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What is a Home Loan EMI calculator and when do EMIs start

What is A Home Loan EMI Calculator and When Do EMIs Start

As the name suggests, a home loan EMI calculator is a tool that will help you calculate your monthly payment towards the home loan based on the principal, interest, and tenor. You can feed in these amounts into the home loan EMI calculator and it will give you results in minutes. Besides, you can use this tool to judge the affordability of a home loan, decide the budget for your home purchase and even prepare your finances for repayment.

So, take a look at how you can calculate EMIs using Bajaj Finserv’s Home Loan EMI Calculator.

  1. Select the Principal Amount: Initially you need to enter a principal amount of your choice in the EMI calculator. This is the budget that you have in mind to purchase your home. To make the calculation more accurate, select a principal amount based on the average property prices in the area that you are considering.
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  3. Select the Tenor: The tenor for your home loan is the next field that you have to fill in. It is important to think carefully and select a tenor that meets your requirements and makes repayment of the loan simpler. A long tenor gives you the benefit of paying low EMIs, whereas a short tenor will help you repay the debt faster. Also, the longer the tenor, the higher your total interest payment will be. So, weigh the pros and cons of each and choose a tenor according to your financial situation. When you take a loan from Bajaj Finserv, you can choose a tenor of up to 20 years.
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  5. Select the Interest Rate: Theinterest rate of the home loan sanction determines its affordability and has a direct impact on what the EMIs will be for the home loan. You can check the rate of interest offered by various loan providers, and enter one into the calculator to check that particular loan’s EMIs. Then, you can repeat this process by entering the interest rates of various loans. This will allow you to compare loan offerings and choose the most affordable one.
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  7. View Your Results: Once you enter all this information into the EMI calculator, it will instantly show you your EMI results.
For instance, assume that you enter Rs.90 lakh as the principal, 240 months as the tenor, and 11% at the interest rate. Once you press ‘Enter’, you will immediately come to know that you have to pay Rs.92,897 as EMI each month. Besides, your total interest payment will be Rs.1,32,95,247 and the total repayment that you will have to make will amount to Rs.2,22,95,247.

You can then adjust the parameters as many times as you wish to, until you arrive at a combination of principal, interest rate and tenor that you are comfortable with.

Now that you know how you can use an EMI calculator, take a look at when you have to start making EMI payments.

When Do EMI Payments Start?


You will have to start paying EMIs immediately after your loan has been sanctioned and disbursed to you. Usually, you have to pay the EMI by a fixed date each month, as defined by the lender. For example, if your loan was disbursed on the 25th of a month and your EMI date is fixed as the 5th of every month, then for the first month, the EMI will be calculated from the 25th to the 5th. From the next month, you will pay the entire EMI amount on or before the 5th. Some lenders like Bajaj Finserv also offers 3 EMI holiday on your Home Loan to help you prepare your finances with ease. You can opt for such a loan and make use of the EMI-free period.

Don’t put off using an EMI calculator when you plan to take a home loan. It will help you identify the most affordable loan and plan for repayment in advance, making your loan borrowing experience hassle-free and smooth.

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