EMI
Principal Amount
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Interest
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Payable Amount
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Planning to buy your dream home? Do you want to know how much EMI you will have to pay for your home loan? Home Loan EMI Calculator is a handy tool that helps you calculate your monthly EMI amount with ease. Just enter your the loan amount, the interest rate offered, and loan tenure. You will get instant results pertaining to your home loan EMI, total interest payable, and total payment (principal + interest).
The Home Loan EMI Calculator is a smart tool that can help you in various ways while planning to buy your dream home. Here are few benefits of using the Home Loan EMI Calculator:
- It helps you know the monthly EMI amount that you have to pay towards your home loan. This way, you can plan your monthly budget and manage your cash flows better.
- It helps you compare different home loan offers from various lenders and choose the one that suits your needs and affordability. You can see how different loan amounts, interest rates, and tenures affect your EMI amount and total interest payable.
- It helps you decide how much loan amount you can avail and how long you want to repay it. You can adjust the input values and see how it affects your EMI amount and total payment. You can also see the break-up of your payment into principal and interest components.
- It helps you save money by choosing a lower interest rate or a shorter loan tenure. You can see how much interest you can save by opting for a lower rate or a shorter period. You can also see how much prepayment penalty you may have to pay if you want to prepay your loan partially or fully.
- It helps you avoid any miscalculations or errors in computing your home loan EMI. You can get accurate and instant results with the Home Loan EMI Calculator without any hassle.
- The Home Loan EMI calculator uses a simple formula to calculate the EMI.
- Monthly EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
- where,
- P = Principal amount
- R = Interest rate per month (divide the annual interest rate by 12)
- N = Number of monthly instalments or loan tenure in months
- For example, if Anjali takes a personal loan of ₹100000 from a bank at an interest of 12% per annum for 5 years. Here is how the EMI would be calculated.
- P = ₹100000
- R = (12/12)/100 = 0.01
- N = 5*12 = 60
- Therefore,
- EMI = [100000x0.01x(1+0.01^60]/[(1+0.01)^60-1]
- EMI = 22244.44768 / Month
- To use Angel One EMI calculator, you need to enter the following inputs:
- Loan amount:Amount of money that you want to borrow or have already borrowed from the lender.
- Interest rate:Interest rate charged by the lender/financial institute for the loan.
- Loan tenure: The duration of the loan in months or years.
FAQs

You can reduce your home Loan EMI amount by:
- Choosing a longer loan tenure: This will reduce your monthly instalment but increase your total interest payable.
- Choosing a lower interest rate: This will reduce both your monthly instalment and your total interest payable. You can negotiate with your lender or switch to another lender who is offering lower interest rate.
- Making a higher down payment: This will reduce your principal amount and hence your monthly instalment and total interest payable.

- Income: Income determines your repayment capacity and hence your maximum EMI amount. Generally, lenders prefer that your EMI does not exceed 40% to 50% of your monthly income.
- Credit score: Credit score reflects your credit history and repayment behaviour. Higher credit score indicates lower risk of default, which increases your chances of getting a loan at a lower interest rate and higher EMI amount.
- Existing debts: Existing debts affect your debt-to-income ratio, which is the percentage of your income that goes towards paying off your debts. A lower debt-to-income ratio indicates a higher surplus income and hence increases your EMI eligibility.

Yes, You can claim tax benefits on both principal and interest components of your home loan under Section 80C and Section 24 of the Income Tax Act, respectively. The maximum deduction allowed for principal repayment is ₹1.5 lakhs per annum under Section 80C while
Section | Deduction | Amount | Condition |
---|---|---|---|
80C | Principal repayment | Up to Rs. 1.5 lakh per annum | Property should not be sold within 5 years of possession |
24 | Interest payment | Up to Rs. 2 lakh per annum for a self-occupied property; No limit for rented property | Construction or purchase should be completed within 5 years from the end of the financial year in which the loan was taken |
80EE | Interest payment | Up to Rs. 50,000 per annum | First-time home buyer; Loan up to Rs. 35 lahks; Property value up to Rs. 50 lakh; Loan sanctioned between April 1, 2016, and March 31, 2017 |
80EEA | Interest payment | Up to Rs. 1.5 lakh per annum | First-time home buyer; Loan up to Rs. 45 lakh; Property value up to Rs. 45 lakh; Loan sanctioned between April 1, 2019 and March 31, 2022 |