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What is Home Loan EMI?

EMI (Equated Monthly Instalment) is the monthly payment you make to repay your Home Loan. EMI is made of interest and principal in varying ratios. If you take a Home Loan, you’ll pay a part of the principal and interest due every month until the entire loan is cleared in full.
 

Formula for Calculating Home Loan EMI:


Lenders generally use the following EMI calculation formula for this purpose –

EMI = [P x I x (1+I)N] / [(1+I)N-1]

Where,
P – The principal i.e. loan amount
I – The interest rate per month
N – Number of installments

How to Calculate Home Loan EMI?


1.Substitute the loan amount, interest rate per month and number of installments in above formula.
2. Interest rate per month is calculated by dividing the interest rate per annum by 100.
3. Calculate carefully to derive the EMI.

Example:
Ajay Bakshi required a Home Loan of Rs. 25 lakh for a period of 10 years at the interest rate of 9.5% p.a. Then the EMI would be calculated as below:

Here,
P = Rs. 25,00,000
I = 9.5 / (12 x 100) = 0.0079
N = 10 years = 120 months

EMI = [25,00,000 x 0.0079 x (1+0.0079)120 / (1+0.0079)120 -1 = Rs. 32329*

*This value does not include the processing fee

You can use our Home Loan EMI Calculator to derive your monthly Home Loan EMIs.