Download App
HomeOur StoryMethodologyLearnFAQs

Indiabulls Home Loan Calculator

₹
%
Yr
Total amount₹ 11,73,960
Principal amount₹ 10,00,000
Total interest₹ 1,73,960
Monthly EMI₹ 19,566
Principal amountInterest amount

EMI is the amount payable to the lender every month. Through EMIs, the borrower pays the interest and the principal amount every month until the entire loan amount is paid. The Home Loan EMI calculator helps in figuring out the monthly payouts. On a fixed rate the EMI stays the same every month; what changes is the split. Early EMIs go mostly towards interest, and with each payment the interest part falls and the principal part rises.

How Does Our Home Loan EMI Calculator work?

Our home loan EMI calculator works on the below formula:

Home Loan EMI = P * ( r * (1 + r)^n) / (( 1 + r)^n - 1)

Where,

P is the principal home loan amount
r is the rate of interest per month
n is the loan tenure in months

Example:

Ms. Meena is borrowing ₹50 lakhs from the bank for her home loan. The bank is giving the loan to her at an interest rate of 6.75% for a loan tenure of 20 years. When we do the calculation as per our formula, we find that she would have to pay a monthly EMI of ₹38,018 to her bank. She would be paying a total interest of ₹41,24,368 on her loan. So, at the end of the loan tenure, she would have made a total payment of ₹91,24,368 towards her loan.

The calculation would look like below:

Home Loan EMI = 50,00,000*(0.0675/12*(1+0.0675/12)^240)/((1+0.0675/12)^240-1)
EMI = ₹38,018

How Should You Use Koshex Home Loan EMI Calculator?

Koshex's Home Loan EMI calculator makes difficult EMI calculations simple. Our home loan EMI calculator helps you in calculating the principal and interest payable during the tenure, as well as, the monthly EMI payments. All you need to do is enter your home loan amount, interest rate, and loan duration. The calculator will let you know the total amount and total interest payable by you. The home loan EMI calculator will also show the monthly EMI payable by you.

Benefits Of Using Koshex Home Loan EMI Calculator

Some of the advantages of Koshex's Home Loan EMI calculator are as below:

  • The home loan EMI calculator uses minimal effort
  • This EMI calculator saves time, as you can calculate the monthly EMI amount in a couple of seconds
  • The EMI calculator is accurate, so you will get error-free results
  • You will be able to plan your finances better with our calculator

Indiabulls Home Loan Calculator - FAQs

Is my loan EMI fixed or can it change over the loan tenure?
Your EMI payment is based on the type of interest rate chosen by you. There are different rates of interest, such as floating, fixed, and hybrid rates of interest. With a floating rate, the interest that is charged from you changes throughout the tenure of the loan according to market dynamics. Hence, your monthly EMI amount will change as well.
With a fixed rate, the interest rate that is charged to you remains the same throughout the tenure of the loan. Hence, your EMI remains the same too. A Hybrid interest rate is a combination of fixed and floating rates. Due to the change in the type of interest, your monthly EMI will also vary.
Are there any tax benefits in paying home loan EMIs?
Under the old tax regime a home loan saves tax two ways. Principal repaid, with stamp duty and registration in the year you pay them, counts towards the ₹1.5 lakh limit of section 123 (the old Section 80C); sell the house within five years of the end of the year you got possession and those deductions are added back to your income. Interest on a home you live in is deductible up to ₹2 lakh a year under section 22 (the old Section 24(b)), if the house is finished within five years of the year you borrowed. The new regime allows neither for a home you live in. The extra interest deductions of the old Sections 80EE and 80EEA (now sections 130 and 131) applied only to loans sanctioned in 2016-17 or between April 2019 and March 2022, so a new loan does not qualify.
Is the EMI shown by the calculator the same as the EMI calculated by the bank?
The Home Loan EMI calculator will make calculations according to the figures given by you. When taking the loan from the bank, you might find differences in tenure, interest rate, or actual principal amount (after deductions) as stated by the bank. Hence, the EMI calculated by the bank might differ from the EMI shown by Koshex Home Loan EMI Calculator.
What happens when I partially prepay the loan?
When you partially prepay a loan, it can help in lowering the principal amount and thereby, reducing the monthly EMIs. Partial payments are only effective if a considerable amount of money is paid towards your loan.
What happens if I fail to make an EMI payment?
If the borrower misses three straight EMI payments, the bank will send constant reminders to them. If they fail to respond to those reminders, the bank will tag the person as a loan defaulter and issue legal notices to them. In order to avoid being tagged as a loan defaulter, they can contact the bank to get more grace periods or can restructure the loan, or even negotiate with them.