Home Loan EMI Calculator- Plan Your Loan with Accuracy

Housing Loan EMI Calculator- Calculate Your EMI & Plan Your Finances

Our Home Loan and EMI Calculator is a powerful financial tool that helps you determine your monthly payments on a home loan you plan to take. It allows you to visualise your repayment commitments in advance, allowing you to plan and manage your finances effectively. More importantly, it helps you assess whether the loan is within your budget and avoid financial pressure and unexpected payment problems in the future.

What is Home Loan EMI?

EMI or Equated Monthly Installment is a fixed payment that you, as a borrower, must make to a bank or lender on a specific date of each month. Eventually, these payments will include both the actual money (principal amount) you borrowed and the extra amount charged as an interest. This way, you will fully repay the loan within the given time.

The home building loan EMI will depend on the following essential components:

• Principal Amount: The actual amount that you borrowed from the lender.
• Interest Amount: This is the additional amount you must pay for borrowing, generally expressed as the Annual Percentage Rate (APR). It is calculated based on the remaining principal amount.
• Total Payment: This is the total amount you will pay over the loan period, including both the borrowed money and the interest. 
• Tenure: Loan tenure represents the overall loan period in years, during which you will repay the principal loan amount along with the interest. A shorter tenure means you need to pay higher EMIs but less total interest. A longer tenure gives you lower EMIs but increases the total interest you will pay.

Features of Brick & Bolt’s Home Loan EMI Calculator

Brick & Bolt's home construction loan EMI calculator offers:

Accurate EMI Calculations

The calculator performs precise calculations to give EMI (Equated Monthly Installment), total payment over tenure years, and total interest payable. Knowing the exact EMI amount makes it easier to decide if you can afford the loan and repayment strategies.

Inputs Flexibility

Compared to other regular calculators, Brick & Bolt's home loan and EMI calculator allows flexibility in entering various loan parameters such as principal loan amount, interest rate, tenure, and location as per your requirements. You can consider different scenarios and adjust your loan plans per your financial status.

Instant Results

This home loan monthly EMI calculator provides quick results. You can easily assess different loan cases without waiting a long time. This will ease faster decision-making and enable you to compare various loan options efficiently.

Simple to Use

This house construction loan calculator for home loans is easy to use for everyone. You don’t need to be an expert in technology and complicated mathematics to use it. Its simple design helps you enter your details quickly and get results with one tap without any confusion. This makes it useful for many people.

Acknowledged by Expert

Financial experts trust Brick & Bolt's Home Loan Calculator because it gives accurate results and helps people understand their loan payments easily. It makes complex loan details simple so users can make better decisions about their home loans.

How to Use the Home Building Loan EMI Calculator

You can follow this step-by-step guide to use Brick & Bolt’s home loan monthly EMI calculator:

• Select Your City: Choose your city from the dropdown menu in the calculator.
• Enter the Loan Amount: Enter the loan amount you would like to take as per your requirements.
• Enter the Interest Rate: Enter the interest rate offered by your bank.
• Enter the Loan Tenure: Add the loan tenure in years based on your repayment plan.
• Click "Calculate" to Get Instant EMI: Once you have entered all the details correctly, click "Calculate" to get an immediate EMI calculation along with Total Payment and Total Interest Payable.

Home Loan EMI Calculation Formula

The home loan EMI calculation formula is-

EMI = [P x r x (1+r)^n]/[((1+r)^n)-1]

Where,

• P represents the principal loan amount
• r represents the monthly interest rate (annual interest rate divided by 12)
• n is the loan tenure in months

Example of Home Loan EMI Calculation

Let’s assume you are taking ₹70 lakh as a loan to build your dream home. One bank offered you the amount at an 8.5% annual interest rate, and you are planning to repay it over 20 years. Now, let’s calculate your EMI, total interest payable and overall repayment amount.

So, 

Principal Loan Amount (P): ₹70,00,000

Interest Rate (r): 8.5% per annum = 0.007083

Tenure (n): 20 years= 20×12= 240 months

EMI = [P x r x (1+r)^n]/[((1+r)^n)-1]

EMI = 70,00,000 x 0.007083 x (1 + 0.007083)^240 divided by [(1 + 0.007083)^240 - 1]

Hence, your monthly EMI will be ₹59,425, payable for 20 years.

Calculation Breakdown

• EMI:₹59,425
• Total Payment Over 20 Years:₹1,42,62,000
• Total Interest Payable:₹72,62,000

You can calculate the EMI beforehand through our online home loan calculator. It helps you understand how different variables can affect your monthly instalments, enabling you to make well-informed financial decisions on the loan amount and tenure that best suit your financial situation. 

Benefits of Using Brick & Bolt’s Home Loan and EMI Calculator 

You can get the following advantages by choosing our house-building loan calculator:

Free to Use

Our house construction loan calculator is completely free, with no hidden charges. This means there is no need to pay any extra amount to calculate your loan case. You can use this tool anytime, anywhere.

Helps Compare Loan Options

This house loan EMI calculator allows you to compare different loan plans based on factors such as interest rates, loan tenures, location and repayment amounts. This comparative analysis helps you select the best loan for your needs.

Improves Financial Planning

This home loan EMI calculator improves your financial planning and budgeting capabilities. With accurate estimates of monthly payments and total costs, you can better prepare for your financial commitments.

Understanding the Impact of Interest Rates

By adjusting the interest rate in the calculator, you can see how fluctuations affect your EMI, helping you make informed borrowing decisions.

Customisable Loan Tenure

You can experiment with different loan tenures to find the perfect balance between EMI affordability and total interest payable over time.

Helps Avoid Financial Stress

Knowing your EMI commitments in advance prevents financial strain by ensuring you borrow within your means.

Transparency in Loan Repayment Structure

Our home construction loan calculator provides a breakdown of principal and interest payments, offering clarity on how your loan will be repaid over time.

No Limit on Use

This housing loan calculator doesn't have a limit on its usage. You can use it as many times as you need.

Factors to Consider Before Taking a Home Loan

Before applying for a home loan, you must consider these factors to ensure long-term financial stability.

Interest Rates

It is a major consideration, as it will directly influence the overall total cost of the loan and monthly payments. By considering lower interest rates, you can reduce the overall financial burden and affordably achieve homeownership.

Loan Tenure

Your EMI depends on the loan tenure. Minimal loan periods will commonly yield higher monthly payments but lower total interest over the loan's life, while longer tenures offer minimal monthly financial commitments but increase the total interest paid.

Lender Credibility

You need to consider lender credibility for transparency. Reputable organizations are more likely to provide transparent loan terms and reliable customer service. This will enhance the borrowing experience.

Comparing Loan Offers

Take your time to compare different loan offers in the market. It will help to identify the best combination of interest rates and fees that fits your budget. 

Home Loan Interest Rates in India

In India, the interest rates for home loans differ across different banks and lenders. Below are the current rates offered by major banks:

Public Sector Banks:

• Union Bank of India, Bank of Maharashtra, and Central Bank of India lead with rates starting from 8.10% p.a.
• SBI, India's largest lender, offers rates ranging from 8.25% to 9.40% p.a.
• Bank of Baroda has a wider range from 8.15% to 10.65% p.a.
• Canara Bank offers between 8.15% to 10.90% p.a.

Private Sector Banks:

HDFC Bank, ICICI Bank, and Kotak Mahindra Bank offer rates starting from 8.75% p.a.

These interest rates may change based on various factors. For the most accurate and up-to-date rates, it's best to check directly with respective banks.

Simplify Your Home Loan EMI Calculation with Brick & Bolt 

Brick & Bolt’s Home Loan EMI Calculator is a reliable and user-friendly tool designed to simplify homebuyers' financial planning. Whether you are comparing loan options, understanding interest rate impacts, or planning your repayment strategy, this calculator empowers you with financial clarity. Use this tool to confidently plan your home loan and ensure financial stability for the future.