Home Loan EMI Calculator
Plan your home purchase with our accurate EMI calculator. Get a detailed amortization schedule and see exactly how much interest you'll pay over the years.
Monthly Home Loan EMI
Amortization Schedule (Yearly)
| Year | Principal | Interest | Total Payment | Balance |
|---|---|---|---|---|
| Year 1 | ₹99,510 | ₹4,21,182 | ₹5,20,692 | ₹49,00,490 |
| Year 2 | ₹1,08,306 | ₹4,12,386 | ₹5,20,692 | ₹47,92,184 |
| Year 3 | ₹1,17,879 | ₹4,02,813 | ₹5,20,692 | ₹46,74,305 |
| Year 4 | ₹1,28,298 | ₹3,92,394 | ₹5,20,692 | ₹45,46,007 |
| Year 5 | ₹1,39,638 | ₹3,81,054 | ₹5,20,692 | ₹44,06,369 |
| Year 6 | ₹1,51,981 | ₹3,68,711 | ₹5,20,692 | ₹42,54,388 |
| Year 7 | ₹1,65,414 | ₹3,55,278 | ₹5,20,692 | ₹40,88,974 |
| Year 8 | ₹1,80,038 | ₹3,40,654 | ₹5,20,692 | ₹39,08,936 |
| Year 9 | ₹1,95,950 | ₹3,24,742 | ₹5,20,692 | ₹37,12,986 |
| Year 10 | ₹2,13,272 | ₹3,07,420 | ₹5,20,692 | ₹34,99,714 |
| Year 11 | ₹2,32,121 | ₹2,88,571 | ₹5,20,692 | ₹32,67,593 |
| Year 12 | ₹2,52,638 | ₹2,68,054 | ₹5,20,692 | ₹30,14,955 |
| Year 13 | ₹2,74,969 | ₹2,45,723 | ₹5,20,692 | ₹27,39,986 |
| Year 14 | ₹2,99,275 | ₹2,21,417 | ₹5,20,692 | ₹24,40,711 |
| Year 15 | ₹3,25,729 | ₹1,94,963 | ₹5,20,692 | ₹21,14,982 |
| Year 16 | ₹3,54,519 | ₹1,66,173 | ₹5,20,692 | ₹17,60,463 |
| Year 17 | ₹3,85,855 | ₹1,34,837 | ₹5,20,692 | ₹13,74,608 |
| Year 18 | ₹4,19,960 | ₹1,00,732 | ₹5,20,692 | ₹9,54,648 |
| Year 19 | ₹4,57,082 | ₹63,610 | ₹5,20,692 | ₹4,97,566 |
| Year 20 | ₹4,97,483 | ₹23,209 | ₹5,20,692 | ₹83 |
Home Loan EMI Guide
What is Home Loan EMI?
Equated Monthly Installment (EMI) is a fixed amount of money that you pay back to the lender every month until your loan is fully repaid. It consists of both principal and interest components.
Components of Home Loan EMI
Principal: The actual amount you borrowed from the bank.
Interest: The cost of borrowing, calculated on the outstanding principal.
How to Reduce Interest?
You can reduce your total interest burden by:
Making part-prepayments whenever you have surplus funds.
Choosing a shorter tenure (though this increases your monthly EMI).
Opting for a Home Loan Overdraft facility.
Frequently Asked Questions
What is a Home Loan EMI?
Equated Monthly Installment (EMI) is a fixed amount paid by a borrower to a lender at a specified date each calendar month. Home loan EMIs are used to pay off both interest and principal each month so that over a specified number of years, the loan is paid off in full.
How is Home Loan EMI calculated?
The mathematical formula to calculate EMI is: EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the loan amount or principal, R is the interest rate per month, and N is the number of monthly installments.
What happens if I miss an EMI payment?
Missing an EMI payment can negatively impact your credit score (CIBIL score). The bank may also charge a late payment penalty or penal interest on the overdue amount.
Can I prepay my home loan?
Yes, most banks in India allow you to prepay your home loan. For floating rate home loans, the RBI has mandated that banks cannot charge prepayment penalties. However, for fixed-rate loans, a prepayment penalty might apply.
Does tenure affect my EMI?
Yes, a longer loan tenure reduces your monthly EMI but increases the total interest you pay over the life of the loan. Conversely, a shorter tenure increases your EMI but significantly reduces your total interest outgo.