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Home Loan EMI Calculator

Calculate Your Home Loan EMI Online

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Let's build a perfect life insurance cover for you
Your Name
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Female
Have you smoked in the past 12 months?
Yes
No
Your age
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+91
ARN: L0053 | *T&Cs Apply

Home / Life Insurance / Calculators / Articles / EMI Calculators / Home Loan EMI Calculators

Home loans are among the secured and long-term financial options to purchase or construct a property. With time, the standards of living have risen, which in turn calls for assistance to meet the increasing capital demand. Hence, determining the EMI to pay becomes a crucial task before one decides to apply for a loan.

Calculating EMIs manually can be a hectic and challenging task, with a chance of getting the wrong result. But do not worry, as you can use an online home loan EMI calculator anytime to calculate your monthly installments with a snap of your finger.

So scroll down to learn more about how you can use the calculator to assess your EMIs on home loans based on your financial planning.

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Home Loan EMI calculator

Calculate your Home loan EMI & plan your finances wisely

Loan Amount
Rate of Interest(p.a)
Loan Tenure
Monthly EMI
₹ 1,135
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Total Interest
₹ 36,258
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Principal Amount
₹ 1,00,000
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Total Amount Paid
₹ 1,36,258

Home Loan EMI Calculator – Quick and Accurate Housing Loan EMI Calculation Online
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A home loan is a type of secured loan offered by different banks, NBFCs (Non-Banking Financial Companies) and financial institutions for purchasing a property. Such loans are generally available for long tenures with an economical interest rate. The repayment of home loans is done via EMI (Equated Monthly Instalments) and after the loan is repaid, the title of the property is transferred to the borrower.

As a home loan is a long-term and big financial commitment, it becomes important to analyse all the aspects. It helps to decide whether the loan and its corresponding requirements are feasible to your financial goals. The interest rate applicable to your home can be of 3 different types, which you are eligible to choose. They are:

Keep reading to know in detail how the EMI on your home loan works and how to use the home loan EMI calculator to get feasible results.

How Can a Home Loan EMI Calculator Enhance Your Financial Strategy?
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Using an EMI calculator before opting for a home loan can help you in many ways, some of which include the following.

Strategic Budget Planning
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You can plan your finances when you know how much you need to spend in a month before time. With a home loan EMI calculator, you can determine the approximate monthly installment amount you must pay, helping you with an informed approach to your budget planning.

Saves Time
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A home EMI calculator also helps you get rid of the tedious calculations of instalments that you would do manually. Besides, manual calculations can have the chance to provide inaccurate answers and are extremely time-consuming. Hence, with the help of a home loan calculator, you can avoid the hassles of complex calculations. You can also be assured that you get accurate answers instantly.

Evaluates Varied Schedules
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You can have a better idea of your EMI when you are aware of the amortisation schedule. With the help of a home loan EMI calculator, you will know how much money from your monthly instalments is going to the principal repayment and interest payments.

Thus, calculating your instalments for home loans beforehand can not only help you in strategic financial planning but also allow you to make wise decisions for your personal finances.

A Guide to How Home Loan EMI Calculator Calculates EMIs
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With an online home loan EMI calculator, you can simplify the process of calculating your monthly instalment amounts before you opt for one. So let us now have a look at the formula based on which your instalments get calculated:

A home loan monthly EMI calculator works on the following formula - 

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

As per the formula:

So let us now understand it better with the help of an example:

Suppose Raj has availed a home loan of Rs. 50 Lakhs for a tenure of 18 years at an interest rate of 7% p.a.

Then, according to the formula,

EMI = [50,00,000 x 7% x (1+7%)^18]/[(1+7%)^ (18-1)].

EMI = Rs. 40,775

So, this is how a home loan EMI calculator works. You need to know that calculating the EMI using the formula manually can be time-consuming and may have errors. So why waste your precious time calculating the amount manually, just to get an inaccurate result? Thus it is always feasible to opt for an online calculator that will find you your EMI in no time.

If you opt for a home loan at a fixed rate of interest, you will have to pay the same instalment amounts throughout the tenure. However, parts of each payment going towards the loan principal and interest will differ. This process of calculating EMIs is called amortisation.

Given below is the amortisation schedule for the home loan example we discussed above.

Month

Beginning Loan Balance (Rs.)

EMI (Rs.)

Principal (Rs.)

Monthly Interest (Rs.)

Outstanding Balance (Rs.)

1

5000000

40775

11608

29167

4988392

2

4988392

40775

11676

29099

4976715

3

4976715

40775

11744

29031

4964971

4

4964971

40775

11813

28962

4953158

5

4953158

40775

11882

28893

4941277

6

4941277

40775

11951

28824

4929326

7

4929326

40775

12021

28754

4917305

8

4917305

40775

12091

28684

4905214

9

4905214

40775

12161

28614

4893053

10

4893053

40775

12232

28543

4880820

11

4880820

40775

12304

28471

4868517

12

4868517

40775

12375

28400

4856141

You can see from the above table that the interest portion is higher during the initial months. However, with time as the loan amortises, the amount for principal becomes higher while it decreases in case of interest.

How to Use ACKO Home Loan EMI Calculator: Simplifying your Home Loan Planning
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While home loans are crucial in building up your golden years ahead, house loan EMI calculators can help ease the process of determining the EMIs. So let us have a look at how you can calculate your home loan EMIs using ACKO in a hassle-free way.

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Accumulate Your Loan Details
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You must collect all the details related to your home loan before calculating the EMI. These include the loan amount, tenure and interest rate. This information is provided in the loan agreement, or you can infer these from your lender.

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Visit the Home Loan EMI Calculator Page of ACKO
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Visit the official website of ACKO’s home loan EMI calculator page. The interface is easy and comprises reliable features that let you have a hassle-free calculation experience with accurate answers instantly.

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Enter the Required Loan Details
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Enter all the necessary information as asked including the tenure, interest rates etc. to get an accurate answer.

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Calculate
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Once you are done entering all the relevant information at their designated places, click on the "calculate" button.

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Assess the Results
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After you get the answer, you must analyse it to ensure how well it aligns with your budget. You can also change the loan details and try calculating again to check how it affects the EMI amount. You can continue the process until you are satisfied with an EMI amount to opt for.

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Save the Results
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When you are satisfied with the EMI results, you can save the results for future reference. ACKO’s user-friendly interface allows you to easily save or take printouts of it to keep them as records.

Home Loan and Term Insurance
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Opting for a home loan is a dream of many, hence it is one of the smartest moves to purchase a property if you are short of money. But what would happen if something happens to you before the repayment of your loan? The liabilities get passed on to your family leaving them in financial stress.

Therefore, to avoid such circumstances you can opt for either a home loan insurance or a term insurance plan. On one hand, term insurance secures your family during the policy period. In case something happens to you, the remaining amount will be paid from the death benefit.

On the other hand, incase of death of the policy holder during the loan repayment tenure, home loan insurance can be used in settling the outstanding amount, securing your family during such scenarios.

Difference Between Home Loan Insurance and Term Insurance
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Even though both home loan and term insurance are helpful, these two differ on certain points, which include:

Premiums
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Premiums for home loan insurance are higher than it is for term insurance. You can calculate the premiums of term insurance through term insurance calculators on an annual, quarterly, half-yearly or yearly basis.

Coverage
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Home loan insurance provides coverage for the loan repayment period. If the borrower dies before the tenure, his family can claim the insurance to repay the loan. Term insurance provides coverage for a specific period of time. Within that specified period, if the policyholder dies, your family will get a lump sum as death benefit to clear off the outstanding amount.

Tax Benefits
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You can claim a tax benefit of Rs. 1.5 Lakh for the taxable income both in the case of term insurance and home loan insurance. However, the duration of tax benefits depends on the period of home loan and term insurance.

Plans
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Term insurance as well as home loan insurance have specific additional coverages to cover things like illnesses, unemployment, disabilities, etc. Home loan insurance with such add-on benefits tends to have a higher cost. This is because such benefits are optional in the case of home loan insurance, while term insurance covers all your liabilities.

Advantages of using ACKO Housing Loan EMI calculator
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With a user-friendly interface and various useful features, using the ACKO home loan EMI calculator offers several advantages, which include the following:

Customisation Options in the ACKO Home Loan EMI Calculator
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Using the ACKO home loan EMI calculator requires no financial expertise. You can simply visit our official website and move on to the calculators' page to determine your home loan monthly instalments.

Besides, you can get customised results to check how well you can afford the home loan you are opting for. The home loan instalment calculator asks for the loan amount, loan repayment tenure and the rate of interest at which the loan will be repaid. You can customise these options according to your preference to get an accurate result instantly.

Moreover, the calculator allows you to change the details unlimited times to compare the results and instalments you can afford. You can continue with the process until you are satisfied with an amount that perfectly aligns with your budget and financial goals.

Final Words
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Overall, the ACKO home loan EMI calculator comes in handy for everyone who wishes to opt for a home loan. Its easily navigable interface and useful features have proved to be beneficial for several prospective borrowers. Apart from using their home loan EMI calculator, you can also find different financial tools that can assist you with your financial planning and achieve those goals.

So, visit the official website of ACKO today and determine your error-free and accurate EMIs, to select a home loan policy that perfectly aligns with your financial preferences.

Frequently Asked Questions
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Given below are some of the frequently asked questions regarding the SBI home loan EMI calculator:

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Is it possible to use the EMI calculator for all types of loans?

Yes, with ACKO you can get an online EMI calculator for different types of loans such as home loans, personal loans or car loans, and make an informed financial decision.

Do I need to have a good credit score for using an EMI calculator?

No, you do not need to have a good credit score or any financial expertise previously whatsoever. ACKO’s home loan EMI calculator is user-friendly and can be used by a novice as well as an experienced individual.

What are the variables needed to put in the home EMI calculator to get accurate results?

The online home loan EMI calculators work on the basis of the loan amount, repayment tenure and interest rate. Hence, to get an accurate result from the EMI calculator, you need to make sure you provide this information correctly in their designated places.

Will prepayment of the loan affect my EMIs?

Yes, if you opt for prepayments, you can have the chance to either reduce the monthly amounts as instalments or decrease the repayment tenure by keeping the EMIs constant. Going with the latter would be more beneficial in lowering the home loan interest rates. You can calculate the same using the housing loan EMI calculator.

What are the factors that affect the home loan EMIs?

Some of the factors that are responsible for affecting the monthly EMI for home loans include loan amount, monthly interest rate, loan tenure, prepayment and processing fee.

Are home loan EMI calculators and home loan eligibility calculators the same?

No, home loan EMI calculators and home eligibility calculators are not the same. While the EMI calculator provides you with the estimated monthly instalments on your home loan, the eligibility calculators tell you the maximum loan amount you are eligible to apply for. So both calculators provide different information depending on different factors.

Is it possible to change the EMI amount after using the EMI calculator?

Yes, you can change the EMI amount after using the EMI calculator. After you use it once, you can refresh the calculator and provide new loan details to get another instalment estimation based on the details given.