How do I Calculate EMI on Home Loan?

A home loan is a long-term commitment, and it is approved only for such applicants having sound creditworthiness. When a loan prospect is aware of a precise home loan EMI amount, it becomes easier to plan out the repayment. It can help them have complete control over how much to pay and make way for the expense.

But many don’t know how to calculate home loan EMI. But it is possible to know about it instantly by using a hassle-free tool. It is called a home loan EMI calculator.

The home loan EMI calculator is an online tool that modern-day lenders make available on their websites. It is available for free and round the clock. Once you use the EMI calculator, you can know about your precise home loan EMI amount.

The first step to browse the website of the lender you are looking to apply for the home loan and navigate to the ‘Home Loan’ page. On the ‘Home Loan’ page, you have to click/tap on the ‘Calculators’ section. You will see the option of ‘Home Loan EMI Calculator.’ Click/tap on it, and the tool will now open.

On the EMI calculator, simply choose your desired home loan amount, the applicable housing loan interest rate, and the tenor you will find it within. Instantly after you select these parameters, the EMI calculator will showcase your exact home loan EMI. If you think that the EMI amount is a bit taxing on your income, you can increase the loan amount. If you find it lower, you can increase the home loan amount.

Along with the correct home loan EMI amount, you also know about the total payable loan interest amount and the entire loan cost (principle + interest).

Knowing about these elements can surely help any home loan applicant go a long way in planning their finances.