A home loan is a long-term financial commitment that can significantly affect your finances. It spans for decades, sometimes for half of your earning life. Therefore, you must be sure that you would be able to afford a housing loan before applying. Experts opine that you must know how much you would need to pay every month as equated monthly instalments before you sign the loan agreement. While you can ask the lender for the same, it would be better to check your equated monthly instalments (EMI) yourself. A home loan EMI calculator helps you do so. With an EMI calculator, you can know the loan EMI much before you start repaying the loan and thus make informed decisions.


What is a Home Loan EMI Calculator?

EMI calculator is an online tool that helps you check your affordability and loan EMI. With a home loan calculator, you will be able to check the EMI for a certain loan amount, tenure and home loan interest rate. EMI calculator is available free online at all lender’s websites. All you need to do is enter your details in the space provided. The EMI calculator works on the following formula -


EMI = [P x R x (1+R)^N]/[(1+R)^N-1];

Where P - principal amount 

R - rate of interest

N - tenure of the loan in months.


How to Use a Home Loan EMI Calculator?

To use an EMI calculator, you would need to input your loan amount, loan interest rate and tenure. You can either fill the values in the space provided or use the slider. You can also alter the values as many times to get an affordable EMI. You can also make changes in the principal and tenure amount. 


Benefits of Home Loan EMI Calculator

  • Easy, convenient and free

A home loan EMI calculator is easy, simple and convenient to use. You can use it free of cost on online websites anywhere, anytime, and any number of times you want.

  • Help you plan your finances.

Once you know your EMI, you can accordingly plan your budget and determine if you can spend that much amount from your income towards the EMI. It will also help you adjust the other expenses and plan your finances effectively, even before you avail a loan.

  • Aids in making an informed decision

You can use the EMI calculator to determine the best suitable loan amount and EMI as per your financial comfort. You can try different combinations of tenure and loan amount to get an affordable EMI. Using a home loan EMI calculator can help you make an informed decision.


A home loan EMI calculator is one of the most useful tools while availing a home loan. It not only helps you determine your affordable EMI, but also helps you decide if you are ready for a housing loan yet. Once you are aware of the money you need to shell out each month as EMI, it would be much easier to manage your finances throughout the tenure.

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.