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Frequently Asked Questions

What is Home Loan EMI?

Home loan EMI is a systematic and easy approach towards home loan repayment. EMI stands for equated monthly installment, which includes principal amount, and the interest payable divided through the tenure chosen. Home loan borrower has to make the repayment of the loan each month in the form of home loan EMI.

What are the advantages of home loan EMI calculator?

When borrowing a home loan, it is important for the borrower to calculate the home loan EMI. 

  • Calculate the amount in just a few minutes
  • Helps decide on the loan tenure the borrower should chosen keeping in mind his monthly expenses and other loan EMIs, if any
  • Assists in better financial planning
  • Helps the borrower determine the accurate EMI amount payable

What is the EMI for 20 lakhs home loan?

The home loan EMI for 20-lakh loan depends on the interest and the tenure chosen. For instance, home loan EMI for 20 lakhs for tenure of 20 years at interest rate of 6.65% p.a. would be Rs. 15,089.

What is the EMI for 30 lakhs home loan?

The home loan EMI for 30-lakh loan would depend on the interest and the tenure chosen. EMI is calculated based on the amount borrowed, tenure chosen and the interest rates. A longer tenure attracts a low EMI, whereas a shorter tenure attracts a high EMI amount.

What are the factors that affect housing loan EMI?

The home loan EMI depends on various factors including loan amount, interest rate, tenure, prepayment and down payment.

Loan amount: The higher the amount borrowed, the higher will be the EMI and vice versa

Interest rate: The rate at which the bank is providing the loan. Interest rate is determined based on your CIBIL score.

Loan tenure: The longer the tenure, lesser is the home loan EMI and vice versa

Down payment: This amount is payable by you at the time of property purchase. The higher the amount payable, lesser the amount borrowed which further leads to low EMI payable and vice versa.

How do prepayments impact your home loan EMI?

Prepayment of home loan EMI helps you get rid of debt faster and also leads to a decrease in the outstanding principal amount payable. The reduction in outstanding principal will further reduces the loan EMI or Outstanding tenure depending on customer choice at the time of prepayment.

In how many years can I repay the home loan amount?

You can opt for a loan period of up to 20 years or outstanding tenure of the proposed loan to be taken over whichever is lower and can vary depending on your profile.

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For loans: Credit at the sole discretion of the Bank and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.