Using a Home Loan EMI calculator is always recommended, since it helps you make an informed decision. The Bajaj Finserv home loan calculator helps you calculate your equated monthly installment for a home loan in an easy, quick, and accurate way.
Enter the values for the amount you wish to borrow, the tenor you want to pick, and the rate of interest available to you to get accurate results for the total interest payable, the total amount payable, and the EMI.
Using the home loan EMI calculator is simple.
The calculator instantly provides you with the total payable, total interest, and the EMI value.
As an example, the below table shows the EMI, the total payable interest, and the total payable amount for a loan of Rs. 1 lakh at an interest rate starting 6.75%* for different tenors.
|For 5 Years||For 10 Years||For 15 Years||For 20 Years|
|EMI Per Lakh on Home Loan||Rs. 1,971||Rs. 1,151||Rs. 888||Rs. 763|
|Total Payable Interest||Rs. 18,241||Rs. 38,095||Rs. 59,784||Rs. 83,201|
|Total Payable Amount||Rs. 1,18,241||Rs. 1,38,095||Rs. 1,59,784||Rs. 1,83,201|
The table below shows the home loan EMIs for various loan amount based on different tenors starting at an interest rate of 6.75%*.
|For 5 Years||For 10 Years||For 15 Years|
|Home Loan EMI on Rs. 10 Lakh||Rs. 19,707||Rs. 11,508||Rs. 8,877|
|Home Loan EMI on Rs. 15 Lakh||Rs. 29,560||Rs. 17,262||Rs. 13,315|
|Home Loan EMI on Rs. 25 Lakh||Rs. 49,267||Rs. 28,770||Rs. 22,192|
|Home Loan EMI on Rs. 35 Lakh||Rs. 68,974||Rs. 40,278||Rs. 31,069|
|Home Loan EMI on Rs. 45 Lakh||Rs. 88,681||Rs. 51,786||Rs. 39,946|
Depending on the tenor and loan amount availed of, EMIs, or equated monthly instalments, on home loans can easily reserve a significant chunk of your monthly income, which can be a problem. Here are a few reliable and smart ways to reduce your home loan EMIs.
A home loan calculator helps you know the EMI amount that you will need to pay towards your Home Loan, helping you make an informed decision. The Bajaj Finserv home loan EMI calculator also functions as a home loan interest calculator, as it provides you the interest amount due on your home loan in addition to the overall EMI amount in just 3 simple steps.
EMI, or Equated Monthly Instalment, is the monthly repayment that a home loan borrower must make to repay the home loan within the specified loan tenor.
The table below illustrates the equated monthly instalments on several home loan amounts with different tenors considering the applicable rate of interest as 6.75%* onwards.
|For 10 Years||For 15 Years||For 20 Years|
|Home Loan EMI for Rs. 20 Lakh||Rs. 23,016||Rs. 17,754||Rs. 15,267|
|Home Loan EMI for Rs. 30 Lakh||Rs. 34,524||Rs. 26,631||Rs. 22,900|
|Home Loan EMI for Rs. 40 Lakh||Rs. 46,032||Rs. 35,507||Rs. 30,534|
|Home Loan EMI for Rs. 50 Lakh||Rs. 57,540||Rs. 44,384||Rs. 38,167|
|Home Loan EMI for Rs. 60 Lakh||Rs. 69,048||Rs. 53,261||Rs. 45,800|
|Home Loan EMI for Rs. 75 Lakh||Rs. 86,310||Rs. 66,576||Rs. 57,250|
Calculating the EMI amount on your home loan is quite easy using a home loan calculator. Simply enter the loan amount you wish to take, the tenor, and the rate of interest in the respective fields.
A home loan EMI calculator helps you to decide whether you can afford the financial commitment of a home loan in the long term. If you want, you can increase or decrease your EMI amount depending on the amount of home loans you are taking and the time period for which you'll be paying the equated monthly instalments.
A home loan amortization schedule is a record of all the periodic payments on your home loan. Amortization is basically the procedure of repaying a loan through regular payments over a specified period of time. And an amortization schedule is the total tally of loan payments showing the amount of interest and principal contained in each payment until the loan is repaid in full.
Every EMI has principal and interest components. In the early period of the loan, the interest component is higher than the principal component for every EMI. In the later part of the home loan tenor, the principal component is higher than the interest portion. EMIs can be paid through ECS (Electronic Clearing System), which directly deducts monthly instalments from your account.
Part-prepayment brings down the principal amount, which in turn lowers the interest amount that you have to pay, ultimately resulting in lower EMI amounts.
You can claim tax deductions under Section 80C on the principal amount repaid through your EMIs annually up to Rs. 1.5 lakh. You can also claim a tax benefit on home loan under Section 24 on the interest component of the loan that you repay annually through your EMIs up to Rs. 2 lakhs.
Good planning always ensures stable finances. Calculating the housing loan EMI in advance gives a better understanding of the amount of money you would have to spend every month.
Hence, you can plan well and decide whether you are actually able to spare that much money or not.
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