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Home Loan EMI Calculator

Home Loan EMI Calculator

Calculate Your Home Loan EMI Online Instantly by using Grihashakti Home Loan EMI Calculator

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EMI Payable (Per Month)

Principal Amount =
Interest Amount =
Total Amount =


Disclaimer: Please note that this calculator is simply a self-planning tool, and is for demonstration purposes only. Your final EMI amount will depend on many factors, and will be disclosed in the schedule shared with you after loan approval. For more details, please contact us

What is a Home Loan EMI Calculator?

An EMI calculator for home loan is an important tool in your journey to take a home loan successfully. It helps you calculate your home loan EMI quickly and decide on the ideal loan tenure so that your EMI can be managed within your monthly budget with ease. This helps you to make an informed decision about buying a new home.

Using the online home loan EMI calculator, you can know how tenor and rate of interest impact your EMIs and explore different repayment schedules that are affordable and suit your needs. Further, the tool shows you the complete breakup of the payment schedule and instalment breakup (principal and interest amount) for the full tenure of the home loan.

It’s an indispensable financial planning tool for a home buyer that lets you decide on the quantum of contribution towards home down payment and ensure timely loan repayments.

How does Fullerton Grihashakti Home Loan EMI Calculator work?

The Fullerton Grihashakti Home Loan EMI calculator for home loan uses three basic inputs

  • home loan amount
  • rate of interest
  • loan tenure

Enter the home loan amount you are considering borrowing and the applicable rate of interest into the relevant field. Using the slider, adjust the loan tenure and the calculator will automatically reflect the estimated EMI for the loan tenure.

The calculator also provides an amortization schedule that contains details of the year-wise repayment schedule for the entire loan tenure.

How is Home Loan EMI Calculated?

EMI stands for equated monthly instalment is a systematic approach to repay the loan by the borrower to the lender in equal and fixed instalments by the end of the loan tenure.

An EMI basically consists of two components- the principal amount and interest due on the outstanding loan amount.

Compared to other categories of loan, the housing loan has a maximum tenure of up to 30 years, and the EMI can be planned according to your repayment capability.

The home loan EMI is calculated using the following formula:

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

P=Principal amount

N=Loan tenure in months

R=Monthly Interest rates

The rate of Interest (R) on your loan is calculated per month

All online calculators use the above home loan EMI calculator formula to calculate EMI. By adjusting the rate of interest and loan tenure, you can check the EMI under different scenarios and tenure instantly.

For example, a house loan with a maximum tenure of 30 years will have a lower EMI payment compared to loan tenure of 15 years. Although the EMI of a home loan with longer tenure is lower, the overall cost is higher because of the higher interest outflow.

Calculate Home Loan Interest Amount with EMI Calculator

Home loan calculator is an online free tool to calculate housing loan monthly EMI based on the factors like home loan amount, rate of interest and loan tenure.

It also functions as a home loan interest calculator as it displays the interest component of the home loan during the entire loan tenure. Please do note however, that the final interest rate offered to you will depend on a number of factors such as your Home loan eligibility and Fullerton Grihashakti’s policy at the time of loan application.

The calculator is a very helpful self-planning financial tool for home loan repayment planning to ensure timely EMI repayments and explore various repayment schedules by adjusting the loan amount and loan tenure in the calculator. Do note that the final monthly EMI may also have other components such as insurance and service charges. The EMI calculator provides you a near accurate estimate of your monthly EMI purely based on the loan tenure, interest rate and amount.

What are the Advantages of House Loan EMI Calculator?

There are several benefits of using home loan EMI calculator in India:

  • Easy and quick calculation of home loan EMI
  • Helps to choose the right loan tenure based on your disposable income
  • Is free and can be used online from anywhere including mobile and computer
  • Provides accurate results with speed and reliability
  • Calculate total Interest application on your loan amount
  • Help to calculate the EMI schedule

What is the Home Loan Amortization Schedule?

While the EMI during the loan tenure remains uniform, the constitution of EMI changes every passing month with each EMI payment.

For instance, at the starting of home loan tenure, the interest component constitutes the major portion of the EMI due to higher interest outstanding. As tenor progresses, the constitution of interest components continue to decline with every EMI payment, thereby increasing the share of the principal component.

This is where the amortization schedule provides the accurate break-up of principal and interest payout in each EMI with their respective balances across the tenor. In short, it provides a roadmap towards the repayment of the home loan and different milestones.

The table helps you in effective tax planning and claim deduction on both the home loan principal and interest repayment under different sections of the Income Tax Act.

When does Home Loan EMI Start and Become Due?

In general practice, the home loan EMI starts from the following month of the loan disbursal and the EMI is due on a fixed date each month, which is notified at the time of disbursal or approval.

In the case of a moratorium on home loan EMI payment is agreed upon, it would start after the predefined period. However, the interest will continue to get added to your home loan during the period of the moratorium.

Can I Prepay My Home Loan?

Yes, you can part-prepay your outstanding home loan amount, which can be several times your home loan EMI. The prepayment will result in a reduction in the outstanding home loan amount, thereby reducing your net interest expenses.

What are the Factors That Can Affect Home Loan EMI?

Here are the main factors affecting home loan EMI. Please note that this list is a basic one, and depending on the lender’s policy as well as the agreed upon terms, additional documents may be requested.

  • Loan Amount:The principal amount plays a large part in your EMI amount. Higher the loan amount borrowed, higher the EMI. Thus, it is advisable to borrow the exact amount you need.
  • Interest rate: A higher interest rate will lead to a higher EMI amount
  • Tenure: A longer tenure will allow a smaller EMI amount, but the total interest outgo over the tenure of the loan may be much higher.
  • Extra charges: Depending on the terms agreed upon with your lender, additional factors such as insurance, service fees, etc. may be added to your EMI amount.
  • Prepayment terms: Sometimes, lenders may allow salaried borrowers whose monthly income increases over the tenure of the loan, to pay a higher EMI amount.
  • Extra benefits (as applicable): Benefits (like the PMAY interest subsidy) that may be authorized some months after application may be provided to borrowers in the form of a reduced EMI.

Use a home loan EMI calculator online to calculate your EMI and select an appropriate tenure to strike the perfect balance between an amount that can fit within your budget and at the same time, enable you to repay the loan as soon as possible.

*Terms and conditions applicable. Loans are sanctioned at the discretion of Fullerton Grihashakti. Please note that Aadhaar numbers should be masked before submission as per regulatory guidelines


What does EMI stand for?

EMI stands for “Equated Monthly Installments”. It refers to the monthly amount that is required to be paid by a borrower back to the lender for an agreed upon duration (loan tenure) in order to repay the loan with interest. While the EMI amount is mostly comprised of repayment towards principal as well as interest, some lenders may also add additional elements such as insurance charges and/or late payment fees / other fees as applicable. The EMI for a loan is determined based on the loan terms and amortization schedule.

Can I change my home loan EMI date?

Some lenders may allow you to change your home loan EMI date, if their policy permits the same. Please note that there may be conditions that the borrower will have to fulfill in order to be considered for such requests, and they may also be charged a fee for this. It is strongly advised to discuss this with your lender and understand the policy before making any decisions.

How to Reduce your EMI for a Home Loan?

Once the home loan terms have been agreed upon and the loan agreement gets executed, it is highly unlikely that lenders will allow a borrower to reduce their EMI mid- way through the loan. This may only be allowed under certain circumstances (such as death of the primary borrower), or if the borrower had initially agreed for a shorter tenure, and is eligible for an increase in loan tenure as per the lender’s policy.

In order to ensure that you have the lowest possible EMI for your home loan, here are a few steps you can take before applying for a home loan:

  • Ensure a high credit score & repayment capacity to negotiate the lowest possible home loan interest rates. This will reduce your EMI too.
  • Choose a longer tenure – You can use a home loan EMI calculator to understand the most suitable tenure to select so that the resulting EMI is low and can fit within your budget.
What is the maximum tenure of a home loan?

The maximum tenure of a home loan offered by Grihashakti is 30 years; however, the actual home loan tenure depends on your current age and the maximum age limit for home loans as per Grihashakti’s policy.

How is the home loan interest rate determined?

The home loan interest rate is determined by multiple factors like the nature of the property, borrower’s creditworthiness, age, home loan amount, the quantum of down-payment, monthly income, existing debts, loan tenure, and Grihashakti’s policy at the time of loan application.

How does part payment or prepayment of outstanding home loan amounts affect home loan EMIs?

During the loan tenure, you can part-prepay your home loan amount multiple times. This helps to reduce the outstanding home loan amount and reduction in interest costs.

Part-prepayment doesn’t affect your home loan EMI amount, but the portion of interest component in the EMI amount gets reduced, thereby increasing the percentage of principal repayment. This results in reduced home loan tenure.

Why use an online Home Loan EMI Calculator?

An online home loan EMI calculator can help you figure out how much monthly payment you have to make to the lending institution so as to repay the total loan amount obtained at a given interest rate and tenure. A home loan EMI calculator online saves you time by automatically generating the results with minimum inputs, and helps you select a suitable tenure.

Is the EMI amount fixed in Home Loan?

A home loan EMI can be either fixed or floating. A fixed interest rate is the one that remains fixed throughout the tenure of your loan regardless of market changes. A floating interest rate is subject to revisions as per varying market changes, or RBI policies. Thus, if you have taken a home loan at a floating rate of interest, your EMI may change if there is a significant change in your home loan interest in case of a market change. Also, if your income increases during the tenure of the loan, you can get in touch with your lender and negotiate terms so that you can pay a higher EMI amount every month, thereby enabling you to pay off your home loan faster.

What are the tax benefits of paying home loan EMI’s?

Under the Income Tax Act, you can avail of tax benefits under Section 24B like deductions of up to INR 2,00,000, Section 80EE for deductions of up to INR 50,000, and Section 80EEA for deductions of up to INR 1,50,000 under specific conditions.

What is a Pre-Approved Home Loan?

Lenders provide Home Loans to existing or select customers who have previously availed of a loan and have maintained a solid track record of clearing dues and repayment amount towards their previous loans on time. The lender will evaluate your loan application, including your credit history, income level, job stability, etc. Sometimes, people who have high credit scores, stable job at a reputed organisation, good bank balance, good credit history, etc. may be offered a pre-approved loan by lenders. If offered, a person may choose to avail the pre-approved home loan depending on his / her choice and requirement. Such loans have many advantages, including minimum documentation, a lesser processing time, and quicker disbursal.

Fullerton India Home Finance Company Ltd
CIN number: U65922TN2010PLC076972

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