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Home Loan EMI Calculator
Disclaimer
Results generated by the calculator(s) are indicative in nature. The interest rate applied on the loan will depend on the prevailing rates at the time of loan booking.
The calculator(s) is not intended to provide its users/ customers with results that are either certified by Bajaj Finance Limited (“BFL”) or are an obligation, assurance, warranty, undertaking or commitment, financial and professional advice by BFL, under any circumstances. The calculator(s) is only a tool that assists the users/ customers arrive at the results of various illustrative scenarios generated from data input by the user/ customer. The use of the calculator is entirely at the risk of the user/ customer, BFL is not responsible for any reason, for any errors in any outcome resulting from the use of the calculator.
What is a Home Loan EMI Calculator?
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A home loan EMI calculator is an online tool that helps you estimate your monthly home loan repayment before you apply for a loan. You only need to enter the loan amount, interest rate, and repayment tenure to get an instant estimate of your EMI, total interest payable, and the overall amount you will repay. This saves time and helps you understand your repayment commitment without doing manual calculations.
The Bajaj Finance Home Loan EMI Calculator makes financial planning easier by giving quick and reliable estimates based on your inputs. It allows you to compare different loan amounts, interest rates, and repayment tenures so you can choose an option that fits your budget. With this information in hand, you can plan your finances with greater confidence before applying for a home loan.
How to use the Home Loan EMI Calculator
Use the home loan EMI calculator by following a few simple steps. You can change the values as many times as you like to compare different repayment options and choose one that suits your financial plans.
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Steps to calculate your Home Loan EMI
- Step 1: Enter the loan amount
Type the amount you want to borrow or use the slider to select it. This should be the loan amount required after considering your down payment. - Step 2: Choose the repayment tenure
Select the number of months over which you want to repay the loan. A longer tenure usually reduces your monthly EMI but increases the total interest paid. - Step 3: Add the interest rate
Enter the expected annual interest rate. If you have received a loan quote, use that value. Otherwise, you can try different rates to compare repayment amounts. - Step 4: View the EMI estimate
The calculator updates the results automatically whenever you change any input. You can instantly see your estimated monthly EMI and the total repayment details. - Step 5: Review the repayment schedule
Open the repayment schedule to see how every EMI is divided between principal and interest throughout the loan tenure. You can also download this schedule for future reference. - Step 6: Check your loan eligibility
After reviewing your EMI, you can proceed to check the loan amount and repayment terms you may be eligible for based on your profile.
- Step 1: Enter the loan amount
What does the calculator show?
Result | Meaning |
Monthly EMI | The fixed amount you are expected to pay every month during the selected tenure. |
Loan amount | The total amount you plan to borrow for purchasing the property. |
Total interest payable | The complete interest cost you are likely to pay over the selected loan tenure. |
Total repayment amount | The combined value of the loan amount and total interest payable. |
The calculator also presents a visual comparison of the principal and interest portions, making it easier to understand the overall borrowing cost.
Illustration: How is EMI calculated on a home loan?
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Home loan EMI calculation formula
EMI = P x R x (1+R)^N / [(1+R)^N-1]where, P = Principal amount, N = Loan tenure in months, and R = Monthly interest rate
Home loan EMI calculation example
If the annual rate of interest is 8.50%, the value of ‘R’ will be 8.5/ (12 x 100) = 0.00708On availing of a housing loan of Rs. 40 lakh at an annual interest rate of 8.50% for a tenure of 240 months (20 years), the EMI will be calculated as:
EMI = 40,00,000 * 0.00708 * (1 + 0.00708)^240 / ((1 + 0.00708)^240 - 1) = Rs. 34,713
Calculation for Rs. 40 lakh home loan
Principal loan amount
Rs. 40 lakh
Home loan interest rate
8.50% p.a.
Tenure
20 years
EMI
Rs. 34,713
Total interest paid
Rs. 43,31,103
Total payable amount (EMI * tenure in months)
Rs. 83,31,103
Features of the Home Loan EMI Calculator
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- Simple information required: Enter only the loan amount, repayment tenure, and interest rate to calculate your EMI. No registration or document upload is needed.
- Suitable for a wide range of loan values: You can estimate EMIs for loan amounts ranging from Rs. 20 lakh to Rs. 15 Crore*, with repayment tenures of up to 32 years.
- Easy value selection: Use the sliders for quick adjustments or enter exact figures manually to compare different loan scenarios with precision.
- Instant calculations: Results are updated immediately whenever you change the loan amount, tenure, or interest rate, saving time during financial planning.
- Complete repayment summary: The calculator displays your monthly EMI, total loan amount, total interest payable, and the overall repayment amount in one place.
- Visual repayment breakdown: A graphical chart shows how much of your repayment goes towards the principal and how much is paid as interest.
- Detailed repayment schedule: You can view a complete amortisation schedule that explains how each EMI contributes to reducing your outstanding loan balance.
- Downloadable repayment plan: Save the repayment schedule for future reference or share it with family members or co-applicants while planning your loan.
- Quick eligibility check: After estimating your EMI, you can continue to check the home loan offer that may be available based on your eligibility.
- Reliable EMI calculations: The calculator follows the standard reducing balance method, providing repayment estimates that closely match lender calculations.
- Free to use anytime: You can calculate your EMI as many times as required, compare different combinations, and plan your home loan without any charges.
Features and benefits of our home loan
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- Loan of up to Rs. 15 Crore*
Buying a home is one of the biggest milestones. Achieve it with a sizeable amount of up to Rs. 15 Crore*. - Low interest rates
With our home loan interest rates starting at 7.25% p.a.*, pay EMIs as low as Rs. 671/lakh*. - Approval in 48 Hours*
Your loan application will be approved within 48 Hours* of your application, in some cases, even earlier. - Tenure of up to 32 years*
Pay back your loan comfortably with our long repayment tenure ranging up to 32 years*. - No foreclosure fee for individuals
Individual borrowers who choose a floating interest rate can foreclose the entire amount or prepay a part of the loan without paying an additional fee. - Hassle-free application
Our doorstep document pick-up service helps to skip numerous branch visits and enables an easy application process. - Balance Transfer facility
Benefit from our home loan balance transfer facility and be eligible for a top-up loan of up to Rs. 1 crore* or higher. - 5000+ approved projects
Choose from our 5000+ approved projects to avail of a quick loan. - Externally benchmarked interest rates
You can opt for interest rates linked to an external benchmark, such as the repo rate to benefit during favourable market conditions.
*Terms and conditions apply
- Loan of up to Rs. 15 Crore*
Eligibility criteria and documents required
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Anyone can apply for our home loan as long as they meet the criteria mentioned below.
Eligibility criteria
- Nationality:
You must be an Indian citizen residing in India. - Age:
A salaried applicant must be between 23 years to 67 years, and a self-employed professional must be between 23 years to 70 years
*The upper age limit is considered as the age at the time of loan maturity. - CIBIL Score:
A CIBIL Score of 725 or higher is ideal to get a home loan. - Occupation:
Salaried employee, a professional individual, and a self-employed individual.
Documents required
- KYC documents (identity and address proof)
- Proof of income (salary slips or P&L statement)
- Proof of business (for self-employed applicants), and
- Account statements for the last 6 months
Note: This is an indicative list that may change based on your actual loan application.
- Nationality:
Frequently asked questions
Overview
Calculation
Yes. Increasing EMIs helps close the loan faster and save on interest. Suppose your current EMI for a Rs. 20,00,000 loan at 7.35% for 20 years is Rs. 15,891. Increasing it to Rs. 20,000 could help you finish the loan years earlier, reducing total interest paid. A home loan EMI calculator shows exactly how much you can save.
For a Rs. 30,00,000 home loan at 7.35% p.a. for 15 years (180 months), R = 0.006125. EMI ≈ Rs. 27,526. Total repayment will be about Rs. 49.55 lakh, including Rs. 19.55 lakh in interest. With a housing loan EMI calculator, you can quickly experiment with tenure and amount to see what works for your budget.
A home loan amortisation schedule is a detailed table showing the split of each EMI into principal and interest over time. For example, for a Rs. 25,00,000 loan at 7.35% for 10 years, early EMIs will have a higher interest portion, while later EMIs focus more on principal repayment. Many home loan EMI calculators in India also generate this schedule for easy reference.
The EMI for a Rs. 70 lakh home loan depends on the interest rate and loan tenure you choose. For example, at an interest rate between 8.5% and 9.5% for 20 years, the EMI may range from around Rs. 60,800 to Rs. 66,000. If you select a longer tenure of 30 years at about 9%, the EMI could reduce to approximately Rs. 56,000–Rs. 57,000. A longer tenure lowers monthly payments but increases total interest paid.
Lenders usually consider your repayment ability and existing financial commitments before approving a loan. As a general guideline, you may be eligible for a home loan of up to 60 times your net monthly income. With a salary of Rs. 70,000, the loan amount could range between Rs. 30 lakh and Rs. 45 lakh, depending on factors such as credit score, age, liabilities, and employment stability.
To qualify for a Rs. 10 lakh home loan, applicants must meet certain income and eligibility conditions. Salaried individuals typically need a minimum monthly income of Rs. 20,000 in metro cities such as Delhi, Mumbai, Bengaluru, Pune, and Chennai, and Rs. 15,000 in other cities. Salaried applicants should have at least 2 years of work experience, while self-employed individuals must show 3 years of stable business continuity. Age criteria also apply.
For a Rs. 20,00,000 home loan at 7.35% p.a. for 15 years (180 months), the monthly interest rate (R) is 0.006125. Using the EMI formula, EMI = [20,00,000 × 0.006125 × (1+0.006125)^180] ÷ [(1+0.006125)^180 – 1], the EMI is about Rs. 18,350. Over 15 years, the total repayment is approximately Rs. 33.03 lakh, including ₹13.03 lakh as interest. You can use a home loan EMI calculator in India to instantly verify these numbers and compare with different tenures.
For a Rs. 25,00,000 loan at 7.35% p.a. for 20 years (240 months), R = 0.006125. EMI works out to around Rs. 19,863. Over the tenure, you will repay Rs. 47.67 lakh in total, with Rs. 22.67 lakh being interest. If you reduce the tenure, you’ll save on interest but pay a higher EMI. A housing loan EMI calculator helps you check such scenarios before finalising your repayment plan.
For a Rs. 10,00,000 loan at 7.35% p.a. for 5 years (60 months), R = 0.006125. The EMI is approximately Rs. 19,933. Across 5 years, your total repayment will be Rs. 11.96 lakh, including Rs. 1.96 lakh in interest. Shorter tenures have higher EMIs but lower total interest costs, something you can easily verify using a home loan EMI calculator.
For a Rs. 17,00,000 loan at 7.35% p.a. for 20 years (240 months), R = 0.006125. EMI ≈ Rs. 13,504. Over the tenure, the total repayment will be about Rs. 32.44 lakh, with Rs. 15.44 lakh as interest. A home loan EMI calculator lets you quickly see how adjusting the tenure or loan amount impacts your monthly outflow.
For a Rs. 25,00,000 loan at 7.35% p.a. for 10 years (120 months), R = 0.006125. EMI is about Rs. 29,381. Over 10 years, the total repayment will be Rs. 35.26 lakh, including Rs. 10.26 lakh as interest. Using a housing loan EMI calculator shows how shorter tenures increase EMIs but significantly reduce interest paid.
For a Rs. 10,00,000 home loan at 7.35% p.a. for 10 years (120 months), R = 0.006125. The EMI is roughly Rs. 11,752. Over the tenure, you’ll pay Rs. 14.10 lakh in total, with Rs. 4.10 lakh as interest. You can check similar calculations for other amounts instantly using a home loan EMI calculator in India.
For a Rs. 50,00,000 loan at 7.35% p.a. for 25 years (300 months), R = 0.006125. EMI comes to about Rs. 36,359. Over the tenure, your total repayment will be ₹1.09 crore, with Rs. 59.27 lakh as interest. Longer tenures mean lower EMIs but higher overall interest, something you can test with a housing loan EMI calculator.
Disclaimer
Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.