Home Loan EMI Calculator

How much will I have to pay every month?
Loan Amount
Rate of Interest
Your EMI Per Month will be
*These calculators are only for illustrative purposes. These figures may or may not be applicable to your particular situation. Magicbricks will not be responsible for any loss or liability arising from the use of these calculators.

Home Loan EMI Calculator

A home loan EMI calculator is a tool that helps you calculate your monthly instalments (EMIs) with just one click. Home loan calculator is really helpful and can be used easily by any individual who wants to know their Home Loan EMIs in advance.

To calculate your Home loan EMI, you need to enter the loan amount, interest rate, and the tenure of the loan.

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How to use Home Loan EMI Calculator

Magicbricks Home loan calculator is very easy to use. Any individual who is looking to get a home loan or has already taken a loan can use it to check their EMIs. Take the following steps to check EMIs using this calculator:

Step 1: Enter the amount you want to borrow
Step 2: Enter the tenure (in years) for which you want to borrow
Step 3: Enter the rate of interest
Step 4: Click on “Calculate Your EMI”

After you take all these steps, you will be able to view your monthly instalment on your home loan.

How the Home Loan Calculator Helps You

Using the EMI calculator to know your EMIs in advance can be helpful in many ways. Check out some of the reasons why you should use it:

How much should you borrow? The calculator can help you decide the home loan amount, based on how much EMI you can afford to pay from your income. In other words, you can plan your finances better.

How long should the tenure be? Knowing the EMI you can afford to pay every month, you can determine the right tenure for your loan.

How much down payment should you make? Using the home loan EMI calculator, you can figure out how much you should pay as the down payment, in order to save maximum on your interest while keeping your EMIs to minimum.

Factors Affecting Home Loan EMI

There are multiple factors that can affect your home loan EMI. Check out some of the key factors below:

Loan amount: The loan amount your borrow affects your EMI. Higher the amount you borrow, the higher your EMI.

Loan tenure: The tenure for which you take a home loan also affects your instalments. If the tenure is longer, your EMI will be lower. Remember, longer tenure also means you pay more interest over the period as compared to a shorter tenure loan.

Interest rate: In case of floating interest rate loans, your EMI will change in line with the fluctuations in interest rates. If the rate goes up, your EMI also goes up.

An Illustration to understand how your EMI changes with these factors:

The table below shows estimated EMI based on different loan amounts and tenures.

Estimated EMI* (assuming rate of interest at 7% p.a.)

Loan amount

Rs 30 Lakhs

Loan amount

Rs 60 Lakhs

Loan amount

Rs 1 Crore

5 years Rs 59,403 Rs 1,18,806 Rs 1,98,011
10 years Rs 34,832 Rs 69,665 Rs 1,16,108
20 years Rs 23,259 Rs 46,518 Rs 77,530
30 years Rs 19,959 Rs 39,918 Rs 66,530

*For illustrative purposes only. The actual EMI amount may vary based on the rate of interest determined by the bank for you.

How to Reduce Your Home Loan EMI

If you are looking to get a new home loan or if you already have one, here are some tips to help you reduce your home loan EMI:

  • Check with multiple lenders before finalizing your loan. Choose the one that offers you the best deal.
  • Don’t borrow more than you can afford. If you can’t afford to repay on time, don’t borrow.
  • Make a higher down payment. Lower the amount you borrow, lower the EMI.
  • Choose a longer tenure (but this also means you will be paying more interest over the period).
  • Make a prepayment on your loan, if and when possible.
  • Apply for a balance transfer home loan to get a better deal.

Home Loan FAQs

  • Q. What is the formula for calculating Home Loan EMI?

    The formula below can be used to calculate home loan EMI:

    EMI = [P x R x (1+R)^T]/[(1+R)^ (T-1)].

    The variables used here stand for:
    P- Principal Amount of the Loan
    EMI - Equated Monthly Installments
    R - Monthly Rate of Interest on the Loan (Annual rate of interest divided by 12)
    T - Tenure of the Loan (in months) or the no. of installments to be paid

  • Q. What is Home Loan Pre-EMI?

    When a lender disburses a loan in installments, you do not have to pay EMIs until you get the full amount disbursed. However, till the time you get full loan amount, you have to pay the applicable interest on whatever amount is disbursed to you. That amount is known as pre-EMI.

  • Q. Are there any tax benefits on paying Home loan EMIs?

    Yes, according to the Income Tax Act, 1961, you can avail the following tax benefits on your Home loan EMIs:

    Section 80C - Upto Rs 1.5 lakhs can be claimed every year on the principal amount paid towards loan.
    Section 24 - Upto Rs 2 lakhs can be claimed as deduction on the interest you pay every year.
    Section 80EE - An extra deduction of upto Rs 50,000 on interest paid can be claimed, subject to certain terms and conditions.

  • Q. What if I fail to pay my Home Loan EMI on time?

    If you fail to pay your home loan EMI on time, the lender will charge you a late payment fee. In addition, the lender may also charge you some extra interest as penalty. Further, if you continue to default on your payments, the lender may send you a legal notice to recover the dues. Remember, any default on EMI payment will also impact your credit score.

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Disclaimer: The information available on this site has been gathered from publicly available sources and is accurate to the best of our knowledge. However, please be aware that the rates and other offers may vary based on your profile and may be subject to change without notice. Therefore, we advise you to verify the information before applying for any loan through this website. Magicbricks accepts no liability for any loss arising from the use of the information on this website. Refer T&C for the detail.
(T&C link: https://property.magicbricks.com/terms/terms.html)

**This service is available in select cities only.

*These calculators are only for illustrative purposes. These figures may or may not be applicable to your particular situation. Magicbricks will not be responsible for any loss or liability arising from the use of these calculators.