Home Loan EMI Calculator

This Home Loan EMI Calculator is a powerful and user-friendly tool that helps potential homebuyers and homeowners in India to understand and calculate monthly installments as per their financial needs. Designed to be simple and accurate, this tool helps with financial planning by providing information about possible home loan repayments. Navigate your property investment decisions with confidence and clarity using our trustеd emi calculation calculator. Ensurе a financially informеd homе-buying journey with Urban Monеy. Upon entering some required details, the calculator easily computes your EMI amount. Calculate your Home Loan EMI now with ease.

  • 5 Lac
  • 20 Cr
Years
  • 5
  • 30
%
  • 6
  • 20

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

Home Loan Calculator – Calculation of Your Housing Loan EMI Online

A tool that helps you in calculating your monthly instalments (EMIs) in a single click is known as the home loan EMI calculation calculator. A home loan calculator in India is a helpful tool, especially when you want to plan your home loan budget and EMIs.

Before preparing a checklist for a home loan, plan your monthly expenses and the amount you can spend as EMI without disturbing your budget. Urban Money home loan EMI calculation calculator has AI technology. And can help you in determining the amount you want to borrow from a bank or finance provider.

Using the above home loan EMI calculation calculator, we have compiled a table with lowest home loan interest rate.

Loan Amount ₹50,00,000
Rate of Interest 8.40% p.a.
Loan Tenure 20 Years
Monthly Installment ₹43,075
Total Interest Payable ₹53,38,000
Total Amount Payable ₹1,03,38,000

What are the Components of a Home Loan EMI Calculation Calculator?

The Urban Money Housing loan EMI calculation calculator consist of the following components:

  • Loan Amount: Any individual can easily enter the principal amount in the loan amount text box.
  • Tenure: The time period under which an individual will repay the complete amount apart from EMIs.
  • Rate of Interest: The chargeable interest amount. The rate of interest is variable depending on the bank or finance provider.
  • Home Loan EMI: An amount that the borrower is accountable to pay every month to the lender. The Urban Money home loan EMI calculation calculator will help the borrower to know how much amount is affordable.
  • Payment Breakup: The breakdown of the principal amount and interest is liable to pay at the end of the loan tenure.
  • Amortisation Schedule: After deduction, the remaining amount to be paid towards an outstanding housing loan. It also displays the loan repayments, loan amount, and the time frame of scheduled payments, along with the remaining loan.

Steps to use Urban Money Home Loan EMI Calculation Calculator

The Urban Money Housing loan calculator is very simple to use. If you are looking to get a home loan or want to check the payment break up schedule you can use Urban Money. Here are the small and easy steps to calculate home loan EMIs using this advanced calculator:

Step 1: Enter the principal amount you want to borrow from the bank or the finance lender.

Step 2: Now, enter the time period by which you will repay the complete loan amount.

Step 3: Write the rate of interest at which your bank or finance lender is providing your home loan.

Step 4: On the right-hand side you will be able to see the detailed calculations.

The detailed calculations will include the

  • Monthly Home Loan EMI
  • Principal Amount
  • Total Interest Payable
  • Total Amount Payable

You will also be able to see a detailed payment breakup along with the amortisation schedule.

Home Loan EMI Calculation Formula with Example

Online home loan EMI calculation calculators use a specific formula to calculate the housing loan EMI amount, which is mentioned below: –

E = [P x R x (1+R) ^N] / [(1+R) ^N-1]

Here-

  • E stands for EMI amount
  • P stands for Principal amount
  • R stands for Interest Rate
  • N stands for Tenure

Let’s take an example for a better understanding of how this EMI formula for home loan works.

Let’s consider that subject X avails a home loan worth Rs. 5 Crore for a tenure of 20 years at an agreed-upon interest rate of 10%. Now, according to the housing loan EMI calculation formula:-

E = [50000000 x 10 x (1+10) ^ 20] / [(1+10) ^ 20-1]

In this scenario, based on the calculation made by the home loan EMI calculator India, the monthly loan EMI amount should be Rs. 4,82,511.

Every loan’s Equated Monthly Installment (EMI) consists of two crucial elements: a principal amount and an interest amount. At the outset of the loan term, the interest is substantial, whereas the principal is comparatively smaller. This equation undergoes monthly adjustments as the total interest amount to be paid diminishes rapidly. With each EMI payment, the interest decreases while the principal portion increases.

How the Urban Money Home Loan EMI Calculator Helps You?

Preparing ahead before entering into new things is a wise idea! And when it comes to a home loan with repayment in decades, it is wise to plan.

Use the advanced Urban Money home loan emi calculation calculator to calculate your EMIs in advance to plan your monthly budget and overall expense. Also, these calculations will help you in knowing whether you fall under the eligibility criteria or not.

Using the housing loan EMI calculator to know your EMIs prior to applying can be helpful in many ways. Here check the reasons why you should use it:

How much loan amount should you borrow?

The Urban Money EMI calculator can guide you in deciding your home loan amount, based on the EMI affordability you can pay from your monthly income.

For how long the tenure should be?

With the right EMI amount that you can afford to pay on a monthly basis you can know the right time period for the repayment of your loan. How much must be paid as a down payment?

The AI Urban Money housing loan EMI calculation calculator can help you in figuring out the amount you must pay as your down payment. This can help you in saving maximum money on your interest while also keeping EMIs at a minimal level.

The plan of action for cash flow and finance for on-time loan repayments.

Factors That Affect Your Home Loan EMI

The home loan EMI is influenced by several factors. Once you know the eligibility for housing finance, start setting out the home loan. Check the below-depicted factors as they can highly affect your home loan EMI:

  • Interest Rate: Fluctuations of interest rates are key influential factors and had a major impact on home loan EMIs. Therefore, it can create either positive or negative impacts on home loan EMI.
  • Tenure: The exact EMI is determined through the time frame and even the slightest change in time can affect the imposed EMI. So, acquiring a home loan for a short time frame can be daunting with an increased monthly instalment amount.
  • Prepayment: The prepayment before the completion of the loan tenure will have a great effect on the EMIs. However, some banks or lenders may charge you for prepayment due to their losses. But this step can reduce the burden directly from the outstanding balance. Utilizing an EMI calculation calculator can help you understand the impact better.
  • Down payment: While applying for the housing loan you will only get a maximum 75% to 90% value of the amount. And the rest will be paid as a down payment.
  • Change of Lender: If you are paying a higher interest rate, be sure to change your lender.

How to Reduce Your Home Loan EMI?

Get the EMI burden off your shoulders using the following tips. These tips and tricks won’t remove the burden entirely but can surely help you in several ways.

  • Make sure to check with multiple financial lenders before finalising the loan.
  • Choose the great offers for the best deals with the lenders.
  • Do not borrow the amount you won’t be able to afford or to repay within the decided tenure.
  • Make a down payment of a higher amount. It is because the higher the down payment lowers the EMIs amount.
  • Choose the tenure wisely.
  • Make pre-payment of your loan once a year if possible. Utilize an EMI calculation calculator to plan these prepayments effectively.
  • Apply for a balanced transfer of the home loan to get a better deal than the current one. Utilize an EMI calculation calculator to analyze potential savings from such a transfer.

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