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HOME LOAN EMI CALCULATOR

PNB Housing’s home loan EMI calculator simplifies the home loan EMI calculations based on the loan amount, rate of interest, and your home loan tenor. Quick, accurate and extremely easy to use – the PNB Housing home loan calculator is a simple and efficient online tool that gives an estimate of your EMI, total interest payment, and total home loan payment in one go. Not just that – you also get an accurate picture of how your loan will be amortized and paid throughout the tenure of your choosing!

So, determine the optimum home loan EMI and make an informed decision with our housing loan interest calculator below.

Calculate Your Home loan EMI Now


Loan Amount 1000000 Lakhs


ROI 6.99 %


Tenure 120 Years


Per month EMI

Total Interest Payable

Total Payment (Principal + Interest)

How is a Home Loan EMI Calculated?

Home loan EMI is calculated by the financial institutions (FI) on principal, interest to be paid and tenure. In the initial years of the loan, a major portion of the EMI comprises interest payable since the principal amount is large. As the loan matures, the interest component decreases while the principal component gradually increases.

Formula to Calculate Home Loan EMI

Wondering how a home loan EMI calculator works? Here’s the formula:
E = [P x R x (1+R)N ]/[(1+R)N-1]
P = Principal loan amount
R = Monthly rate of interest i.e., the percentage rate of interest divided by 12
T = Total home loan tenure in months
E = Home loan EMI
Let’s take an example. If you opt for a housing loan of INR 20 lakh at an interest rate of 6.99% p.a., and your tenure is 20 years i.e., 240 months, then your EMI can be calculated as:
EMI = 20,00,000*R*[(R+1) 240/(R+1)240-1]
Now, R = (6.99/100)/12 = 0.0058

After putting the correct R-value in the formula, we get an EMI of INR 15,494. From this, you can even calculate the total amount you owe the financial institutions after taking up a home loan.

Total amount = EMI*T = 15494*240 = INR 37,18,554

Benefits and Uses of Home Loan EMI Calculator

One online tool, many uses. Here’s a list of our online home loan calculator uses.

  • Calculate your Home Loan EMI
    There’s no better tool out there for financial planning when it comes to a housing loan. Once you have checked our home loan eligibility criteria and used the home loan eligibility calculator to determine how much home loan you can afford, calculate the home loan EMI accurately and swiftly with a house loan calculator.
  • Figure out the Total Home Loan Interest Component
    Once you enter the loan amount, the home loan interest rate and the tenure, the house loan calculator will display both the total interest component and the total payment amount. This gives you a fair idea of how much interest you will be paying on your loan.
  • Compare Two or More Home Loan Offers
    Received multiple home loan offers of varying tenures and interest rates? Compare them by figuring out the monthly instalments for each offer using the home loan EMI calculator.
  • Decide the Right Tenure
    By moving the tenure slider on a home loan tenure calculator above, you can accurately settle on the optimum EMI for a home loan. Whatever tenure corresponds to that is the right tenure for you. Remember, the longer the tenure, the lesser the EMI.
  • Check out the Amortization Schedule
    Our advanced house EMI calculator also displays a breakdown of your home loan amortization schedule. This gives you an insight into how the two components of your Equated Monthly Instalments will vary throughout the tenure – the interest component reducing and the principal component increasing.

How to Use PNB Housing Loan EMI Calculator?

For most of us, life’s most gratifying and rewarding project is owning a house. So do you strongly covet a property but are deterred by the bugbear of the EMI (Equated Monthly Instalments) complexities involved? Relieve yourself of the tedious and lengthy methods employed to calculate the monthly repayment amount with the PNB Housing Finance – Home loan EMI calculator.

This simple, user-friendly tool design will instantly give you the approximate value of the monthly EMI on a Home Loan.

  1. Entering the principal home loan amount you wish to take,
  2. Duration of loan (Loan Tenure)
  3. The expected interest rate in the respective fields (ROI)

This tool will calculate the EMI amount instantly giving you a reasonable idea of the monthly outflow that will contribute towards your home loan repayment.

To understand how this tool will help in financing your dream home, here is a brief glimpse of the home loan EMI calculation process functions, which variable options are available, and how the EMI calculator crunches numbers to give you the exact EMI amount to repay each month.

FAQs

What is a Home Loan EMI?

Home loan EMI is the amount that is paid to the lender for repayment of the borrowed loan to finance your home. At the time of availing a home loan, EMI is calculated by your lending institution based on the borrowed amount, approved rate of interest, and loan tenure. Now, you can easily do it using PNB Housing’s home loan repayment calculator.

What are the Factors That Affect Home Loan EMI?

How much EMI are you eligible to pay on your home loan is determined by multiple things. These include the home loan tenure, the home loan interest rate, down payment, prepayment, monthly income, etc. By changing these values, you can arrive at the ideal monthly instalment that you can afford. This is also evident when you work out calculations on our home loan interest calculator tool by inputting different numbers against different factors.

How to Reduce your Home Loan EMI?

It is understandable why you would want a reduced home loan EMI. The lower your monthly instalment, the more disposable income you have, and the more room you have to take up additional EMIs.

If you are just taking a home loan, first of all, check out how much EMI you are eligible for with a house loan calculator tool. Now, to reduce it further, consider increasing your tenure or going for better rates of interest. You can also increase your down payment component of the loan for even lower EMIs.

In case you are already serving a home loan, it is still possible to reduce your existing EMI. This depends on multiple factors:

  • Make part prepayments
  • Ask for better interest terms
  • Consider a home loan balance transfer to a lender offering better terms

What is the Minimum Amount for Home Loan EMI?

Remember, your home loan EMI is calculated based on tenure, loan amount, and interest rate. As you can see for yourself in a home loan interest calculator, changing any of these parameters will determine the EMI value. Hence, if you take a home loan of the least value, maximise the tenure and minimise the interest rate, you will arrive at the minimum amount for home loan EMI.

What Components are Included in Home Loan EMI?

Every time you pay a house loan EMI, it is divided into two components: the principal payment and the associated interest payment. The principal payment is essentially your home loan amount, whereas the interest is calculated based on your rate of interest. As a matter of fact, a home loan interest rate calculator always displays these two components whenever you make a calculation.

As a borrower, here’s an extremely important piece of information to remember:

Your interest component is much higher when you start paying EMIs – and keeps reducing with every payment. In the latter stage of your home loan EMI tenure, most of your EMI only comprises the principal amount component.

When Does My Home Loan EMI Start?

As a general rule, your home loan EMI starts the following month when your home loan amount is disbursed. When your EMI home loan starts also depends on the nature of your property. If it is still under construction, you may choose to begin your EMI once the final home loan amount is disbursed – or earlier. If it is an under-construction property, the financial institutions only charge the pre-EMI interest component from the borrowers and only start charging the EMI once the entire home loan amount is disbursed.

How to Compute Interest on Home Loan?

Interest is the amount of money the financial institutions charge on top of the principal amount. It is calculated based on the home loan interest rate and the principal amount. The interest is added to the principal amount to make the monthly EMI.

You can calculate the total interest applied on the principal amount in just 3 easy steps by using PNB housing home loan EMI calculator.

  1. Step 1 – Enter the principal amount.
  2. Step 2 – Select the ROI.
  3. Step 3 – Enter the tenure of the home loan you want to lend to.

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