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Home > Money > Home Loans Last Updated: Jan 27th 2024

Home Loan EMI Calculator

Tool to calculate your monthly Loan EMI payment for a given loan amount, rate of interest (varies from time to time, and the loan term (duration) in years. Enter / Type a specific number to estimate your monthly EMI payment.


Monthly EMI Schedule

Frequently asked Questions on Home Loan EMI Payments

1.Important factors affecting home loan eligibility

Knowing factors affecting make you prepare to get the highest loan amount at reasonable interest rates and most favourable loan terms.

A Lender who is a Bank, Non-Banking Financial Company (NBFC), and/or any specialised lending house is primarily look at your ability to pay back the loan in the given timeline.

  1. Your nature and the amount of monthly income drawn from your business and//or profession.
  2. Your Credit History
  3. Your income tax returns filed for last 3 years.
  4. Your existing loans that are active and still to pay.
  5. Your contribution towards loan down payment ( typically 20% )
  6. Percentage of loan expected against property being purchased. It's much easier to get the home loan if the amount of loan is less than 70% of the total purchase price.
  7. Also the age group you fall in to, 26 to 38 years of age is much easier to get a favourable loan.

Get help using automatedRent vs Buy Calculator
2.Best age group to take a most favourable home loan ?

While eligibility is based on many factors and et times age group may not be a factor but in most cases age is an important factor.

Age between 20 to 60 is the criteria for most banks, but 25 to 45 is the most favoured group for private lending institutions, who may give the loan tenure up to 25 years

3.How important it is to have income tax returns (ITR) for a home loan ?

These days, it is very common to deny a house loan for not having income tax returns filed for last 3 years

IT Returns carry most credible information of one's income whether the person is working as an employee, being a professional, self-employed individual, and / or working as a freelancer.

Filing your IT return is much easier and can be done by your own without taking any professional help using portals like Check how to efile your return by yourself without any professional help

4.Can I get a home loan from a bank other than my current bank ?

100%. There is no restriction in getting a home loan from any bank. In fact, you should be choosing a bank who is giving a highest loan, lowest interest rate, and the best loan term.

5.How to increase my chance of getting the best possible home loan ?

Home loans are long term loans typically from 15 to 30 years. Even a minor lower interest rate may help you reducing the monthly EMI burden. It is important to prepare thoroughly before taking the home loan for your dream home.

  1. Plan well in advance identifying the house before you purchase. This gives you time to prepare options you have in selecting the best possible loan.
  2. Pay back smaller loans if any on your name to make sure your lender see a clean history, which is an important factor when a banker offering a loan.
  3. Prepare your income tax returns, ( can help you preparing your taxes easily, accurately and promptly )
  4. Apply your home loan with your spouse as a co-applicant to increase the chances of getting higher loan and favourable terms.
  5. Last but not the least, increase the down-payment for your home using your own funds and take lesser home loan from the lender / banker. This shows your confidence to pay back your home loan and lender / banker sees less risk in offering a loan.

6.What is EMI stands for ?

EMI stands for 'Equated Monthly Instalment'. EMI is a fixed amount payable to a Banker or a lender by a borrower for a specified period on a certain date of date of every month. It consists two components a) principal sum, and b) interest amount. EMI mainly consists of Interest during initial months of the loan tenure.

7.Is it worth paying EMIs for a long time ?

While paying EMI for every need may not be a great idea but taking a home loan and paying through small payments over the time is a must for most Indians due to large money required to buy a dream home. Remember buying a home is a necessity and is a capital asset that last long.

  1. EMI extends individuals capacity to buy a dream home that is impossible otherwise.
  2. Taking a loan from a bank is a shared risk with the bank. Banks or lenders vet the housing venture or property before lending money to individuals. This helps individuals not to carry full risk if a housing project fails before hand-over.
  3. EMI allows you to keep the cash in hand for other pressing needs such as health, education, other basic needs, as you are not paying all the purchase price at once.

Disclaimer: This article provides an overview and general guidance, not exhaustive for brevity. Please refer Income Tax Act, GST Act, Companies Act and other tax compliance acts, Rules, and Notifications for details.