Home Loan EMI Calculator
Home Loan EMI Calculator
Plan your home loan better with Ujjivan SFB’s Home Loan EMI Calculator. Compare your housing loan EMI by adjusting the loan amount, tenure, and interest rate, and make informed financial decisions. Designed to deliver quick results, our home loan calculator makes your loan journey a lot easier.
Break-up of Total Payment
Monthly Loan EMI
Principal
Total Interest
Total Payment
(Principal + Interest)
Disclaimer: Ujjivan Small Finance Bank does not guarantee accuracy, completeness or correct sequence of any details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained / data generated herein or on its completeness accuracy. The use of any information set out is entirely at the User’s own risk. User should exercise due care and caution, including if necessary, obtaining of advice of legal, tax, accounting, financial and/or other professionals prior to taking any decision.
Features and Benefits of our Home Loan EMI Calculator
How to Calculate Home Loan EMI
Your home loan EMI primarily consists of two components – the principal amount and the interest payable. Your EMI is affected (increases or decreases) based on the loan amount, tenure and interest rate.
The mathematical formula to calculate home loan EMI is - P x R x (1+R)^N / [(1+R)^N-1] where- ; P = Principal loan amount ; N = Loan tenure in months ; R = Monthly interest rate [(annual rate/12)/100].
But manual calculations can be taxing and may leave room for errors. To reduce effort and mitigate errors, use our Home Loan EMI Calculator.
How to Use our Home Loan EMI Calculator?
Calculate your home loan EMI effortlessly with our Home Loan EMI Calculator. Our EMI calculator is highly intuitive and features a user-friendly interface. All you need to do enter the loan amount, tenure and interest rate. The calculator will show the EMI payable along with a detailed break-up of your principal amount, interest amount and the total amount payable. This would help you get a clearer idea of the total cost of your loan. Here’s what you need to do to calculate your home loan EMI
Step 1: Enter the loan amount
Step 2: Select the loan tenure as per your preference
Step 3: Enter the applicable interest rate
That’s all you need to do to get an estimate of your EMI, repayment amount and the overall interest.
How to Reduce EMI on Home Loan?
Here’s how you can reduce your home loan EMI:
Although, opting for a longer tenure may reduce your monthly repayments, however, you would be paying more as interest. Selecting a longer tenure basically increases the overall cost of the loan. Use our home loan EMI calculator to compare EMIs with different tenures.
Your initial down payment impacts your home loan EMI. For example, let’s assume your house costs ₹50 lakh. If you make a down payment of ₹35 lakh and apply for a ₹15 lakh loan, the EMI would be lesser compared to a down payment of ₹20 lakh and a loan of ₹30 lakh.
FAQs
1. What is EMI?
EMI stands for Equated Monthly Instalment. It is basically the amount you have to pay every month against your loan. Your loan EMI consists of two components – the principal amount and the interest. Your EMI increases or decreases based on the loan amount, tenure and the applicable interest rate.
2. Why should I use a home loan EMI calculator?
Taking a home loan requires careful consideration. Before applying for a home loan, you need to factor in the amount you would be paying as EMI. This would help you plan your finances better. Using a home loan EMI calculator would give you a clearer picture of your EMI obligations.
3. What is an amortisation schedule?
An amortisation schedule outlines the repayment plan for a loan. It details each payment over the loan term, showing how much goes towards the interest and how much reduces the outstanding principal. This helps you understand the payment structure of your loan.
4. What are the factors that can affect home loan EMI?
Your home loan EMI depends on the loan amount, tenure and interest rate. Use our home loan EMI calculator to compare EMIs by adjusting these components.
5. What happens if I fail to pay my home loan EMI?
Missed EMIs can significantly hurt your credit score. And having a poor credit score may restrict your access to credit. Also, late payments may result in penalties. You can check the details of late payment penalty charges here.
