
  • **r** is the monthly interest rate (annual interest rate divided by 12 and converted to a decimal)
  • **n** is the loan tenure in months

For example, if you borrow ₹10,00,000 at an annual interest rate of 10.5% for 10 years (120 months), the monthly interest rate (r) is 0.00875. Plugging these values into the formula gives an EMI of ₹13,493. This means you will pay ₹13,493 every month for 120 months, totaling ₹16,19,220, which includes ₹6,19,220 as interest.

Benefits of Using an EMI Calculator

Manually calculating EMI for various loan amounts, interest rates, and tenures can be complex and time-consuming. Our Home Loan EMI Calculator simplifies this process, providing instant results along with visual charts that display the payment schedule and breakdown of total payments.

How to Use the EMI Calculator?

Our Home Loan EMI Calculator is user-friendly, intuitive, and quick. You can use it to calculate the EMI for various loans, including home loans, car loans, personal loans, education loans, or any other fully amortizing loans. To use the calculator:

  • Enter the principal loan amount.
  • Specify the loan tenure (in months or years).
  • Enter the interest rate (percentage).
  • For car loans, specify if the EMI is in arrears or advance.

Use the sliders to adjust the values or enter them directly into the input boxes. The calculator will instantly recalculate your monthly EMI amount.

A pie chart will show the breakdown of total payments (principal vs. interest), and a payment schedule table will display monthly or yearly payments, including the interest and principal components, and the outstanding balance for each year.

Prepayments and Floating Rate EMI Calculation

To see the impact of part prepayments on your home loan schedule and total interest, use our Home Loan EMI Calculator with Prepayments. For affordability assessments or to compare advertised vs. actual loan interest rates, our Home Loan EMI Calculator can also be used.

For floating or variable rate EMI calculations, consider both optimistic (deflationary) and pessimistic (inflationary) scenarios:

Optimistic Scenario: Assume the interest rate decreases by 1% - 3%. Calculate your EMI under this condition to see if you can reduce your EMI or shorten the loan tenure.

Pessimistic Scenario:Assume the interest rate increases by 1% - 3%. Calculate your EMI to ensure you can manage the higher payments. Even a 2% increase can significantly impact your monthly payment.

These calculations help you plan for future possibilities, ensuring you are prepared for both the best and worst-case scenarios. Remember, when you take a loan, you are committing to a financial obligation for several months, years, or even decades. Always hope for the best but be prepared for the worst. Our Home Loan EMI Calculator is a valuable tool to assist you in this planning process.

Home Loan EMI Calculator FAQs

Ans 1. EMI = [P x R x (1+R)^N]/[(1+R)^N-1]. So to get a comprehensive understanding of these variables, let's discuss them in detail: R represents 'rate of interest'. It is the interest rate that a lending institution charges for a loan.

Ans 2. 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.

Ans 3. An applicant's monthly net income, excluding one-time bonuses and incentives, with existing EMIs, is considered to determine loan eligibility. A higher income with low liabilities increases the chances of getting a faster approval for your personal loan.

Ans 4. To understand how to calculate tenure of home loan, I will share with you a formula my maths teacher taught me. Tenure= (log(e) - log(e - (p * i))) / log(1 + i) I will explain the terms below. E= Monthly EMI P= Remaining Principal I= monthly interest rate/1200 that is 8.9/1200 For example: EMI is Rs.

Ans 5. The best CIBIL Score for a home loan is 750 and more. That said, a score of 700 and above is still good and should suffice for most lenders. However, the actual figure is lender-specific. A higher CIBIL Score translates to swifter loan approval, on more affordable terms.

Home Loan Interest Rate of all Banks November 2024

Banks Starting Interest Rate (p.a.) Processing Fees
Kotak Mahindra Bank 8.70% p.a. onwards Salaried: 0.5% Plus taxes; Self-Employed/Commercial: 1.0% Plus taxes
Union Bank of India 8.35% p.a. onwards 0.50% of the loan amount
Bank of Baroda 10.15% p.a. onwards No processing fee; discounted upfront fee
Central Bank of India 8.50% p.a. onwards 0.50% up to Rs.20,000 Plus GST (waived till 31 March 2024)
Bank of India 8.30% p.a. onwards Nil
State Bank of India 8.50% p.a. onwards 0.35% of the loan amount plus GST
HDFC Home Loans 8.70% p.a. onwards Up to 0.50% or Rs.3000 Plus taxes, whichever is higher. Minimum retention: 50% or Rs.3000 Plus taxes, whichever is higher
LIC Housing Finance 8.35% p.a. onwards For amounts up to Rs.1 crore, 0.25% of the loan amount, max Rs.15,000 plus GST. For amounts above Rs.1 crore and up to Rs.2 crore, Rs.20,000 plus GST. For amounts above Rs.2 crore and up to Rs.5 crore, Rs.25,000 plus GST. For amounts above Rs.5 crore and up to Rs.15 crore, Rs.50,000 plus GST
Axis Bank 8.75% p.a. onwards Up to 1% or min. Rs.10,000 Plus GST
Canara Bank 8.40% p.a. onwards 0.50% of the loan amount
Punjab and Sind Bank 8.50% p.a. onwards 0.15% of the loan amount, min Rs.1,000 and max Rs.3,750. For loans above Rs.25 lakh and up to Rs.50 lakh, 0.25% of the loan amount, max Rs.12,500. Loans above Rs.50 lakh but less than Rs.75 lakh, 0.25% of the loan amount, max Rs.15,000. Loans of Rs.75 lakh and above, 0.25% of the loan amount
IDFC First Bank 8.75% p.a. onwards Up to 3% of the overall loan amount
Bank of Maharashtra 8.35% p.a. onwards No processing fees
Punjab National Bank 9.40% p.a. onwards Nil
IDBI Bank 8.40% p.a. onwards 0.50% (Rs. 2,500 - Rs.5,000)
HSBC Bank 8.45% p.a. onwards 1% of loan amount or Rs.10,000, whichever is higher
Karur Vysya Bank 9.00% p.a. onwards Loans up to Rs.25 Lakh: Rs.2,500 Plus GST. Loans from Rs.25 Lakhs to Rs.50 Lakh: Rs.5,000 Plus GST. Loans exceeding Rs.50 Lakh: Rs.7,500 Plus GST
Saraswat Bank Home Loan 8.60% p.a. onwards Up to Rs.35 lakh: NIL. Rs.35 lakh - Rs.50 lakh: 0.30% of loan amount. Rs.50 lakh - Rs.70 lakh: 0.40% of loan amount. Rs.70 lakh - Rs.1.40 lakh: 0.50% of loan amount
Jammu and Kashmir Bank 8.85% p.a. onwards 0.50% Plus GST (min. Rs.2,000 and max. Rs.50,000)
South Indian Bank 8.35% p.a. onwards 0.50% of the loan amount plus GST
Federal Bank 8.80% p.a. onwards 0.50% of the loan amount with a min of Rs. 10,000 and max of Rs. 20,000
Standard Chartered Bank 8.60% p.a. onwards Contact the bank
Karnataka Bank 8.75% p.a. onwards Contact the bank
Sundaram Home Finance Contact the bank for information on the floating/variable interest rate linked to market lending rates Up to 0.75% of the loan amount plus applicable GST
Dhanlaxmi Bank 9.35% p.a. onwards 1.00% of the loan amount, plus service tax (min Rs.10,000 Plus service tax)
Tata Capital 8.70% p.a. onwards 2.00% p.a. plus GST
Tamilnad Mercantile Bank 8.60% p.a. onwards 0.50% of loan amount Plus GST
Bandhan Bank 8.65% p.a. onwards Contact the bank
Yes Bank 9.40% p.a. onwards 1.5% of the loan amount plus GST or Rs.10,000, whichever is higher
Hudco Home Loan 9.25% p.a. onwards Nil
Indiabulls 9.30% p.a. onwards 0.50% onwards
Aditya Birla Contact the bank Up to 1%
GIC Housing Finance 8.80% p.a. onwards Rs.2,500 Plus Applicable GST
Shriram Housing 9.50% p.a. onwards Up to 2.5% of the loan amount Plus applicable taxes
India Shelter Finance 12% p.a. onwards Contact the institute