About this home loan EMI calculator
A home loan is usually the largest loan most people take. The EMI depends on the loan amount, the interest rate and the tenure, which can run up to 30 years. Even a small change in rate or tenure changes the EMI and total interest significantly.
Enter the loan amount, annual interest rate and tenure in years. The tool computes the monthly EMI, total payment and total interest using the standard reducing-balance formula.
A longer tenure lowers the EMI but raises the total interest. Prepaying the principal whenever you have surplus funds cuts both. Check for prepayment charges before doing so.
Use it to compare offers from different lenders and to check affordability. Factor in processing fees, insurance and registration. Always confirm the exact rate and terms with your lender.