# Home Loan EMI Calculator

Loan Amount

Rate of Interest (P.a)

%

Loan Tenure (Years)

Years

Monthly EMI

0

Total Interest

Total Amount

View All

## What is a Home Loan EMI Calculator?

A home loan EMI calculator helps you calculate the amount of loan instalment or EMI (Equated Monthly Instalment) that you would have to pay towards repaying your home loan. This easy-to-use online EMI calculator also helps you plan and manage your finances better.

Navi’s home loan EMI calculator carries a user-friendly design and is extremely easy to use. All you have to do is enter the loan amount you wish to borrow, tenure, and interest rate. You shall have the EMI and total interest payable on the loan amount in a few seconds.

## How to Calculate Home Loan EMI?

The home loan EMI calculator takes three aspects into consideration – the loan amount, interest rate, and tenure. The interest rate can either be fixed or floating. Though you can manually calculate the home loan EMI, it can take significant time to do so. Furthermore, calculating home loan EMI manually might not always guarantee its accuracy.

Alternatively, you can use the online calculator for home loan EMI from Navi in the following three simple steps:

### Select the loan amount

Choose the amount you need with the help of slide bar

### Select the loan tenure

Use the slide bar to choose the loan tenure

### Select the interest rate

Use the slide bar to select the home loan interest rate

The home loan EMI calculator shall give you the results with the EMI payable within a few seconds.

## What is the home loan EMI formula?

You can use the following formula to calculate the home loan EMI:

EMI = P × r × (1 + r)n/((1 + r)n – 1) where,

P = loan amount
r = interest rate
n = tenure in number of months

The rate of interest on your home loan is calculated monthly.

For example, consider you have availed a home loan of ₹10 lakh at an annual interest rate of 7.2% for a period of 10 years. Upon using the above formula, your home loan EMI would come up to ₹11,714.

## Advantages of Using Navi Home Loan EMI Calculator

Here are some of the advantages of Navi Home Loan EMI Calculator:

### User-friendly design

Our EMI calculator is easy-to-use and intuitive

### Saves time

Calculate and check your loan EMI in seconds

### Helps you plan better

Calculate your EMI beforehand to manage your finances in a better way

It refers to the sum you have to pay in instalments towards the repayment of your home loan and interest. The home loan EMI varies depending on the loan amount, interest rate, and tenure. You can reduce the amount payable as EMI by increasing the loan tenure.
Your home loan EMI will be due on a fixed date each month. You will be notified about the date when your home loan is disbursed.
The eligibility criteria for availing of a home loan include your salary, age, credit score, location, and other financial obligations apart from the property being recognised by the lender.
A home loan is a secured loan where the home you plan to purchase works as collateral. In case you default on your loan, the lender has every right to seize your house or property to recover the amount (check your loan’s terms and conditions for better clarity). Also, defaulting on your loan could put a dent in your creditworthiness.
You can reduce your home loan EMI through home loan balance transfer, where you can switch your existing home loan account to another lender under better terms and conditions. Alternatively, you can increase your loan tenure to reduce your EMI outgo.
Lenders usually finance around 75% to 90% of the property cost. You must bear the remaining 10% to 25% of the cost. Navi finances up to 90% of the property value, based on your eligibility.
Yes. Indian residents are eligible for availing tax benefits on both the principal amount and interests of a home loan under the Income Tax Act, 1961. You can claim tax benefits under Section 80C 24(b), 80EE and/or 80EEA.
Disclaimer : Navi does not guarantee accuracy, completeness or correct sequence of any of the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained / data generated herein or on its completeness / accuracy. The use of any information set out is entirely at the User’s own risk.

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