How EMI is calculated
EMI = P × r × (1 + r)n ÷ [(1 + r)n − 1]
P is the loan amount, r the monthly rate (yearly rate ÷ 12 ÷ 100) and n the number of months. A ₹30 lakh home loan at 8.5% for 20 years has an EMI of about ₹26,035; over 240 instalments you pay ₹62.5 lakh, of which ₹32.5 lakh is interest.
Reverse: find the loan, rate or tenure
Pick what you want under "What do you want to find?" and fill in the rest. If you can pay ₹30,000 a month at 8.5% for 20 years, you can borrow about ₹34.6 lakh. Choose "Interest rate" to check the real rate a lender is charging, or "Tenure" to see how fast a bigger EMI clears the loan.
Frequently asked questions
Will my EMI go up if the repo rate rises?
If your loan is linked to the repo rate (floating), your rate can rise at the next reset. The bank then raises either the EMI or the tenure. Fixed-rate loans are not affected.
Does this EMI include processing fees or insurance?
No. It covers principal and interest only.
Is prepayment worth it?
Prepaying cuts the outstanding principal, so future interest falls. Early prepayments save the most. Most banks do not charge for prepaying floating-rate home loans, but check your agreement.
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