Home Loan EMI Calculator with Detailed Analysis

 Home Loan EMI Calculator

Home Loan Amount:
Interest Rate:	% Annual
Loan Tenure:	years

Hover over or Tap at line to check loan status at that point!

Monthly Installment (EMI):

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Home Loan EMI Calculator

It's a universal calculator for calculating loan EMI. This calculator can be used as SBI HDFC AXIS Bank Home Loan EMI Calculator. This can also be used to calculate EMI's for personal and car loan.

It's a simple, accurate and Mobile Friendly Home Loan EMI Calculator. Bookmark it for your quick access!

How to use

• Enter loan amount in any currency
• Enter loan annual interest rate
• Enter loan tenure in years
• Click "Calculate EMI" to calculate EMI
• Click "Reset" to empty all fields

Output

Once you click "Calculate EMI button", you will see results right beneath the calculator. Output covers,

• EMI - Equated Monthly Installment to be paid per month
• Total Interest to be paid till loan closure
• Total amount (Principal + Interest) to be paid till loan closure

Note

• Calculator considers interest rate as fixed interest rate and calculates EMI accordingly. These days most loan, specially house loan rely on variable interest rate, which means interest rate can change anytime, and so your EMI and other calculations.
• By default calculator shows calculation for loan amount of 50,00,000, interest rate of 8% per year and loan tenure of 20 years.

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Home Loan General Guide

This one video will clear many of your doubts related to Home Loan. A must watch video for Home Loan taker.

What is EMI

EMI stands for Equated Monthly Installment. It's the fixed installment payable every month. Change in interest rate leads to change in EMI.

EMI has 2 parts,

• Principal
• Interest

So each time you pay an EMI, you are re-paying some part of your principal loan amount and thus reducing outstanding dept., and of course you are paying interest which is the absolute loss. 

As you keep paying EMIs, your principal outstanding keep decreasing, and since the principal loan is decreasing the interest also decreases. In other words, every month principal outstanding dept. reduces and interest also reduces.

Now since the EMI remains constant (considering interest rate remains same) every month, the principal portion of EMI keeps increasing every month and the interest portion of EMI keeps decreasing. 

When loan ends

Once your principal outstanding amount becomes zero, loan ends.

How to close loan early

You have 2 choices,

1. Increase EMI amount.

Interest portion of EMI remains constant and is calculated on outstanding loan amount. So if you increase EMI, essentially you are increasing the principal portion of the EMI, so with increased EMI, you re-pay more principal and thus loan closes faster.

2. Keep pre-paying some part of principal

You can continue to pay EMI, additionally you can pay some amount whenever you have surplus fund - this is called part prepayment. So this part prepayment amount directly reduces your principal outstanding amount and this loan closes faster.

Loan transfer

If you are not happy with current lander for any reason, be it service, interest rate or anything, you can always choose to shift to other lander - this is called outstanding loan transfer.

This is not as simple as it sounds. Note below points,

• You may have to pay again legal charges, processing charges and taxes at new lander
• You may also have to pay mortgage charges on outstanding amount
• You need to get fresh approval at new lander for your loan and property
• You need to manually apply at current lander to request transfer

How to reduce interest rate

It's a common practice for most (perhaps all) landers to offer better interest rates to new customers and keep yielding more interest rates from existing customers, but at the same time they do offer means of reducing interest rates for existing customers - this is called loan interest rate conversion.

By availing Loan interest rate conversion, you can get your interest rate reduced. Note below points before applying conversion,

• Conversion is not free, you have to pay fees. Check with your lander for conversion charges
• Conversion fee can be bargained. You can try to ask reasonable discount to reduce interest rate
• Make sure that post conversion interest rate is significant, if difference is not much then conversion fees might go waste. Check EMI pre and post conversion interest rate using above calculator.

Charges for prepayment

No charges in India - RBI guidelines. Prepayment is free, you can pay part of full outstanding principal without any additional charges. Note below on part prepayment,

• Most landers don't provide online prepayment facility, thus making it difficult for customers to prepay and cut down loan outstanding faster. Check below videos for detail,


• Most landers have rules for prepayment. Most common rules are, you can pay only from 1st to till 25th of every month, and prepayment amount should be equal or more than EMI (monthly installment), and prepayment can be done only limited number of times in a month. Check below video for details,

Hope you liked the calcy. Got question or suggestion ? Please put it in comment below.