Home Loan EMI Calculator - Calculate Housing Loan EMI Online

Overview
What is HL EMI Calculator
Features
Eligibility
Fees and Charges

Home Loan EMI Calculator

Plan your EMIs better by using Home Loan EMI Calculator.

What is a home loan EMI calculator?

Calculate the monthly EMI for your Home Loan Instantly

A home loan EMI calculator is an online tool that helps you calculate your Home Loan EMI with ease based on inputs like loan amount, interest rate, and tenure. By providing instant EMI calculations, this tool empowers you to assess your loan affordability, plan your budgets effectively, and determine the feasibility of taking on a home loan. Bajaj Finserv offers home loans with interest rates starting from 7.99%* p.a. per annum, allowing you to pay EMIs as low as Rs. 722/lakh*. You can apply for a home loan of up to ₹15 crore* with a repayment tenure of up to 32 years*. Additionally, they provide features such as flexible repayment options and top-up loans. . Enjoy low-interest rates, long repayment tenure, and flexible repayment options, making homeownership more accessible. Additionally, you can explore features like a top-up loan, ensuring extra funds for renovation or personal needs.

What is a home loan EMI?

A Home Loan EMI (Equated Monthly Installment) is a fixed amount that a borrower pays each month towards repaying a home loan. It consists of both principal repayment and interest payment calculated over the loan tenure. This amount is predetermined based on the loan amount, interest rate, and loan tenure.

How to use Bajaj Finserv Home Loan EMI Calculator?

Here are 3 ways you can calculate your home loan EMI:

1.Use Bajaj Finserv Home Loan EMI Calculator

Here are the steps to calculate your home loan EMIs using our home loan EMI calculator:

Enter the loan amount: Input the total amount you wish to borrow as a home loan.
Select the interest rate: Specify the interest rate offered.
Set the loan tenure: Choose the repayment tenure for your home loan.
View your results: Instantly, the calculator will display your EMI amount, total interest payable, and the total payment (principal + interest).

Adjust as needed: Experiment with different values for the loan amount, interest rate, or tenure to find an EMI plan that fits your budget.

2.Manual home loan EMI calculation

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 8.5%, the value of ‘R’ will be 8.5/ (12 x 100) = 0.00708

On 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

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Factors that Affect Your Home Loan EMI

Principal Amount

The principal amount is the loan amount you borrow from the lender. A higher principal directly increases your Equated Monthly Installment (EMI) since the total repayment amount (including interest) will be higher. Conversely, opting for a lower loan amount reduces the EMI, making it more affordable.
Rate of Interest

The rate of interest significantly impacts your EMI, as it determines the cost of borrowing. A higher interest rate increases the total repayment amount, leading to a higher EMI. On the other hand, a lower interest rate reduces your EMI burden. Choosing a lender with a competitive rate or opting for a floating interest rate can help in managing EMIs effectively.
Loan Tenure

The tenure or repayment period affects the EMI amount inversely. A longer tenure reduces the monthly EMI, making repayment easier, but increases the total interest paid over time. A shorter tenure results in a higher EMI but helps in repaying the loan faster with lower total interest outflow. It’s essential to balance tenure and EMI to ensure financial stability.

How Can EMI Calculation Help You Plan Your Dream Home?

Planning your dream home requires careful financial assessment, and an EMI calculator for home loan can be a valuable tool in this process. By using a housing loan EMI calculator, you can estimate your monthly payments based on the loan amount, interest rate, and tenure. This helps you manage your finances better, ensuring that your EMI fits within your budget without straining your expenses. Additionally, knowing your EMI in advance allows you to compare different loan offers, choose the best repayment plan, and make an informed decision about your home purchase.

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Benefits of our home loan calculator

Our home loan calculator is designed to simplify your financial planning by providing accurate EMI calculations. Here are the key features and benefits:

Ease of use: The calculator is user-friendly, requiring minimal input to generate precise EMI figures. Simply enter the loan amount, interest rate, and tenure to get instant results.
Financial planning: Understand the total interest payable over the loan tenure, enabling better financial planning and management of other expenses.
Time-saving: Quickly calculates EMIs without the need for complex manual computations, saving you valuable time and effort.
Transparency: Offers a clear breakdown of principal and interest components, ensuring transparency in your financial commitments.

Using our home loan calculator, you can make informed decisions, ensuring a smoother and more manageable home loan experience.

Features and benefits of our home loan

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 loan interest rates starting at 7.99%* p.a., pay EMIs as low as Rs. 722/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

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Eligibility criteria and documents required

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.

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Type of fee	Applicable charges
Rate of interest	Salaried	Self-employed	Doctors
	7.99%* to 17.00%* p.a.	8.30%* to 17.00%* p.a	8.10%* to 17.00%* p.a.
Processing fees	Up to 4% of the loan amount
Bounce charges	For loan amounts up to Rs. 15 lakhs: Rs. 500 For loan amounts from Rs. 15,00,001 to Rs. 30,00,000: Rs. 1,000 For loan amounts from Rs. 30,00,001 to Rs. 50,00,000: Rs. 1,500 For loan amounts from Rs. 50,00,001 to Rs. 1,00,00,000: Rs. 2,000 For loan amounts from Rs. 1,00,00,001 to Rs. 5,00,00,000: Rs. 3,000 For loan amounts from Rs. 5,00,00,001 to Rs. 10,00,00,000: Rs. 5,000 For loan amounts more than Rs. 10 crores: Rs. 10,000
Penal interest	Click here to know about the penal charges.
Interest and Principal Statement Charges	NIL
Part-prepayment charges**	Part-prepayment charges :-(1) For individual and non-individual borrowers with floating interest rate loans for non-business purposes: For Term Loan – Nil For Flexi Term Loan – Nil (2) For individual and non-individual borrowers with floating interest rate loans for business purposes and all borrowers with fixed interest rate** loans: For Term Loan – 2% on the part-prepayment amount. Flexi Term Loan - Nil GST as applicable will be payable by the borrower in addition to the prepayment charges, if any. *Nil for home loans closed by borrowers out of their own sources. Own sources refer to any source, other than borrowing from a bank/NBFC/HFC and/or a financial institution. Note: In the case of dual-rate home loans (fixed for the initial period and then floating), the foreclosure/part-prepayment charges will be applicable as per the status of the loan as on the foreclosure/part-prepayment date.
Foreclosure Charges	Foreclosure Charges:-(1) For individual and non-individual borrowers with floating interest rate loans for non-business purposes: For Term Loan – Nil For Flexi Term Loan – Nil (2) For individual and non-individual borrowers with floating interest rate loans for business purposes and all borrowers with fixed interest rate** loans: For Term Loan – 4%* on principal outstanding For Flexi Term Loan – 4%* on the sanctioned amount during the Flexi interest only loan repayment tenure; and 4%* on the available Flexi loan limit during the Flexi Term Loan tenure GST as applicable will be payable by the borrower in addition to the prepayment charges, if any. *Nil for home loans closed by borrowers out of their own sources. Own sources refer to any source, other than borrowing from a bank/NBFC/HFC and/or a financial institution. Note: In the case of dual-rate home loans (fixed for the initial period and then floating), the foreclosure/part-prepayment charges will be applicable as per the status of the loan as on the foreclosure/part-prepayment date.

Home Loan Amortization Schedule

Understand how your home loan repayments unfold over time

What is home loan amortization schedule?

A home loan amortization schedule is a detailed table illustrating the repayment process of a home loan over time. It outlines each periodic payment, breaking down the principal amount, interest component, and remaining balance. The schedule spans the entire loan tenure, showcasing how each payment contributes towards reducing the outstanding loan balance. It aids borrowers in understanding their repayment journey, including the gradual decrease in interest payments and the gradual increase in principal repayments as the loan progresses.

Assuming you are taking a home loan for Rs. 30 lakh for a tenure of 30 years at an interest rate of 8.50%. Below could be the sample amortization table for the same.

Year	Opening Balance	*EMI12**	Interest paid yearly	Principal paid yearly	Closing Balance
1	30,00,000	2,76,809	2,54,130	22,679	29,77,321
2	29,77,321	2,76,809	2,52,125	24,683	29,52,638
3	29,52,638	2,76,809	2,49,944	26,865	29,25,772
4	29,25,772	2,76,809	2,47,569	29,240	28,96,532
5	28,96,532	2,76,809	2,44,984	31,824	28,64,708
6	28,64,708	2,76,809	2,42,171	34,637	28,30,071
7	28,30,071	2,76,809	2,39,110	37,699	27,92,371
8	27,92,371	2,76,809	2,35,778	41,031	27,51,340
9	27,51,340	2,76,809	2,32,151	44,658	27,06,682
10	27,06,682	2,76,809	2,28,203	48,606	26,58,076
11	26,58,076	2,76,809	2,23,907	52,902	26,05,175
12	26,05,175	2,76,809	2,19,231	57,578	25,47,597
13	25,47,597	2,76,809	2,14,142	62,667	24,84,930
14	24,84,930	2,76,809	2,08,602	68,206	24,16,723
15	24,16,723	2,76,809	2,02,574	74,235	23,42,488
16	23,42,488	2,76,809	1,96,012	80,797	22,61,691
17	22,61,691	2,76,809	1,88,870	87,939	21,73,752
18	21,73,752	2,76,809	1,81,097	95,712	20,78,041
19	20,78,041	2,76,809	1,72,637	1,04,172	19,73,869
20	19,73,869	2,76,809	1,63,429	1,13,380	18,60,489
21	18,60,489	2,76,809	1,53,408	1,23,401	17,37,088
22	17,37,088	2,76,809	1,42,500	1,34,309	16,02,779
23	16,02,779	2,76,809	1,30,628	1,46,180	14,56,599
24	14,56,599	2,76,809	1,17,707	1,59,102	12,97,497
25	12,97,497	2,76,809	1,03,644	1,73,165	11,24,333
26	11,24,333	2,76,809	88,338	1,88,471	9,35,862
27	9,35,862	2,76,809	71,679	2,05,130	7,30,732
28	7,30,732	2,76,809	53,547	2,23,262	5,07,470
29	5,07,470	2,76,809	33,813	2,42,996	2,64,474
30	2,64,474	2,76,809	12,334	2,64,474	0

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Frequently asked questions

When will my home loan EMI be due?

As the term rightly suggests, Equated Monthly Instalments (EMI) are due every month, and gradually reduce the principal borrowed throughout the selected tenure. You are obligated to pay your housing loan EMI on a fixed date every month, which is set at the time of loan disbursal. Missing an EMI payment could lead to penal charges, and will also impact your credit score.

What is a home loan Pre-EMI?

Housing loans are one of the most flexible credit options that are available to borrowers, to fund the purchase of a residential property. Often, depending on the borrower’s requirements, the lender can disburse the home loan amount in parts. Till the full loan amount isn’t disbursed to you, you are required to repay only the interest component of the principal loan amount. The amount you pay as the home loan EMI in the meanwhile is also called a home loan pre-EMI.

Borrowers only start paying full home loan EMIs, once the home loan principal amount is fully disbursed to them. Typically, a home loan tenure can stretch up to 30 years, giving borrowers the flexibility of choosing a repayment schedule as per their convenience.

What are the tax benefits of paying home loan EMIs?

A home loan is a tax-benefit credit option, which is also why many choose to buy a second property as an investment – allowing them to avail of home loan tax benefits through their second home loans as well. There are several tax benefits and concessions attached to paying home loan EMIs, such as:

Section 80C: You can claim a tax rebate on the principal component of your home loan EMI, up to Rs. 1.5 lakh every year
Section 24(b): You can claim a tax rebate on the interest component of your home loan EMI, up to Rs. 2 lakh every year
Section 80EE: You can claim a tax rebate on the interest component of your home loan, after you have exhausted the claimed cap under Section 24(b), up to Rs. 50,000, only if you are a first-time home buyer

You can calculate total tax payable based on your taxable income, expenses, age, investments and interest paid towards your home loan through income tax calculator.

How does home loan repayment work?

Home loan repayment refers to the process of paying back your entire loan (principal plus interest) to the lender over the agreed-to timeframe. Your repayment primarily depends on the selected tenure and the timely payment of your Equated Monthly Instalments (EMI). Your EMI amount depends on the loan amount, the tenure chosen, and the home loan interest rate.

To repay your loan earlier than planned, you will need to make part prepayments or completely foreclose the loan with one lump sum payment. In case you have surplus funds and choose to become debt-free sooner, use our home loan foreclosure calculator to know the sum payable. This is important as a home loan is a sizable sum, which necessitates planning and research.

How can I reduce my home loan EMI?

There are several ways in which borrowers can reduce their home loan EMIs, with Bajaj Finserv. Eligible applicants who meet the home loan criteria can benefit from lower interest rates and longer tenure – bringing down their total cost of borrowing. Here are a few ways to help reduce home loan EMIs:

Scale up your down payment amount
Focus on boosting your credit profile and CIBIL score
Ensure maximum repayment capacity
Pay off all pending dues and obligations
Apply with a co-applicant to enhance your home loan application
Select the right property that passes the lender’s verification

You can also avail of a home loan balance transfer and transfer your pending home loan balance to Bajaj Finserv and repay the rest of your loan amount at a reduced EMI.

How do you calculate interest rate on a home loan?

An error-free and easy way to calculate interest on your home loan is by using the home loan EMI calculator. All you must do is open the home loan interest rate calculator tool available on the Bajaj Finserv website and enter the fields such as the interest rate, principal amount, and tenure. When you enter all the values correctly, you will not only find out the amount you will pay as interest but also the EMIs and the total loan payable by the end of your tenure.

What is the impact of part-prepayments on your EMI?

The part-prepayment facility on your home loan helps you to reduce your home loan EMIs. By making part-prepayments, you can save substantially on the overall interest payment, as you repay the full amount well before the end of the repayment tenure and you can calculate it through home loan prepayment calculator.

Is it good to reduce home loan EMI or tenure?

Existing home loan borrowers and new ones all have the same question, which is – what will bring down the cost of borrower faster – smaller EMIs, or a short tenor? There are several points to consider while making that choice.

How is the principal and interest component split, in an EMI?

The amount you pay as home loan EMI is made up of the home loan principal and home loan interest in parts. However, where you stand in your repayment tenure also plays a role in deciding how much of the home loan EMI is composed of the principal amount and how much is the home loan interest.

If you wish to see your EMI break-up, you can do so in two ways:

Manual calculations
Home loan EMI calculator

Manual calculations have a wider margin of error, as the formula is complex, and with bigger numbers, one may make mistakes in the calculations. Here is the formula to calculate the same:

Interest component = P x R

Where,

P is the pending principal loan amount

R is the home loan interest rate

And then, you can subtract the interest amount out of the EMI, to arrive at the principal component.

To complete these calculations without any errors, make use of an EMI calculator and get error-free results in seconds.

When does my home loan EMIs start?

Your home loan Equated Monthly Installments (EMIs) start from the month following the disbursement of the loan amount. The exact date may vary depending on the terms and conditions specified by your lender.

How does an EMI calculator help in home buying planning?

An EMI calculator simplifies home buying planning by providing instant calculations of Equated Monthly Installments (EMIs) based on loan amount, interest rate, and tenure. This allows prospective buyers to assess affordability, plan budgets accurately, and explore various loan options before committing to a purchase. By offering quick insights into repayment amounts, an EMI calculator aids in making informed decisions, ensuring that borrowers choose home loans that align with their financial capabilities and goals.

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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) are 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) are only a tool that assists the users/ customers arrive at 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.