Home Loan EMI Calculator

Loan amount
₹
₹1 Lakh
₹10 Cr
Interest rate
%
1 %
30 %
Loan tenure
years
1 year
30 years
Principal
₹0
Total interest
₹0
Total amount
₹0
Your monthly EMI will be
₹0
to repay your 20 years home loan at a 9% interest rate totalling to ₹0

Planning Your Home Loan? Check Out Our EMI Calculator

Owning a home is one of the most cherished dreams anyone holds dear, and home loans have become one of the most practical and popular ways for people to turn their home-owning dreams into reality. These loans make home ownership accessible to people of diverse backgrounds. However, with the convenience of easy credit, comes the challenge of planning for the loan wisely.

From deciding the right loan amount to scheduling EMIs that fit comfortably into your budget, you must build a strong financial strategy to back your vision. That’s where a home loan EMI calculator comes in—helping you make smarter financial choices and plan more efficiently.

Why Use Our EMI Calculator?

Jiraaf’s Home Loan EMI Calculator comes packed with various features at your service:

  • Quick Estimates: By simply entering the loan amount, interest rate, and loan term, you can instantly see your estimated monthly payment for the home loan.
  • Smart Budgeting: Knowing your monthly EMI helps you plan your finances effectively. You can easily see if the loan fits comfortably within your budget.
  • Loan Options Comparison: You can experiment with different loan amounts, and interest rates to find the best fit for your financial situation.
  • Total Cost Breakdown: Our calculator shows you the total amount you'll repay over the loan term, including both principal and interest, giving you a complete overview of the cost you’ll incur.

EMI Payment Formula

Our calculator uses a simple formula that considers four key factors:

EMI = (P × r × (1 + r)n) / ((1 + r) n - 1)

Wherein,

  • Loan Amount (P): The amount you borrow for the house.
  • Interest Rate (r): The percentage charged by the lender on your loan.
  • Loan Term (n): The duration of your loan (usually 10 to 30 years).

For instance, imagine you're buying a ₹50,00,000 home with a 20% down payment. Assume you are borrowing the rest of the funds at an 8% annual interest rate for a tenure of 20 years.

So, your home price becomes ₹50,00,000. The down payment would be ₹10,00,000, and the loan amount would be ₹40,00,000 at a monthly interest rate of ~0.667%, with a 240-month tenure.

EMI = (40,00,00 × 0.00667 × (1 + 0.00667)240) / ((1 + 0.00667)240 - 1)

Now, with the formula, we get the estimated EMI to be approximately ₹33,000 per month. This means you’ll need to pay ₹33,000 every month for 20 years to repay the loan.

Advantages of Using Jiraaf's Home Loan EMI Calculator

Using Jiraaf's Home Loan EMI Calculator comes with a range of advantages, some of which are:

  • Stress-Free Loan Management: Understanding your loan repayment details upfront can reduce financial anxiety. The calculator empowers you to strategize your repayments in a way that fits your lifestyle, helping you approach homeownership with confidence.
  • User-Friendly Interface: Jiraaf’s calculator is designed to be intuitive and hassle-free, making it easy for anyone to use, regardless of their familiarity with financial tools. It ensures a seamless experience for every user.
  • Scenario Testing Made Easy: Whether you’re exploring different tenure options or trying to decide between fixed and variable interest rates, the calculator enables you to test various scenarios quickly. This makes it an invaluable tool for tailoring a loan plan to your needs.
  • Real-time Updates: As market conditions and interest rates fluctuate, the calculator helps you stay up to date. You can revisit your estimates anytime to ensure your loan plan reflects the latest financial environment.
  • Goal-oriented Insights: If you have a specific monthly budget or loan repayment timeline in mind, the calculator lets you work backward, helping you adjust your loan terms to meet your financial objectives.

FAQs About Jiraaf's Home Loan EMI Calculator

1. What is the minimum downpayment for a home loan?

The minimum downpayment typically ranges from 10% to 20% of the property value.

2. What is the ideal loan tenure for a home loan?

Home loan tenures typically range from 10 years to 30 years. A longer tenure reduces the EMI but increases the total interest paid. Use Jiraaf's Home Loan EMI Calculator to test different tenures and see which one suits your financial situation.

3. Can I make a higher downpayment to reduce my EMI?

Yes, a higher downpayment will reduce the loan amount, which in turn reduces your monthly EMI.

4. Are home loan interest rates fixed or variable?

Home loan interest rates can be either fixed (remains constant throughout the loan tenure) or floating (may change with market conditions). Make sure to check with your lender to understand the type of interest rate applicable to your loan.

5. How is my EMI calculated?

The EMI is calculated based on the loan amount, the interest rate, and the loan tenure. Jiraaf's Home Loan EMI Calculator provides a simple interface to calculate your EMI instantly.

6. What happens if I miss an EMI payment?

Missing an EMI payment can lead to penalties, higher interest rates, and negatively impact your credit score. It's important to set up timely reminders or automatic payments to avoid missing an EMI.