Home Loan EMI Calculator – Top Features and Benefits in 2022

It is not uncommon to find people who select their home loan amount based on emotions and not logic. But, if there is a big gap between a borrower’s income and their home loan EMI, the chances of default increase.  

Fortunately, a home loan EMI calculator simplifies monthly liability calculations. You can use it for free to calculate the amount you should pay each month and apply for a home loan like a pro. 

The following sections specify the features, benefits, and mechanisms of home loan EMI calculators

Home Loan EMI Calculator – Features and Benefits 

home loan EMI calculator offers not one but multiple benefits. The following are the top features and benefits of housing loan calculators:

Compare Professionally 

Without a home loan calculator, you have to make physical visits to lenders to seek out quotes. Visiting multiple lenders is not only time-consuming but also expensive. 

An online home loan EMI calculator lets you check the loan rates on the go and use it to compare several lenders. This enables you to apply for the best home loan after comparing all lenders.  

Explore All Options

home loan EMI calculator is flexible, meaning you can modify the inputs many times. So, you can change the loan amount, interest rate, and repayment term multiple times to find the best EMI figure. 

This gives you more authority to decide your EMI before applying for a home loan.  

Saves Time 

An online home loan calculator helps you save time you would otherwise waste on visiting lenders’ offices. You can spend the time thus saved on productive activities. 

Now that you know about the top features and benefits of home loan EMI calculators let us understand the mechanism behind them.

The Best Way of Using Home Loan EMI Calculator 

To use a home loan EMI calculator efficiently, you need three figures. They are – principal, interest rate, and term. Let us understand each one in detail.


Principal refers to the loan amount or the amount required to construct or purchase a house. It is the most important figure since it directly affects the EMI. 

Generally, Indian lenders approve funds worth 90% of the home loan amount. So, if your house construction or purchase value is INR 1 crore, you can avail of a home loan of up to INR 90 lakh.

Interest Rate

The interest rate of a home loan depends on the borrower’s credit score, monthly income, loan amount, credit history, financial status, and many other factors. 

The prevailing MCLR, or Marginal Cost of Lending Rate, is also responsible for determining the rate. Also, if a customer chooses the fixed interest rate type, the effective rate might be 2% higher than the prevailing floating-rate loan. 

However, while the interest rate of floating-rate loan changes every time the Reserve Bank of India (RBI) modifies the MCLR, the interest rate of a fixed-rate loan remains the same throughout the loan term.

Repayment Term

The repayment term or tenure is the third most important factor affecting home loan EMI. 

The standard repayment term of a home loan is thirty (30) years, meaning that you can repay your home loan principal and interest 30 years from the loan approval date.

How to Get an Estimate of Your Home Loan EMI

The following are the steps you must follow to get an estimate of your home loan EMI:

  • Step 1: Open a free home loan EMI calculator
  • Step 2: Enter the loan amount (principal)
  • Step 3: Enter the interest rate
  • Step 4: Enter the term (tenure)
  • Step 5: Check the quote

If you are satisfied with the home loan EMI quote, you can apply for the home loan from within the home loan EMI calculator-just click on ‘Apply Now’ and follow the mentioned steps. 

However, if you are unsatisfied with the quote, you can modify the three figures as often as needed to arrive at the best EMI figure.


Finding the correct EMI amount is crucial before applying for a home loan in India. The best home loan EMI calculator lets you compare the rates offered by multiple lenders and find the one that provides the highest savings.

Also Read: Checklist for Availing an Unsecured Business Loan

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