Calculate Equated Monthly Installment (EMI) for Home Loan. This calculator will compute EMI and Total interest payable to service your loan.

EMI is a short form of “Equated Monthly Instalment”. Home Loan EMI includes the repayment of principal as well as interest amount on your Home loan. EMI primarily depends upon Amount, Rate of interest and Time period. The longer the time period and lesser would be the EMI but you will end up paying more interest to your lender.

Fintra has come with a very effective tool so that you can calculate your Home Loan EMI easily depending on various factors like rate of interest, tenure of the loan, etc. This will help you calculate the Home loan.

All you need to do is input the following to arrive at your Home Loan EMI:

__Loan Amount:__Enter the Loan Amount that you need for your Home__Interest Rate (% per annum):__Input prevailing interest rate that bank is charging__Loan Tenure (in years):__Enter your desired loan term for which you wish to avail the loan. A longer tenure increases the chances of getting loan approval.

- Helps you decide the EMI accurately without any errors and helps you make a desired plan that how you intend to pay back the EMI.
- Saves your time which you would have wasted doing a long calculation to calculate the EMI amount which is a very exhaustive and time-consuming process.
- You can access our EMI calculator anytime anywhere on our website or from our app.

How is Home Loan EMI calculated?

The formula used to calculate the EMI is

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

Where P = Loan amount

R = Rate of interest

N = Tenure in number of months

Using the formula, you now have an idea that higher the loan amount or the rate of interest higher the EMI. Well the EMI payments decrease with the increase in tenure. But why get into this much hassle when you can do it all much more efficiently using an EMI calculator.

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**What are the factors that your Home Loan EMI is dependent upon?**

__Amount borrowed__– EMI is dependent on the amount and the interest is also calculated on this principal amount.__Rate of Interest__- It is the Rate at which interest will be computed. It is advisable to check the rate of interest of different banks before making a final choice.__Tenure of loan__- It refers to the total amount of Time in which the repayment will be done.__Monthly resting period__– resting period is the regular interval at which the loan amount balance is recalculated and refers to the periodicity of compounding. For example, in case of a monthly rest, the balance loan amount is recalculated and decreases every month.

**Other Factors affecting Home Loan EMI**

- If the borrower pays the loan by making a pre-payment through the tenure of loan, either the subsequent EMI’s get reduced or the tenure is reduced or even both can happen. In the opposite case if the borrower skips an EMI then the EMI’s increase or the tenure increases or even both.
- Also, in case of floating rate loans if the rate of interest decreases the EMI reduces or the tenure decreases or even both. On an increase in rate of interest the reverse happens.

Flexible loan repayment option

Some banks offer flexible repayment of loans option in which the EMI’s vary over time. In step-up loans you pay lower EMI in starting which eventually increases. In cases of step-down loans, you pay higher EMI in starting which decreases over the period.