Home Loan EMI Calculator

Are you planning to become a proud homeowner? Congratulations! You can easily avail a home loan to make your dream a reality. What’s more? With Money View’s Home Loan EMI Calculator, you can also find out how much EMI to pay. This will help plan your finances and get them in order so that the loan repayment can be done smoothly....

These home loan EMI calculators are also known as home loan eligibility calculators, home loan prepayment calculators, home loan tenure calculators, etc.

To use the calculator, all you need to provide is the amount that you want to avail, the rate of interest, as well as the repayment tenure. With our EMI calculator, you can also find out the breakdown of your installments.

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Your EMI




Loan Amount
Rate of Interest

Your EMI




  • Loan Amount

  • Total interest

EMI Schedule

Year Opening Balance Interest Principal Closing Balance
2021 ₹ 2,00,00,000 ₹ 9,28,204 ₹ 54,67,659 ₹ 1,45,32,341
2022 ₹ 1,45,32,341 ₹ 8,99,456 ₹ 1,00,64,879 ₹ 44,67,462
2023 ₹ 44,67,462 ₹ 1,01,020 ₹ 44,67,455 ₹0.00

How to Use moneyview’s Home Loan EMI Calculator Online

We bring to you an online home loan calculator. Our home loan calculator or house loan calculator can help you to easily calculate your monthly EMIs.  

Follow the steps below to calculate your monthly EMI online and plan your finances effectively -

STEP 1: Enter the loan amount borrowed or adjust it using the slider

STEP 2: Enter the rate of interest that is imposed. This too can be adjusted using the slider

STEP 3: Finally, enter the repayment period that is chosen in either years or months

That’s it! Our home loan calculator will display the EMI amount, the total interest amount, as well as the repayment schedule.You must note that your EMI amount will depend on multiple factors including the principal amount that you borrow, the interest rate, as well as the repayment tenure. 

The EMI amount can either be fixed or vary throughout the term, depending on what is decided at the beginning of the loan.Our home loan interest rate calculator is tailored to be extremely user friendly. 

Thus, your search for home loan calculator India ends here. Our home loan EMI calculator will calculate everything in a jiffy, and you won’t have to worry about any manual errors.

Formula to Calculate Home Loan EMI 

In case you are interested to know the formula that all house loan calculators use, here it is -

E =  [P x R x (1+R)^N ] / [(1+R)^N-1]

Where P stands for the principal amount that is borrowed

R stands for the rate of interest imposed.

N stands for the tenure in number of months.

Here is an example -

Let Rs.10,00,000 be the amount borrowed (P), the annual rate of interest (R) be 8% , and 3 years  or 36 months be the tenure (N)

Then the EMI to be paid using the above formula will be:

E = [10,00,000 x 0.00666 x (1+0.00666)^36]  / [(1+0.00666)^36-1] = Rs. 31,336

Therefore, the EMI for a Rs.10 Lakh home loan would be Rs.31,336.
The rate of interest (R) is calculated monthly i.e. it is calculated as (Annual Rate of interest/12/100). In this case, it is 8/12/100 = 0.00666.

The above formula can be used to calculate EMIs for all types of loans and not just home loans, unless mentioned otherwise.

EMI schedule or amortization schedule is a table that illustrates how your EMIs are paid each month and its impact on your principal and interest amount. Though your EMI remains the same throughout the repayment term, your principal and interest amount will reduce over time. This change is illustrated through an amortization table. 

Our online home loan calculator also gives you a detailed table describing your EMI schedule. 

Given below is the table for the above example -


Opening Balance



Closing Balance


₹ 10,00,000

₹ 64,104

₹ 2,80,586

₹ 7,19,414


₹ 7,19,414

₹ 45,614

₹ 3,30,413

₹ 3,89,001


₹ 3,89,001

₹ 18,188

₹ 3,57,838

₹ 31,163


₹ 31,163

₹ 208

₹ 31,128


To help you understand the nuances of a home loan EMI calculation, here’s an example for you-

Aditya and his wife, Rashmi wish to purchase a new flat that costs Rs.20 Lakh. They wish to avail a loan with a repayment term of 10 years and an interest rate of 8.2%. 
Using the moneyview home loan EMI calculator, they have found out that the EMI for a Rs.20 Lakh home loan for 10 years is Rs.24,531 per month.

According to moneyview’s online home loan calculator, the following is the EMI schedule for their loan-


Opening Balance



Closing Balance


₹ 20,00,000

₹ 1,47,087

₹ 1,22,747

₹ 18,77,253


₹ 18,77,253

₹ 1,49,476

₹ 1,44,889

₹ 17,32,364


₹ 17,32,364

₹ 1,37,059

₹ 1,57,305

₹ 15,75,059


₹ 15,75,059

₹ 1,23,581

₹ 1,70,787

₹ 14,04,272


₹ 14,04,272

₹ 1,08,944

₹ 1,85,419

₹ 12,18,853


₹ 12,18,853

₹ 93,057

₹ 2,01,310

₹ 10,17,543


₹ 10,17,543

₹ 75,806

₹ 2,18,559

₹ 7,98,984


₹ 7,98,984

₹ 57,077

₹ 2,37,288

₹ 5,61,696


₹ 5,61,696

₹ 36,742

₹ 2,57,622

₹ 3,04,074


₹ 3,04,074

₹ 14,666

₹ 2,79,698

₹ 24,376


₹ 24,376

₹ 168

₹ 24,363


Thanks to the moneyview home loan EMI calculator, Aditya and Rashmi can figure out their EMI beforehand and plan their expenses effectively.

There are two ways in which your interest can be calculated - flat balance and reducing balance method. And that can have an impact on your EMI amount. Let us learn about their differences in detail - 

Flat Balance Interest Calculation

Reducing Balance Interest Calculation

Calculated on the overall repayment term

Calculated month on month individually 

Dependent on the complete loan amount borrowed

Depends only on the the principal amount outstanding each month

Interest remains the same throughout loan tenure

Interest calculation changes based on outstanding loan amount

Formula used for calculation is -

Interest = (Principal * loan tenure * interest rate per annum)/ Total number of installments

Formula used for calculation is -

Interest = Outstanding Loan Amount * Applicable Interest for Each Installment

The EMI to be paid will be slightly higher

The EMI to be paid will be slightly lower

You must be searching for ‘home loan calculator India’ to understand how much your monthly installments will be. But there are multiple factors that impact your interest rate and thus, also affect your EMI amount. 

Take a look at some such factors-

  • Credit Score

Your credit score is a numerical representation of your creditworthiness. The higher the score, the better are your chances of availing of a loan. A higher credit score may also help you to negotiate a lower interest rate or a longer loan tenure. 

Thus, if you are planning to take a housing loan in the future, it is advisable to start working on improving your credit score.

  • Location and Value of the House

Houses that are in newer or upcoming areas are considered to be more valuable or those that have amenities close by. Loans for such homes can generally be availed at a lower interest rate

  • MCLR Rates

The Marginal Cost of Funds based Lending Rate is the minimum that a bank or financial institution can lend at. This is decided annually and depends on various factors such as operating cost, the marginal cost of funds, etc. The interest rate imposed will increase or decrease based on variations in the MCLR rate

  • Loan to Value or LTV Ratio

This is essentially the percentage of the property value that the loan can finance. The higher the loan amount availed, the higher is the rate of interest. This is because the risk of the lender increases with higher loan amounts.

  • Employment Status of Applicant

Salaried employees or those with a steady stream of income can generally avail loans at a relatively lower rate of interest as the risk is much lower for the lender as compared to applicants who are self-employed

  • Repayment Tenure

In addition to all of the above factors, the repayment term can determine the rate of interest imposed. Generally, a shorter repayment term leads to a lower rate of interest and vice versa.

You should always check your EMI using an online home loan calculator or a home loan interest calculator. Here is why-

  • Knowing how much EMI to pay will help you plan out your budget. This in turn will ensure that there are no missed payments

  • Manual calculations leave a lot of room for error. Our online home loan calculator can give you prompt and error-free responses

  • Our home loan EMI calculator can help you save time and effort

  • You can access the home loan EMI calculator online easily from anywhere at anytime

  • Additionally, if you know how much you owe, you can avoid the hassles of missed or delayed payments which can severely hamper your credit score

Other Loan EMI Calculators


You were probably searching for ‘home loan calculator India’ or ‘home loan interest calculator’, when you came across this page. We hope moneyview’s online home loan calculator helped you with what you were looking for.

And in case you need quick funds for the downpayment of your dream house, moneyview personal loans has your back!

Home Loan EMI Related FAQs

A home loan is a sum of money borrowed from banks or other financial institutions to fund the construction or purchase of a house. Certain home loans can also be used for home repairs or renovation. Home loans are a type of secured loan.

There are many factors which affect the calculation of interest rate on home loans. Some of the factors are mentioned here-

1. Applicant’s credit score

2. Valuation of the house

3. Age and income of the applicant

4. Repayment tenure

5. Principal amount borrowed

6. Debt-to-income ratio

EMI calculation can be made in two ways i.e., the flat balance or reducing balance interest method.

1. If the interest amount payable is based on the entire loan amount for the full duration of loan repayment, it is known as flat balance interest calculation. In this case, the EMI amount remains the same during the tenure. 

2. In case of the reducing balance interest rate calculation method, the interest is calculated on the outstanding principal amount each time after the payment of an installment. In this method, the EMI keeps changing throughout the tenure.

If you are searching ‘what is the EMI for 40 Lakhs home loan’, this formula may help you-

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

Let’s say that the tenure of your 40 Lakh loan is 6 years and the rate of interest is 8%. Then, your monthly EMI will be -

E = [40,00,000 x 0.00666 x (1+0.00666)^72]  / [(1+0.00666)^72-1] = Rs. 70,133/-

Ans: Yes, you can avail of tax benefits through Home loan EMI payments as illustrated below -

Relevant SectionsNature of Home Loan DeductionMaximum Amount Deductible

Section 80C

Tax deductions on principal repayment


Section 24

Tax deductions on the interest amount payable


Section 80EEE

Additional tax benefit for first time home buyers


You can use moneyview’s housing loan interest calculator to check how much your EMI would be. Let’s say that the tenure for your 20 Lakh loan is 3 years and the rate of interest is 8%. Then the EMI will be - 

EMI = [P x R x (1+R)^N ] / [(1+R)^N-1] {where, P is the principal amount, R is the rate of interest, and N is the number of months in your tenure}

Thus, EMI = [20,00,000 x 0.00666 x (1+0.00666)^36] / [(1+0.00666)^36-1] = Rs.62,673/-

Ans: The amount you can avail as home loan depends on multiple factors as mentioned previously. These include -

    1. Your credit score

    2. Monthly income 

      3. Debt-to-income ratio i.e., the amount of debt you are paying off with your existing salary

        4. The cost of your home also matters. Generally, lenders offer upto 90% of the price of the property as loan

          5. The amount you pay as down payment. Higher the down payment amount, lower will be the loan to be availed

            6. The repayment term and interest rate imposed. Remember, higher the repayment, higher is the overall interest amount paid.

              All these factors will determine the amount of home loan that you can get. While your salary is an important component, it is not the only factor that is considered.

              Generally, there is no moratorium period for a home loan and you need to start paying your EMIs from the following month of the disbursement. In rare cases, when the possession of the house gets delayed, your EMIs might start late; but that depends on your loan provider.

              Instead of manually calculating your EMI, you can use the moneyview home loan EMI calculator. All you need to do is enter the required information. 

              In this case, just enter Rs.25,00,000 as the principal amount. Let’s assume that 8.2% is your interest rate, and 15 years is the repayment tenure. Enter these three details, and our home loan interest calculator will tell you that your EMI will be 

              Using this calculator, we can find out that the EMI for a 25 Lakh home loan for 15 years is Rs.24,181 per month.

              If you are searching for ‘can you get a home loan if retired’, the answer is yes! It will depend on your age, your credit score, and many other factors. The only thing to note is as your age increases, you will have to opt for shorter tenures. It will also depend on the assets you have.

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