Home Loan EMI Calculator

A home loan calculator helps you know the amount of the EMIs that you will need to pay towards your Home Loan and helps make an informed decision. The Bajaj Finserv home loan EMI calculator also functions as a home loan interest calculator, as you will be able to know the interest amount due on your home loan, in addition to the overall EMI amount, in just 3 simple steps. First, enter the loan amount that you wish to take. Then, select your preferred tenor. Finally, put in the home loan interest rate advertised on the website. That's all!

EMI stands for Equated Monthly Instalment. Home Loan EMI is the monthly repayment that a home loan borrower must make to repay the home loan within the specified loan tenor.

The formula to be used for calculating EMI is EMI = [P x R x (1+R)^N]/[(1+R)^N-1] where ‘P’ represents the loan amount or principal, ‘N’ is the number of monthly instalments and ‘R’ is the interest rate per month. Therefore, if the rate of interest per annum is 11%, then the value of ‘R’ will be 11/(12 x 100).

Calculating the EMI amount on your home loan is quite easy. Simply enter the loan amount you wish to take, the tenor (in months, and not years) and the rate of interest, in the required fields.

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.

Using the Home Loan EMI Calculator is a very simple process. All you need to do is follow these steps –

1. Click to go the Home Loan EMI Calculator page
2. Choose the loan amount, rate of interest, and tenor (in months)

That’s all! You will instantly get your home loan EMI amount along with the interest amount payable on the loan.

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 loan you are taking and the time period for which you'll be paying the EMIs.

A home loan amortization schedule is the table or record which details all the periodic payments on your loan. This is generated through an amortization calculator.

Amortization is basically the procedure of repaying a loan through regular payments over a specified period of time. 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.

EMIs have both principal and interest components. In the early period of the loan, the interest portion 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 payment brings down the principal amount, which in turn lowers the interest amount that you have to pay, which results in lower EMI amounts overall.

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 get tax deductions under Section 24 on the interest component of the loan that you repay annually through your EMIs, up to Rs. 2 lakh.