How to Calculate your home loan EMI online?


The ones prepping up to take up a home loan should reckon the EMIs that they have to pay per month. To get a lump-sum idea about the EMIs that you will have to pay, you may take the help of the online EMI calculator. A home loan EMI calculator helps to make an informed decision while zeroing in on a  particular home loan contract. The calculator will come to your rescue when you are trying to figure out the best plan to opt for the home loan. With the help of the home loan calculator, you will get to know the amount that has to be paid to repay the debt. 

The EMI is an abbreviation for the Equated Monthly Instalment, which has to be repaid for a fixed tenure. It has to be repaid on a monthly basis to repay the home loan debt. Scroll down further to acknowledge the process and know about the factors affecting the home loan EMI. 

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How to calculate EMI for Home Loans?

The calculators also work as a home loan interest calculator. Reckoning the EMI amount is way easier than comprehended. The home loan amount can be figured out with just 3 simple steps. All you have to do is enter the amount that you have been planning to loan. Then, select the tenure to repay the debt and then, enter the interest rate as advertised on the site. 

How to use the Home Loan EMI calculator?

As mentioned above, the EMI calculator involves a few simple steps of calculation. The steps are as follows:

  • Visit a reputed home loan provider online portal and click on the EMI calculator option from the financial tool tab.
  • Few details have to be entered such as the principal amount, the rate of interest, and the tenure.
  • After entering the details, submit the information and wait for the site to display the result. 
  • The EMI amount displayed on the screen can be adjusted for different parameters to find the EMI amount which best meets the person’s financial affordability and other requirements. 

How does the EMI calculator work?

To reckon the amount payable to the lender, the borrower has to determine the following three variables:

Principal amount

It is the amount that the borrower gets as a loan from the lender. The higher the principal amount, the higher will be the EMI. 


The tenure of the loan amount has to be predetermined. As the repayment of the debt will be done in months so the tenure will be taken into consideration in months and not in years.

Home loan Interest

The rate of interest plays a major in determining the EMI amount to be paid every month. The rate may vary from bank to bank. This is where the EMI calculator comes to your rescue where you will be able to make comparisons among different lenders and the EMI amount you will have to pay on borrowing. 

Advantages of acknowledging the EMI amount in advance

Beforehand acknowledgement of home loan EMI releases the burden of going for an unanticipated home loan contract. The calculator helps to reckon the amount that would have to be shelled out from the income as EMI for the home loan. 
Zeroing in on a home loan after acknowledging the EMI amount helps to stabilize the financial management of an individual. Pre-planned spending pattern will also help to lead a stress-free life. Besides the pre-planned financial expenses, easy calculation based on home loan rates, the calculator helps to reckon the progress of the loan.
The EMI calculator computes the amount on the basis of the details entered by an individual. Any changes in those factors affect the EMI amount. With the help of the amortisation table, the 

borrower is able to figure out the progress in loan in the due course of time. 

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