Home Loans Calculator India With Rates

Home Loan EMI Formula:

\[ PMT = P \times \frac{r \times (1 + r)^n}{(1 + r)^n - 1} \]

Principal Amount (P):

₹

Interest Rate:

% p.a.

Loan Tenure:

years

Bank:

Monthly Payment (EMI):

Total Interest Payable:

Total Payment (Principal + Interest):

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1. What is Home Loan EMI?

EMI (Equated Monthly Installment) is the fixed payment amount a borrower makes to a lender at a specified date each calendar month. EMIs are used to pay off both interest and principal each month so that over time, the loan is paid off in full.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

\[ PMT = P \times \frac{r \times (1 + r)^n}{(1 + r)^n - 1} \]

Where:

\( P \) — Principal loan amount (₹)
\( r \) — Monthly interest rate (annual rate divided by 12, in decimal)
\( n \) — Loan tenure in months
\( PMT \) — Monthly EMI payment (₹)

3. Current Home Loan Rates in India

Current Rates (as per selection):

SBI: 7.50% p.a.
HDFC: 7.75% p.a.
ICICI: 7.80% p.a.
Axis: 7.70% p.a.

Rates are subject to change. Please check with banks for latest rates.

4. Using the Calculator

Instructions: Enter loan amount in ₹, select interest rate (or choose a bank for preset rates), and enter loan tenure in years. The calculator will show EMI, total interest, and total payment.

5. Frequently Asked Questions (FAQ)

Q1: What factors affect home loan EMI?
A: Principal amount, interest rate, and loan tenure are the three main factors. Higher principal or rates increase EMI, while longer tenures reduce EMI but increase total interest.

Q2: What is the maximum home loan tenure in India?
A: Typically 30 years, but depends on the lender and borrower's age (usually up to age 70-75).

Q3: Are there prepayment charges?
A: Most banks don't charge for floating rate loan prepayment. Fixed rate loans may have charges.

Q4: What is the minimum salary for home loan?
A: Varies by lender but typically ₹25,000-₹30,000 per month in metro cities.

Q5: How to reduce home loan interest?
A: Make prepayments when possible, opt for shorter tenure, maintain good credit score for better rates.