Home Loan EMI Calculator

Loan Amount

₹ 1 Lakh
₹ 2 Crore


1 Years
30 Years

Interest rate

5 %
25 %

₹ 5,510

Principal Amt.
 ₹ 3,00,000

Interest Payable
 ₹ 4,93,415

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What is Home Loan EMI?

When you take a home loan, you will get a specific tenure to repay it. During that tenure, you will have to pay a certain amount monthly, which will include the principal amount and the interest. This monthly amount that you will pay every month is called the home loan EMI.

How Does a Home Loan EMI Calculator Work?

A home loan EMI calculator lets you determine how much you need to pay every month to repay your home loan It will eliminate complications of manual calculations and give you an idea about the EMI payable in no time.

Home Loan EMI Formula

The home loan EMI calculator formula is as follows:

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

In the home loan EMI calculator formula, P denotes the principal amount, and N denotes the tenure. R refers to the interest rate applicable every month.

Maybe you have taken a home loan of Rs 10,00,000 at an annual interest rate of 7.2%. The tenure for repaying the loan is 10 years or 120 months. In that case, the EMI amount can be calculated as follows:

Rs 10,00,000 * 0.006 * (1 + 0.006)120 / ((1 + 0.006)120 - 1) = Rs 11,714

The total payable amount will be Rs 14,05,703 because an interest amount of Rs 4,05,703 will get added on the principal amount.

How to Use IIFL's Home Loan EMI Calculator

The steps to use the IIFL home loan EMI calculator online are as follows:

  • Step 1 : Input the home loan amount that you wish to borrow.
  • Step 2 : Enter the tenure over which you will be able to comfortably repay the home loan.
  • Step 3 : Provide the rate of interest that will be charged by the lender.
  • Step 4 : The home loan EMI calculator will instantly display the correct EMI amount as per the information you have provided.

How Can a Home Loan EMI Calculator Help You?

If you don't know how to calculate home loan EMI, a home loan calculator will help you. All you have to do is provide the necessary details to the tool. After that, it will accurately calculate your EMI amount instantly.

The EMI calculator is extremely easy to use and no technical knowledge is necessary to operate it. Moreover, it eliminates the need for manual calculations and saves your time. By enabling you to correctly determine the home loan EMI in no time, the calculator helps you plan your finances accordingly.

Factors Affecting Your Home Loan EMI

A home loan interest EMI calculator considers the following factors to determine the EMI amount:

  • Principal Amount : The principal amount is what you borrow from the lender to purchase or construct a home. If your principal amount is high, the EMI will also be high. The principal home loan amount that you can borrow will depend on your property value, income, repayment history, credit score, and other factors.
  • Interest Rate : Every lender charges a different interest rate from borrowers. If the interest rate is low, your home loan EMI will be significantly low. Usually, your credit score, repayment history, and various other factors will determine the interest rate lenders charge you. You can choose between a fixed or floating interest rate for your home loan. While a fixed interest rate will keep your EMI amount the same throughout the tenure, a floating interest rate will make your EMI amount fluctuate according to market terms.
  • Tenure : Tenure is a critical factor while determining the home loan EMI amount. If you opt for a long home loan tenure, you will have to pay a lower EMI. Similarly, a short tenure will make your home loan EMI amount high. While a long tenure reduces the EMI amount, it causes a hike in the interest rate. Therefore, you should choose a short home loan tenure if you can afford it.
  • Prepayment : Prepayment is not mandatory. But doing it can reduce your home loan EMI significantly. However, you might need to pay prepayment charges. You should ask your lender in detail about the prepayment charges. In case the prepayment fee is too high, you might not benefit from making a prepayment. You should only make a prepayment when it will be lower than your total EMI amount.

Advantages of Using IIFL's Home Loan EMI Calculator

The different advantages of using the IIFL home loan EMI calculator online are as follows:

Easy to Use

Using the home loan EMI calculator is extremely easy. You will have to carefully input the necessary information to see the EMI amount.

Free Tool

You can leverage the home loan EMI calculator online for free.Moreover, you can use it an unlimited number of times to compare different home loan EMIs and find the most affordable one.

Accurate Results

If you calculate the home loan EMI manually, the tendency of human error is present. Moreover, manual calculation is a time-consuming affair. But, the IIFL hhome loan EMI calculator will provide you with accurate results instantly.

Home Loan EMI Calculator FAQs

What is a Home loan?

A home loan involves individuals borrowing a certain amount to purchase a house. Home loans are also available for construction, renovation, or extension purposes.

How is Home loan EMI calculated?

Individuals wondering how to calculate home loan EMI need to learn what factors affect the EMI amount. The home loan EMI formula considers the tenure, principal amount, and interest rate to deliver the required result. 

What are the benefits of using an EMI Calculator for a home loan?

A home loan monthly EMI calculator provides instant results accurately. If you rely on a home loan EMI calculator, you will be able to avoid manual calculations, which are often error-prone.

What is a pre-EMI interest on a home loan?

The pre-EMI interest on a home loan means that your monthly contributions are for the interest amount. If you are paying a pre-EMI, it means that you are not contributing anything toward the principal amount. The facility to pay pre-EMIs is available when the house is under construction.