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Last updated on: June 25, 2025
The home loan market in India has seen significant growth over the past few decades, driven by factors such as rise in disposable income, people’s desire to have their own homes, proliferation of gated communities all over India. Banks and non-banking financial companies (NBFCs), offer a range of home loan products with competitive interest rates and flexible repayment options.
People are availing home loans primarily through:
Online Platforms: Digital marketplaces like Fincover allow users to compare various loan offers and apply for loans conveniently.
Bank Offers: If you have a good relationship with bank like having a savings account for a long period, maintaining good balance, having high-value fixed deposits, then banks will go out of the way to offer you home loan to build your dream home
A Home Loan EMI (Equated Monthly Instalment) is the fixed amount that a borrower pays each month as a repayment to the lender for the home loan he/she availed. It includes both the principal and the interest components.
Calculating the Home Loan EMI which carries both the principal and interest part can be complex. A Home Loan EMI calculator helps you to determine the EMI based on the loan amount, tenure, and interest rate. By entering these details, the calculator will provide the EMI that you are obligated to pay towards the loan taken
Home Loan calculator uses a formula to compute the EMI. You must input the loan amount, tenure, and the interest rate and the calculator automatically computes the EMI you need to pay. It also provides an amortization chart
EMI = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)]
Where
Example
For a loan amount of ₹60,00,000 at an interest rate of 7.5% for 20 years, the EMI will be approximately ₹40279.66
1. How does the calculator incorporate changes in interest rates during a floating rate loan?
The EMI calculator can simulate fluctuating rates by recalculating your EMI whenever there is a fluctuation in Home loan EMI calculator
2. Does prepayment impact only EMIs or the tenure too?
Prepayments can reduce either the EMI or the tenure, depending on the amount that you pay and your preference for the same.
3. How accurate are the results of the EMI calculator?
A Home Loan Calculator will help you instantly compute the exact EMI that you are going to pay.
4. Does the calculator display the amortization schedule?
Some calculators also show an amortization schedule, giving a breakdown of the principal and interest components for each EMI.
Written by Prem Anand, a content writer with over 10+ years of experience in the Banking, Financial Services, and Insurance sectors.
Prem Anand is a seasoned content writer with over 10+ years of experience in the Banking, Financial Services, and Insurance sectors. He has a strong command of industry-specific language and compliance regulations. He specializes in writing insightful blog posts, detailed articles, and content that educates and engages the Indian audience.
The content is prepared by thoroughly researching multiple trustworthy sources such as official websites, financial portals, customer reviews, policy documents and IRDAI guidelines. The goal is to bring accurate and reader-friendly insights.
This content is created to help readers make informed decisions. It aims to simplify complex insurance and finance topics so that you can understand your options clearly and take the right steps with confidence. Every article is written keeping transparency, clarity, and trust in mind.
Based on Google's Helpful Content System, this article emphasizes user value, transparency, and accuracy. It incorporates principles of E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness).
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