How Much Home Loan Fits Your EMI Budget?
Start from the monthly EMI you choose to carry and work out the loan that fits, step by step, on one worked example.
Finance Tool
Home Loan Calculator
Work out the home loan that fits your monthly EMI budget, what it would cost in interest, and how the tenure changes it.
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Find the Loan That Fits
Enter your income and the share of it you would put towards EMIs. Results update as you type.
Enter your monthly income, the share you would put towards EMIs, an interest rate and a tenure to see the loan that fits.
How to Use the Home Loan Calculator
- Enter your monthly income, and any EMIs or loan payments you already make.
- Choose the share of income you would put towards EMIs. This is your own limit.
- Enter an interest rate to assume and a tenure in whole years. Optionally add your own funds.
- Read the loan that fits, then the table of other tenures. Results update as you change any value.
Reading the Result
It starts from the EMI, not the property. The EMI room is your income times the share you chose, less what you already pay. The loan that fits is the largest amount whose EMI stays within that room.
The loan is rounded down. It is the largest whole-rupee loan whose EMI fits, so the EMI on it never goes above your room and one rupee more would.
The tenure changes the loan and its cost. With the same room, a longer tenure can fit a larger loan, and the total interest rises with it. The table shows both for your numbers.
Own funds make a simple total. If you add them, the property budget is the loan plus those funds, before any charges.
Assumptions and What Is Not Included
- The share of income, the rate and the tenure are your choices. The rate is assumed to stay the same for the whole tenure.
- Payments are equal, monthly and made at the end of each month, as in the EMI Calculator.
- This is not a lender's offer or decision. It does not use a lender's limits, credit score, age, employment or documents, or loan-to-value.
- Not included: fees, stamp duty, registration, insurance, rate changes, tax benefits and part-payments.
This is arithmetic on the numbers you enter, not advice. See the disclaimer.
Example
Take a monthly income of ₹1,00,000.00, existing EMIs of ₹10,000.00, a 40% share for EMIs, an interest rate of 8.5% and 20 years. ₹40,000.00 is available for EMIs, ₹30,000.00 after the existing payments. The loan that fits is ₹34,56,925, with an EMI of ₹30,000.00 and ₹37,43,074.59 of interest. With ₹5,00,000.00 of your own funds the simple property budget is ₹39,56,925.00. Over 10 years the same room fits ₹24,19,634; over 30 years it fits ₹39,01,609, with ₹68,98,390.16 of interest.
How It Is Calculated
EMI room = income × share of income - existing EMIs
EMI = loan × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ - 1), where r is the yearly rate divided by 12 and n is the number of months.
The loan that fits is the largest whole-rupee amount whose EMI is no more than the room. The total repayment is the EMI times the months, and the total interest is that less the loan. Each row of the table repeats the same working for its tenure with the same room.
Home Loan Calculator FAQ
What is the share of income for EMIs?
It is the part of your income you choose to put towards EMIs. It is your own limit. Lenders use their own limits, which this calculator does not know.
Why is the loan rounded down?
So that the EMI on the loan never goes above your EMI room. It is the largest whole-rupee loan that fits, and one rupee more would not.
Is this what a lender would offer me?
No. A lender decides on its own rules. This shows the loan that fits an EMI budget you set, under a rate and a tenure you assume.
Why does a longer tenure fit a larger loan but cost more interest?
A longer tenure spreads the repayment over more months, so the same EMI supports a larger loan. The interest is charged on the balance for longer, so the total interest rises.
What if I already pay other EMIs?
Enter them under existing EMIs. They are taken from the EMI room before the loan is worked out, so a larger amount there means a smaller loan.
