Home Loan EMI Calculator

How is EMI on Loan Calculated?

The formula for Home loan EMI Calculation is –

E=P * r * (1+r)^n/{(1+r)^n – 1)}

where-

p = Principal loan amount

n = Loan tenure in months

r = Monthly interest rate

Home Loan EMI Calculation Example

If an individual avails a loan of 1,00,00,000 at an interest rate of 8.4% for a tenure of 240 months (20 years), then his EMI will be calculated as:

EMI= ₹100000000.007(1+0.007)240[(1+0.007)240-1] = ₹86,150

Disclaimer

The results generated by the Home loan EMI calculator are indicative in nature and may vary depending on the prevailing interest rates at the time of loan booking. The calculator is intended to provide you with an estimate of your monthly payments and is not certified or endorsed by OneNDF Private Limited.

Please note that the Home loan EMI calculator is only a tool to help you arrive at estimated results based on the data input by you. It is not intended to be a substitute for financial or professional advice from OneNDF Private Limited.

OneNDF Private Limited shall not be held liable for any errors or discrepancies in the results resulting from the usage of the calculator; use of the calculator is solely at your own risk.

Before making any financial decisions, we strongly advise you to speak with one of our loan experts. They can assist you in understanding the loan’s terms and conditions as well as any fees, charges, and interest rates that may be involved.

FAQs

What is home loan calculator?

You can calculate your EMIs based on the interest rate and the chosen tenure using a home loan EMI calculator. You can use it to compare and check your EMls according to your tenure.

How to use OneNDF’s Home Loan EMI Calculator?

OneNDF’s Home Loan EMI Calculator is very easy to use, all you have to do is just put in the following details and it will generate monthly payment schedule:

• Loan Amount: Amount of home loan that you want to approval for
• Loan Tenure (In Years): It is the term for which you want your home loan to be approved for
• Interest Rate (% P.A.): Interest Rate you are getting

What is home loan EMI?

EMI alludes to the amount you must pay each month to repay your mortgage. The Monthly Installments varies depending on the loan amount, rate of interest, and term. By extending the length of your house loan, you can lower your EMIs.

What are the tax benefits associated with home loan?

Home loan EMI payments come with a number of tax advantages, including:

You can claim a tax credit of up to Rs. 1.5 lakh per year on the principle amount of your home loan EMI under Section 80C. You can also claim a tax credit of up to Rs. 2 lakh per year on the interest portion of your home loan EMI under Section 24(b). If you are a first-time house buyer, you are only eligible to claim a tax rebate on the interest component of your home loan up to Rs. 50,000 after you have used up the claimed cap under Section 24(b).

For detailed home tax benefits refer here.