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Calculate EMI for the loan amount you require
Grah Sankalp’s Home Loan EMI Calculator is simple and intuitive. Whether you are planning to take a home loan or already have one, this tool helps you estimate your monthly installments quickly. Follow these steps:
Step 1: Enter the loan amount you wish to borrow.
Step 2: Enter the tenure (in years) for your loan.
Step 3: Enter the annual interest rate (%).
Step 4: Click on “Calculate EMI” to view your monthly installment.
Once completed, the calculator will display your EMI, helping you plan your finances better
EMI Calculator
Fill in the loan details to calculate your monthly EMI
Loan Eligibility Calculator
Calculate housing loan eligibility
Using this calculator can make your loan planning smarter and safer. Here’s why it’s useful:
Know Your Borrowing Limit: Find out the maximum loan you can afford without overburdening your monthly budget.
Plan EMIs Effectively: Ensure your monthly installment fits comfortably with your existing EMIs and expenses.
Choose the Right Tenure: Determine a suitable loan tenure that balances EMI affordability with total interest cost.
Compare Loan Options: Make informed decisions when choosing between different banks and interest rates.
Loan Eligibility Calculator
Fill in the details and click "Check Eligibility" to see your loan eligibility
Calculate Budget
Using this calculator can make financial planning easier and more effective. Here’s why it’s useful:
Track Your Spending: Understand where your money goes each month and identify areas to save.
Plan for Savings: See how much surplus you have after expenses to invest or save for future goals.
Manage Loans & EMIs: Know how much you can comfortably pay towards loans without straining your budget.
Set Financial Goals: Allocate funds for emergency funds, vacations, or big purchases.
Frequently asked questions about Home Loans
Know what questions the users frequently asks about Home loans and calculators
Home purchase loan – It is the most common type of home loan. All banks and housing finance companies offer loan for residential properties at different rates coupled with discounts and rebates. It can be availed for both resale properties and builder allocated units.
Land/Plot loan - Banks offer such type of loan to buyers intending to purchase land parcels for constructing their residential units. About 70 percent of the total cost of the land can be availed.
Construction loan - Most common type of home loan availed by a major share of semi-urban population to build a home meeting their requirements on a land parcel you already own. All housing finance companies and banks provide home construction loan.
Home extension/improvement loan - You can also avail loan for any sort of extension or improvement in your house, be it a new room or a new floor. The housing finance companies and banks offer loan for home improvement/renovation purposes such as painting, plumbing, electrical system, interior designing and waterproofing.
Home conversion loan - Such home loan is taken by people who have bought a house on a home loan but would now intend to buy and move to new house. With these loans, applicants can fund the purchase of the new house by shifting the running loan to the new unit.
Balance transfer loan - It can be availed when an applicant wishes to transfer home loan from one bank to another. It is usually adopted to repay the remaining amount at lower interest rates.
NRI home loan - It is designed for NRIs who wish to construct or buy a home in India.
Taking home loan on a fixed interest rate implies that your EMI will not be impacted during the loan tenure irrespective of any market conditions. The interest rate will be pre-determined and remain unchanged. On the flip side, home loan EMIs vary periodically over the loan tenure, if taken on floating interest rate.
There are some hidden charges applicable while opting for a home loan.
- Conversion Fees
- MODT Charges (Memorandum of Deposit of Title Deed)
- Document Retrieval Charges
- Administrative Charges
- Legal Fees
- Valuation Fees / Inspection Fees
- Documentation Charges
- Switching Loan Package
- Changing Loan Tenure
- Statement of Account
Calculating the monthly interest levied on your home loan is easy. Follow these steps -
- Divide interest rate by the number of payments. If you are making monthly payments, divide by 12.
- Multiply it by the loan amount.
Doing this will give you the amount of interest.
The process of getting a home loan is simple. But you need to be aware of all documents required before applying for the loan.
- Fill loan application form with all required documents
- Pay processing fee
- Discussion with the bank
- Valuation of the submitted documents
- Loan approval process
- Processing of the offer letter
- Legal check
- Final loan deal, signing the agreement, and disbursal
Processing fee charged while applying for home loan varies from bank to bank. Typically, the processing fee is about 0.5 percent to 1 percent of the loan amount + applicable Service Tax and Surcharge. The maximum processing fee ranges between Rs 10,000-15,000 excluding applicable taxes.
All banks provide loan against properties at different interest rates. One of the top nationalised banks, SBI charges interest rate of 8.35 percent to 8.65 percent for general customers. The interest rates are irrespective of the loan amount. Note: If you take loan in the name of a female member, all banks offer slightly reduced interest rates.
Banks and housing finance companies do offer home loan at lucrative interest rates combined with offers and incentives. If you are unable to make up your mind while choosing a bank for taking home loan, here are some of the best financial institutes granting home loan in India -
- ICICI Bank
- HDFC Limited
- SBI
- Yes Bank
- Axis Bank
- PNB Housing
- DHFL
- Indiabulls
EMI stands for equated monthly installments. As a borrower, you need to pay the lender a fixed amount every month on a specified date. The EMI is the sum total of the principal amount and the interest amount divided over the tenure of the loan. However, your monthly value is fixed for each month, the principal amount paid and interest amount paid changes every month. For the first few years, the interest portion is higher. With time, the interest amount keeps reducing and principal amount keeps increasing. Therefore, your 70-75% interest will be paid in the first few years of the entire loan tenure.
Home loan is a loan taken from any financial institution for buying a house. The EMI that is calculated for this loan is termed as a Home loan EMI.
For home loans disbursed against an under-construction property, the lender can offer an EMI that begins once the construction is complete. Until then, you can pay just the interest part of the loan that is termed as a Pre-EMI. Pre-EMI amount is less than full EMI amount since you will be paying just the interest component of the EMI and the principal loan amount remains intact. The Pre-EMI duration is not a part of your home loan duration. Let’s take an example to understand this better. Say you have a loan of 15,00,000 lacs for 20 years on a property that gets completed in 3 years. Your calculated EMI is Rs. 25,000/-. During these 3 years you can pay the interest part of the EMI. That would be your Pre-EMI and the total loan duration would be 23 years (20+3).
EMI is calculated using a simple mathematical formula, that is EMI Amount = [P x R x (1+R)^N]/[(1+R)^N-1]. Here P stands for the principal loan amount, R is the rate of interest and N is the number of years for which the loan is taken. The value of the EMI changes according to these variables.
You should opt of Pre-EMI if:
- If you wish to save money during the pre-EMI period and invest it in such a way that they get good returns on the amount saved.
- If you wish to sell your property once the construction is complete.
- If you are waiting for an income change and feel now it is not possible to afford a full EMI.
There is an eligibility criterion that banks have before they go ahead sanctioning it. A few important of them are employment stability, age criteria, credit rating, financial stability etc.
Some steps to calculate your home loan eligibility are:
- To calculate the income level, banks will investigate your salary slips and bank statements.
- Next, it calculates the amount saved assuming that 30% of your savings is from your INCOME.
- If there are existing loans, the EMI is reduced from the income level.
- According to the income level and savings, the bank calculates a home loan amount.
Banks usually up to 60 times your monthly net income (salary). You can calculate your home loan eligibility using the home loan eligibility calculator
Following are the eligibility criteria for an NRI seeking home loan:
- An Indian citizen holding a valid Indian passport.
- The passport should be free from NO ENTRY stamp. This stamp does not allow an NRI to enter the country.
- The passport of the NRI applicant should have a valid entry visa.
- Valid PIO/OCI Card copy to be documented with foreign country passport for PIO/OCI.
