Home Loan EMI Calculator
Do you want to get a clear estimate of your expenses? Plan your monthly budget before you purchase a house with our home loan EMI Calculator. A home loan EMI or Equated Monthly Instalment is the repayment of the loaned amount which you will need to pay with interest within the given tenure.
Make informed decisions with Piramal’s home loan EMI calculator with a prior understanding of your monthly expenditure. Get an estimate of the amount you will be paying as monthly instalments.
With the EMI calculator for housing loans, you can calculate your EMI in three simple steps:
- Enter the loan amount
- Enter the loan tenure (in years)
- Enter the rate of interest and calculate your EMI
FREQUENTLY ASKED QUESTIONS
What is home loan EMI?
EMI or Equated Monthly Instalment is the repayable amount of the borrowed home loan inclusive of the principal amount and interest. A home loan EMI calculator is coded to take principal loan amount, monthly rate of interest, and the number of monthly instalments during the tenure to compute your monthly EMI.
What are the benefits of a home loan EMI calculator?
By calculating using a home loan EMI calculator, you can save time with quick math and plan your expenses more accurately. With a clear estimate of your monthly expenditure on housing finances, you stay more aware of your budget – to stay prepared and ensure more financial stability.
Can the home loan EMI be changed in the future?
If you make a prepayment of the loan, you have the option of changing and reducing either your EMI or tenure. If you have opted for a floating rate of interest for your home loan, the EMIs are subject to change based on the market dynamics. EMI calculator for home loans help you check your monthly payments by simply adjusting the values.
Are there any tax benefits with home loan EMIs?
Tax deductions up to INR 1.50 lakh can be claimed on principal amounts according to section 80C of the Income Tax Act. You can also get tax deductions up to INR 2 lakh on interest payments under section 24C.
How is the principle and interest paid through EMIs?
Home loan EMIs comprises of a principal amount and interest payments. By using a home loan EMI calculator, you can easily get a better estimate by changing the input values. In most cases, the interest payment is higher at the start of the tenure and lower towards the end with higher principal amounts. Home loans EMIs can be paid through post-dated cheques or electronic payments.