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*The calculated EMI is for Principal amount of Rs. 1,00,000 and Tenure of 20 Years

How it works?

1.Fill an online form to view the best offers from our partner banks.

2.Our executive helps you choose the best offer for your requirement.

3.We pick up documents at your doorstep and submit to the bank**.

4.Bank reviews your application and confirms approval.

Home Loan EMI Calculator

An EMI Calculator or Equated Monthly Installment Calculator is a tool which calculates your monthly EMI payments for a Home Loan within a few seconds.

To use the Home Loan EMI Calculator, all you need to do is enter the variables like principal amount, interest rate, tenure, etc. in the calculator and it will give you the EMI amount instantly.

It is a free tool available on Magicbricks 24 X 7. You can use the EMI Calculator to make an informed decision by comparing various loan EMIs before you finalise a Home Loan.

How to Calculate Home Loan EMI Using the Formula?
The classic way of calculating the EMI is by using the formula stated below:
EMI = [P x R x (1+R)^T]/[(1+R)^ (T-1)].

The variables used here stand for:
EMI - Equated Monthly Installments
P - Principal Amount of the Loan:
R - Rate of Interest on the Loan (monthly)
T - Tenure of the Loan or the no. of installments to be paid (monthly)

Let's take an example to understand this clearly. For instance, you have taken a Home Loan of Rs 2 Lakh which is to be paid in 2 years
at an interest rate of 20% per annum.

First, convert the yearly interest rate into months. We can obtain the monthly interest rate by dividing the yearly interest rate
by no. of months in a year i.e. 12. So, monthly interest will be 20/12 = 1.66%.

Now, put all the variables in the formula:

EMI = [P x R x (1+R)^T]/[(1+R)^T-1]
EMI= [2,00,000 x 1.66/100 x (1+1.66/100) ^ 24 / [(1+1.66/100) ^ 24 - 1)
EMI= Rs. 10,179

Even, the EMI Calculator uses the same formula to calculate the EMI of Home Loan. We also recommend calculating the EMI
via EMI Calculator as it is accurate, requires minimal calculation and can determine the EMI within seconds.