Home Loan EMI Calculator: How It Works

By Saroni Chakravarti | June 30, 2020

There’s never been a better time to apply for a Home Loan. If you’re planning to apply for one, but are confused about what the EMIs will be, this is where a loan EMI calculator will come to your rescue.

Are you planning to apply for a Home Loan but confused about what the EMIs will be? Well, that’s a common question everyone has when planning to apply for a Home Loan. You, however, need not worry about this at all as our Home Loan EMI calculator will calculate your EMIs for you in an instant! Moreover, you will be well-informed about your loan even before you approach a bank.

Click here to try out our Home Loan EMI Calculator.

The Home Loan EMI calculator gives you a clear picture of your monthly EMIs when you enter the details of your loan amount, tenure, interest rate, and processing fee calculation. This tool is a simple, fast and reliable source of information to calculate your Home Loan EMIs. And the best part is that it’s FREE!

So, let’s start exploring the different components of the Home Loan EMI calculator:

Loan Amount

When applying for a Home Loan, the loan amount is the first option that you need to choose. Once you have decided on a property and are aware of its price, you need to calculate your down payment amount. Once this is done, you will have a better idea of what loan amount you need to apply for. Do your calculations correctly in order to get the correct value of your EMIs!

Tenure Of Home Loan

Once you have decided the loan amount, choose the tenure you would like to opt for – starting from 6 months to 30 years. The longer the tenure of your loan, the higher the total amount that you will need to pay back. However, you can always modify the tenure on the calculator and arrive at a tenure that works for you.

Interest Rate And Processing Fee

Once you have put the loan amount and tenure of the loan on the EMI calculator, the next thing you need to enter is the interest rate offered by your preferred bank. You can easily check the various Home Loan rates offered by different banks online and enter this in the calculator.

Generally, banks have a 2% processing fee on Home Loans which needs to be accounted for as well when calculating your monthly EMI.

Prepayment Option

Some people prefer to prepay a certain amount of their loan. The Home Loan EMI calculator gives you an option to specify whether you wish to prepay your loan amount or not. Your monthly Home Loan EMI amount is calculated based on your choice.

Amortisation Details

The Home Loan EMI calculator also has the option to display the amortisation details of your Home Loan. These details help you understand your principal Home Loan amount, interest paid and the outstanding loan amount details on a half-yearly or annual basis.

So, the Home Loan EMI calculator helps you get a clear picture of not only your monthly installment amount but also lets you know other important details too.

So, what are you waiting for? Just try the Home Loan EMI calculator and get started with your dream of owning a house.

Additional Reading: How your Home Loan Eligibility is calculated

Done with your calculations? How about jumping right in and applying for a Home Loan? Just hit the button below to compare Home Loans across lenders. Rates start from 7.30%.

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.
Category: Home Loans
Saroni Chakravarti

About Saroni Chakravarti

Saroni loves all things quaint and old world- be it art, music or cinema. She has a special knack for spotting the weirdest traits in people and can't for the life of her understand why she attracts the worst co-passengers. Despite her cynical exterior, she still hopes for a world that will be free from discrimination and cruelty. When she's not spending her day commuting, she can be found watching funny videos, reading, and sending out needy vibes to strays around her.

4 thoughts on “Home Loan EMI Calculator: How It Works

  1. AvatarRajanChauhan

    Great Article !!

    I would like to add something here.

    I strongly believe, if your income permits, then all future home loan buyer should opt for shorter tenure. It will save you lots of money, what you are going to pay in form of interest.

    Reply
    1. AvatarTeam BankBazaar

      Hi RajanChauhan, Yes, that’s a valid point. Cheers, Team BankBazaar

      Reply
    1. Team BankBazaarTeam BankBazaar

      Hi Kayden,

      We’re glad you found our article useful! Keep reading our blog for more insights into the world of finance.

      Cheers,
      Team BankBazaar

      Reply

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