Can I pay my home loan EMI early?

Yes, you can pay your home loan EMI early. This is known as prepayment or foreclosure. However, you will have to pay the prepayment and foreclosure charges, as applicable.

Home Loan EMI Calculator: Calculate EMI for Housing Loan

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Calculate Home Loan EMI

Loan amount

₹

500,000%50,000,000%0010,000,000%

₹5,00,000₹5,00,00,000

Loan duration

1%30%0010%

1 Year30 Years

Rate of interest

8.75%12%008.75%

8.75% p.a12% p.a

Monthly EMI

₹1,25,327*

Total Amount Payable

₹1,50,39,210*
Total Interest Payable

₹50,39,210*

Total Amount Payable

₹1,50,39,210*

Total Interest Payable

₹50,39,210*

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Disclaimer: The aforementioned values, calculations and results are for illustrative and informational purposes only and may vary basis various parameters laid down by Tata Capital.

Home Loan EMI Calculator - Calculate your Housing Loan EMI

When you take a home loan, you agree to repay the loan amount in Equated Monthly Instalments or EMIs. The EMIs that you need to pay for your home loan depend upon several factors, including loan amount, tenure, and home loan interest rate.

A calculator for housing loan is a simple and effective tool that can help you evaluate the EMI amount that you need to pay every month to repay your home loan. You can use an online home loan EMI calculator to determine your housing loan EMIs within a few seconds. A housing loan EMI calculator is incredibly quick and easy to use.

To calculate your EMIs using a home loan calculator, you will need to enter your home loan principal amount, tenure, and rate of interest, and your house loan EMI will be displayed instantly. By using a house loan calculator, you will get an idea of the right loan amount and tenure so that you can pay your housing loan EMIs without straining your finances.

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How is EMI on Home Loan Calculated?

Calculating home loan EMI has become significantly easier with the use of an online home loan EMI calculator. You can simply enter your home loan amount, loan tenure, and the applicable interest rate in a house loan calculator, and your housing loan EMI will be displayed instantly.

For example - For a principal home loan amount of Rs. 20,00,000 borrowed at an interest rate of 10% per annum and for a tenure of 10 years (which is 120 months); home loan EMI can be calculated as follows - [20,00,000 x 10 x (1+10)120]/ [(1+10)120-1], which is equal to Rs. 26,430 per month. .

You can also use the following mathematical formula to calculate your house loan EMI:

EMI = [P x r x (1+r) ^n]/[(1+r) ^n-1]

Wherein ‘P’ is the principal home loan amount, ‘r’ is the applicable home loan interest rate, and ‘n’ is the number of installments you need to pay or loan tenure in months.

Benefits of Using a Home Financing Calculator

A home loan calculator helps you know the EMIs that you need to pay for your home loan within a few seconds. Several

lending institutions offer home loan EMI calculators online to make your home buying process easier. Here are a few

benefits of using a home EMI calculator:

Easy to Use

Home loan EMI calculators are very easy to use. To use an online home loan calculator, no complex mathematical formulas need to be solved. All you need to do is enter the home loan amount, applicable interest rate, processing fee (if any), and loan tenure, and the house loan calculator will display your EMIs within seconds.

Selecting the Right Tenure

When you increase your home loan tenure, your EMI amount decreases, and vice versa. Knowing the right EMI allows you to decide the right home loan tenure for yourself. You can enter different loan tenures in a home loan calculator and then select the right tenure as per the suitable EMI amount.

Proper Loan Management

It could be possible that you may have extra funds after paying your home loan EMIs and you may wish to make pre-payments to reduce your home loan EMIs. In such a case, a home loan EMI calculator can help you calculate your new EMI and manage your home loan more efficiently.

Comparing Loan Offers

Different lending institutions levy interest rate for housing loan. By using an EMI calculator for home loan, you can know the EMIs and compare loan offerings from different lenders. A home loan EMI calculator will help you know the total cost of each loan and make an informed decision.

How Does Tenure Impact House Loan EMI Calculation?

The home loan EMI is inversely related to the home loan tenure. It means that the higher the home loan tenure, the lower will be the EMI amount, and vice versa. Let us understand this with the help of an example - Consider three different principal amounts and three different tenures for the same interest rate of 8.75% per annum.

The table below depicts that home loan EMI reduces as the tenure increases.

Principal Amount	10 years	15 years	20 years
Rs. 10,00,000	Rs. 12,668	Rs. 10,143	Rs. 8,997
Rs. 20,00,000	Rs. 25,335	Rs. 20,285	Rs. 17,995
Rs. 50,00,000	Rs. 63,338	Rs. 50,713	Rs. 44,986

Home Loan Amortization Schedule

A home loan amortization schedule is a table containing all details related to a home loan repayment. It begins with the details of the outstanding principal Home Loan amount, followed by the details of the scheduled payments or EMIs that the borrower will have to pay at fixed intervals.

Then, the total interest and the principal amount paid by the borrower are displayed. The last row of the amortization schedule shows the closing balance that will be carried forward to the next period.

Considering that you have taken a home loan for Rs. 50,00,000 for 20 years at a 10% interest rate, this is what your annual amortization schedule will look like:

Year	Opening Balance	EMI*12	Interest paid yearly	Principal paid yearly	Closing Balance
1	50,00,000	5,79,013	4,96,276	82,737	49,17,263
2	49,17,263	5,79,013	4,87,612	91,401	48,25,863
3	48,25,863	5,79,013	4,78,042	1,00,971	47,24,891
4	47,24,891	5,79,013	4,67,469	1,11,544	46,13,347
5	46,13,347	5,79,013	4,55,788	1,23,225	44,90,122
6	44,90,122	5,79,013	4,42,885	1,36,128	43,53,994
7	43,53,994	5,79,013	4,28,631	1,50,382	42,03,612
8	42,03,612	5,79,013	4,12,884	1,66,129	40,37,483
9	40,37,483	5,79,013	3,95,488	1,83,525	38,53,958
10	38,53,958	5,79,013	3,76,270	2,02,742	36,51,216
11	36,51,216	5,79,013	3,55,041	2,23,972	34,27,243
12	34,27,243	5,79,013	3,31,588	2,47,425	31,79,818
13	31,79,818	5,79,013	3,05,679	2,73,334	29,06,484
14	29,06,484	5,79,013	2,77,058	3,01,955	26,04,529
15	26,04,529	5,79,013	2,45,439	3,33,574	22,70,955
16	22,70,955	5,79,013	2,10,509	3,68,504	19,02,451
17	19,02,451	5,79,013	1,71,922	4,07,091	14,95,361
18	14,95,361	5,79,013	1,29,215	4,49,718	10,45,642
19	10,45,642	5,79,013	82,203	4,96,810	5,48,832
20	5,48,832	5,79,013	30,181	5,48,832	0

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FAQs on Calculator for Housing Loan

The interest component of your home loan EMI refers to the cost of the loan borrowed, which is calculated based on the interest rate and tenure. The principal component of the home loan EMI refers to the money you borrow from the lender. Initially, most of your EMI goes towards interest payments. Over time, the interest portion decreases, and the EMI goes towards repaying the principal amount.

EMI calculation helps in planning a home purchase by providing clarity on monthly payments in advance. It allows you to choose a suitable loan amount and tenure, ensuring your EMIs fit within your budget without impacting other expenses. This simplifies decision-making and makes home buying more manageable. Use Tata Capital’s free home loan EMI calculator to calculate your EMIs accurately.

EMI stands for Equated Monthly Instalment. It's a fixed amount of money that a borrower pays to a lender each month as part of repaying the loan. This payment includes both the principal amount (the money you borrowed) and the interest (the fee charged by the lender for lending you the money).

Missing to pay the EMI for your home loan can result in a late payment fee of 1% to 2% of the due EMI amount. If you do not pay your EMI for up to 90 days, you may become a Non-Performing Asset (NPA) and receive legal notice. In addition to this, your credit score may also be affected.

Remember to use the home loan EMI calculator and pick an EMI amount you can comfortably pay to avoid penalties and hassles later.

You can choose any date for your home loan EMI. However, it can help to stick to a date close to when you receive your salary every month. This helps ensure that you pay your EMIs on time. For instance, if you receive your salary on the 1st, you can pick the EMI date for the 5th.

If you pay more than the fixed EMI for your home loan, the extra money will be considered a prepayment on the loan. The excess amount will be deducted from your principal amount, and your subsequent EMIs will be adjusted accordingly. You may also pay prepayment charges depending on the excess amount paid. It is advised to refer to the home loan amortization schedule or use a home loan EMI calculator to understand your EMIs and avoid over or underpaying.

The EMI can be altered if your credit score improves or if you prepay a part of the loan. You can also opt for a step-up/step-down EMI plan where you pay lower/higher EMIs in the initial stages of your tenure and gradually increase/decrease over time. A home loan EMI calculator can help you understand these options and their impact on your finances.

Yes, floating interest rates can impact the EMI every month. Floating interest rates can fluctuate based on market conditions. Floating interest rate home loans are linked to the Reserve Bank of India’s (RBI) repo rate hikes, which may change over time. Make sure to use a home loan EMI calculator when deciding on a fixed and floating-rate home loan to make an informed decision.

Yes, you can choose from part or full prepayment of your home loan to pay your home loan more quickly. However, you would have to pay the prepayment charges on your home loan. Make sure to use the home loan EMI calculator to understand the impact of these charges on your EMIs.

Home loans with longer terms have consequently lower EMIs as the amount gets divided into several years. If you wish to pay a lower EMI, you can choose a long loan tenor. You can see the actual costs of your EMIs depending on your choice of home loan tenor on the home loan EMI calculator.

Yes, you can make online payments for your home loan. You can link your bank account and set up automatic payments to ensure timely payment of your EMIs. You can also make payments through other payment modes, such as debit cards, Unified Payments Interface (UPI), etc.

If you are unable to pay the home loan EMI on time, you may be given a grace period, also known as the home loan moratorium period. You do not have to make any payments during this time. However, your repayment history, credit score, loan amount, tenure, and other similar factors determine whether or not you qualify for a grace period. It is advised to pick a loan amount and tenor using the home loan EMI calculator that seamlessly fits into your budget to avoid such a situation in the future.

You may be able to change the frequency of your home loan EMIs, depending on the duration and amount of your loan. It is best to discuss this at the time of loan application. It is also advised to use the home loan EMI calculator before selecting a payment frequency to understand its long-term impact on your finances.

To use Tata Capital’s home loan EMI calculator, follow the steps below:

Step 1: Slide the bar or enter your loan amount

Step 2: Slide the bar or enter your loan duration

Step 3: Slide the bar or enter your loan’s interest rate

Step 4: Based on the information you shared, the calculator will calculate your monthly EMI, total amount payable, and total interest payable.

The formula for calculating home loan EMI is P x r x (1+r)^n / [(1+r)^n-1]. Here,

P= Principal home loan amount

n= Loan tenure in months

r= Applicable home loan interest rate

Further, the interest rate (R) is calculated per month with the formula- Annual rate of interest/12/100.

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I had applied for a home loan at Tata Capital & got the it approved quickly. The process was smooth and sanctioned with sufficient amount with tenure period of 20 yrs.

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I'm happy with the service and the help I got earlier for foreclosure letter. Thank you so much & thanks to Alisha mam for her guidance.

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Special thanks to Mr. Avinash for his help rendered with full commitment to his job, answering the queries to me clearly, and follow up so that the work is done in given time to get customer satisfaction.

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Mr Avinash who handled my case is well experienced and has courtesy for customers' concerns. However, some of the Tata Capital products are very expensive when compared to other banks' ones!

Mohammed Shakeel Urrahman

Home Loan | 28 Jun, 2024

Start to end of my loan process was simple and guidance of your team members were to the point. My last communication was with Mr. MANOJ PATEL from surat branch he was very polite and helpful.

Anamika Vijaykumar Tiwari

Home Loan | 20 Jun, 2024

Avinash Vasantbhai Bhesaniya

Home Loan | 07 Jun, 2024

I had applied for a home loan at Tata Capital & got the it approved quickly. The process was smooth and sanctioned with sufficient amount with tenure period of 20 yrs.

Sumeet Verma

Home Loan | 14 Mar, 2022

Service provided by Manoj Patel in Surat vesu Branch was helpful and because of his support we were able to close loan.

Prakash Patil

Home Loan | 23 Aug, 2024

Nandlal Lal Arora

Home Loan | 13 Aug, 2024

Very good & prompt service, and we have spoken to Mr. Manish also, and he always helps us to provide our request. Thank you, Ms Apurva Shende & Manish Padwal

Farhang Ahmed Azar

Home Loan | 24 Jul, 2024

I'm happy with the service and the help I got earlier for foreclosure letter. Thank you so much & thanks to Alisha mam for her guidance.

Akshay Anil Pawar

Home Loan | 17 Jul, 2024

Hannah Grace

Home Loan | 02 Jul, 2024

Mr Avinash who handled my case is well experienced and has courtesy for customers' concerns. However, some of the Tata Capital products are very expensive when compared to other banks' ones!

Mohammed Shakeel Urrahman

Home Loan | 28 Jun, 2024

Start to end of my loan process was simple and guidance of your team members were to the point. My last communication was with Mr. MANOJ PATEL from surat branch he was very polite and helpful.

Anamika Vijaykumar Tiwari

Home Loan | 20 Jun, 2024

Avinash Vasantbhai Bhesaniya

Home Loan | 07 Jun, 2024

I had applied for a home loan at Tata Capital & got the it approved quickly. The process was smooth and sanctioned with sufficient amount with tenure period of 20 yrs.

Sumeet Verma

Home Loan | 14 Mar, 2022

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Home Loan EMI Calculator

Calculate Home Loan EMI

Loan amount

Loan duration

Loan duration

Rate of interest

Home Loan EMI Calculator - Calculate your Housing Loan EMI

Avail TATA Capital loans directly from WhatsApp

How is EMI on Home Loan Calculated?

Benefits of Using a Home Financing Calculator

Easy to Use

Selecting the Right Tenure

Proper Loan Management

Comparing Loan Offers

How Does Tenure Impact House Loan EMI Calculation?

Home Loan Amortization Schedule

Get Home Loan in Your City

Home Loans for Different Budgets

FAQs on Calculator for Housing Loan

What is the Interest and Principal Component of Home Loan EMI?

How does EMI calculation help in planning the home purchase?

What does an home loan EMI mean?

What happens if I forget to pay an EMI on the home loan?

Can I pay my home loan EMI early?

Which date should I choose for home loan EMI?

What happens when I pay extra on my housing loan?

After a few years of loan payments, is it possible to lower my house loan EMI?

If interest rates fluctuate, would my monthly payment on my home loan change?

Can I raise my home loan EMI to pay off the loan more quickly?

Is it feasible to choose a loan with a longer term but a lower EMI?

Can I make online payments for a housing loan EMI?

Can I put off making my home loan EMI payments for a few months?

Can I switch the frequency of my home loan EMIs from monthly to quarterly or half-yearly?

How to use Tata Capital's Home financing Calculator?

What is the formula for calculating home loan?

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What our customers say about us

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Nandlal Lal Arora

Farhang Ahmed Azar

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