Know How To Calculate EMI of your Housing Loan

Talking about home loan EMI calculator is an online device that allows you to find the EMI within a few seconds once you provide the required details.

A housing loan is probably the biggest financial commitment that a common man can takes in life. The credit amount is substantial, and the loan tenor can go up to 20 years. Therefore, advance planning is imperative to ensure a hassle-free borrowing experience.

In this regard, a home loan EMI calculator can be highly beneficial. It allows applicants to find out their home loan instalments in advance and apply for credit accordingly.

What is a housing loan EMI Calculator?

A home loan calculator is an online device that allows you to find the EMI within a few seconds once you provide the required details. The calculator uses the following formula for this purpose –

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


  • P stands for the principal amount

  • N represents the number of months

  • R is the rate of interest

In an EMI calculator, there are different tabs to input these values, and it will calculate and provide you with an accurate result within seconds. Moreover, you can alter these details as many times as you want to find a suitable home loan amount.

What are the benefits of the EMI calculator?

Here are some notable benefits of a housing loan EMI calculator you need to consider –

  1. Quick calculation: With such online devices, you can now find your home loan EMI within a few seconds. It eliminates the hassle of using pen and paper, which is a time-consuming process.

  2. Accurate results: Another major advantage here is, with manual calculation, there are chances of errors. This risk is eliminated completely when using such an online tool. Since it functions on a pre-set algorithm, all computations are accurate.

  3. Flexibility: It offers the necessary flexibility as well. As already mentioned above, you can change the information on various tabs and get your desired result. You can also learn the factors that impact your home loan interest rate to make a better decision.

  4. Understand the EMI breakup: With the help of these EMI calculators, you can easily figure out the details of your monthly instalments, which includes principal and interest payment. Hence, you can also calculate the home loan tax benefit that you are eligible for based on the interest and principal payment.

  5. Learn about loan offers: Furthermore, with assistance from such online devices, you can quickly compare different home loan offers. You can change the interest rate and loan tenor to find which offer is best suitable for you.

  6. Financial planning: Additionally, with assistance from EMI calculators, you can also complete your financial planning. Since you already know the instalment amount, you can then move your financial commitments accordingly. Moreover, it lowers your chances of defaulting during repayment.

  7. Free to use: EMI calculators like this are free to use. They are available on the lender’s website to help borrowers in their decision. 

Along with this, reputed financial institutions also extend pre-approved offers that further amplify a borrower’s convenience. These offers aim to streamline the loan application process and save time. They are applicable to financial products like home loans, loan against property, etc. Borrowers can check their pre-approved offer within a few seconds by providing their essential contact details.


Housing loan EMI calculators bring the required convenience and help you find a suitable loan offer without any delay. The benefits of calculating EMIs before taking a home loan further reduces the hassle.

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