Home Loan Calculator

Welcome to the comprehensive Home Loan Calculator from Shriram Housing Finance. It is your ultimate tool to calculate your equated monthly instalments (EMIs) accurately and hassle-free. Whether you are a first-time homebuyer or looking to refinance, this housing loan calculator will empower you with useful insights for better financial planning.

Are you worried about the impact of interest rates on your monthly payments? The user-friendly interface embedded within the housing loan interest calculator will provide you with an essential analysis of various scenarios. These inputs will ensure that you remain informed and make correct decisions regarding your investment.

Discover the convenience of the free home loan calculator – a tool specially designed to assist you in enhancing your financial security. Start the journey towards financial security today using a home loan payment calculator.

What is a home loan?

A home loan involves borrowing money from a financial organisation, such as Shriram Housing Finance, to purchase a new or resale house, construct a house, or add new structures to an existing one. This borrowed amount comes with an agreed-upon interest rate and is paid over a set period through regular and manageable payments called EMIs.

What is a home loan calculator?

An online home loan calculator, often referred to as a loan calculator for home loans, is a user-friendly tool that assists in estimating monthly loan payments. The calculator takes into account crucial determinants including the loan amount, interest rate, and the repayment period. You can quickly calculate your projected EMIs by providing essential details. This approach will improve your chances of securing favourable loan terms.

You need to enter your desired loan amount, interest rate, and tenure into the designated columns and after a few clicks, you will find the amount to be paid every month to secure the home loan. The home loan cost calculator will additionally give a comprehensive overview of the total interest payable over the entire loan tenure.

How does the home loan calculator work?

Let us understand how the home loan amount calculator works. It is similar to the home loan principal and interest calculator which is used to determine the principal and interest amounts. You will be able to calculate the EMI by providing the following essential details:

Loan amount: Entering the specific amount that you want to apply for your home loan.

Loan tenure (in years): Indicate the duration in years, for which you plan to secure the housing loan.

Interest rate (% p.a.): Enter the annual interest rate associated with the loan. This rate is the most important component that the home loan interest rate calculator will use to provide you the accurate results.

You must provide these key details to the home loan payment calculator to generate an estimate of your EMI amount. This EMI will present you with valuable insights regarding potential loan repayment plans.

The formula to determine home loan EMI amount

The online home loan calculator formula

The computation of your home loan EMI is done through the following formula:

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

Where:

EMI: Equated monthly instalment

P: Principal or loan amount

R: Interest rate per month (annual interest rate divided by 12)

N: Number of monthly instalments or loan tenure in months

Calculate your housing loan EMI online

Do you need a monthly home loan calculator to determine your Equated Monthly Installment (EMI)? Below we explain the calculation using the online home loan interest calculator formula with a relevant example. This will help you understand how it works.

Mr A has obtained a home loan of ₹35,00,000 (Principal amount or P) from a well-known bank/financial organisation. The loan comes with an interest rate (R) of 10% p.a. The loan's tenure (N) spans 360 months, equivalent to 30 years.

Applying the formula to compute the home loan EMI, the monthly instalment is calculated to be ₹30,715.

Key parameters:

Principal (P): ₹35,00,000

Interest rate (R): 10%

Loan tenure (N): 30 years (360 Months)

Monthly EMI: ₹30,715

EMI paid for the year: ₹30,715 * 12 = ₹3,68,580

Use the home loan total interest calculator to calculate the total interest amount that you will need to pay for your housing loan. In this case, the total interest amounts to ₹75,57,402, resulting in a total repayment of ₹1,10,57,402.

This calculation provides you with a clear understanding of how each monthly instalment will contribute to repaying both the principal and the interest over the loan tenure. This loan calculator for home loans will help you in assessing different scenarios to reach your financial goals.

How can a home loan EMI calculator help you?

If you are new to financing, the process of calculating EMIs and its various components may appear complicated. Fortunately, a housing loan interest calculator can effortlessly handle these complex computations. It is an invaluable tool, especially if you are seeking a housing loan calculator in India. This calculator swiftly performs these calculations, relieving you from the burden of manual calculations.

The manual computation of such intricate EMI projections for housing loans can be both time-intensive and prone to errors. This is where the home loan limit calculator proves its worth. Besides getting an accurate projection, you will save precious time with the notable feature of this housing loan limit calculator.

The home loan percentage calculator is available free of cost and gives you unlimited usage. It eradicates the possibility of inaccuracies that could potentially arise from manual calculations.

You must note that the EMI calculation method differs for various types of loans. For instance, the calculation for a home loan EMI will not be the same as that for a personal loan. The home loan principal and interest calculator are tailored exclusively for home loans.

How to use the Shriram Housing Finance online home loan EMI calculator?

The home loan term calculator from Shriram Housing Finance is designed to simplify your financial planning. In this section, we will discuss the ways to use the online home loan EMI calculator:

• Effortless EMI calculation steps

Loan amount: Input the desired loan amount that you are considering.

Interest rate: Enter the interest rate associated with the loan in the home loan monthly interest calculator.

Loan tenure: Specify the loan tenure in years for accurate calculation.

• Instant EMI results

Experience the magic as the advanced home loan finance calculator quickly calculates your EMI, providing you with accurate results within seconds.

• Empowering your financial decisions 

Experience the ease of EMI calculations with the best home loan calculator, Shriram Housing Finance, your trusted partner for financial planning. Unleash the potential of the housing loan interest rate calculator. You will realise that making informed decisions has never been this convenient.

Advantages of using Shriram Housing Finance home loan calculator

• EMI prediction: EMI calculators forecast your potential home loan EMIs pre-sanction.
• Error elimination: The home loan interest rate calculator eradicates manual errors and miscalculations.
• Free and easy: Accessible without registration, offering cost-free convenience.
• Flexible planning: Adjust loan amount and tenure using the home loan amount calculator for an ideal EMI.
• Informed budgeting: Advance EMI knowledge empowers precise financial planning, ensuring harmony with essential expenses.

Conclusion

The home loan interest calculator is an essential tool for anyone considering a home loan. Having a clear understanding of your projected monthly commitments will assist you in confidently navigating the realm of home loans. Additionally, it will help you in securing terms that align with your financial goals.

At Shriram Housing Finance, we recognise the significance of these tools in helping you make informed decisions. With loan amounts ranging from ₹1 Lakh to ₹10 Crore, flexible tenure options of up to 25 years, competitive interest rates starting at 9.5%, and the opportunity to secure up to 90% of the property cost as a loan.