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Financial Calculators

Home Loan Calculator

Buying a home is one of the most significant financial decisions you'll make. Our Home Loan Calculator is here to help you understand the costs involved. You can easily calculate your Equated Monthly Installment (EMI), the total interest you'll pay over the loan tenure, and the total amount payable. This will give you a clear picture of your financial commitment and help you plan your budget effectively. Simply enter the loan amount, tenure, and interest rate to get started.

For more information on home loans and current interest rates, you can visit the National Housing Bank website.


What is a Home Loan?

A home loan, also known as a mortgage, is a sum of money borrowed from a financial institution to purchase a house or flat. The property being purchased is held by the lender as collateral until the loan is fully repaid. Home loans are long-term loans, with tenures often extending up to 30 years. They are repaid in Equated Monthly Installments (EMIs).

Key Factors to Consider

  • Loan Amount: This is the sum you borrow. It's typically a percentage of the property's value. The remaining amount is paid by the borrower as a down payment.
  • Interest Rate: The interest rate determines the cost of borrowing. It can be fixed (remains the same throughout the tenure) or floating (changes based on market conditions). Your credit score is a major factor in the rate you are offered.
  • Loan Tenure: The period over which you repay the loan. A longer tenure means lower EMIs but a higher total interest payout. A shorter tenure results in higher EMIs but saves on the total interest cost.

How to Use the Home Loan Calculator

  1. Enter the Loan Amount: Input the desired loan amount.
  2. Set the Loan Tenure: Specify the repayment period in years or months.
  3. Provide the Interest Rate: Enter the annual interest rate quoted by the lender.
  4. Click "Calculate" to see a detailed breakdown of your loan repayment.

Interpreting the Results

  • Monthly EMI: The fixed amount you will need to pay each month. This is crucial for budgeting and financial planning.
  • Total Interest: The total interest payable over the entire loan tenure. This helps in understanding the real cost of the loan.
  • Total Amount: The sum of the principal loan amount and the total interest. This is the total amount you will have paid to the lender by the end of the loan.