The home loan EMI calculator is an online tool that simplifies your loan planning. All you need to do is input your desired loan amount, interest rate, and repayment tenure. In a split second, the calculator will show your monthly EMI. This allows you to adjust and plan your loan terms until you find an EMI that suits your financial situation.
Home Loan EMI Calculator
Your Key to Dreaming Bigger, Living Better
Quick
Accurate
Effortless
About Home Loan EMI Calculator
Your dream home is more than just walls and a roof; it’s where memories are built and futures are crafted. At RING, we believe that getting the keys to your new home should be a moment of pure joy—not stress. That's why our home loan EMI calculator is designed to make financing your dream as simple and transparent as possible. No more complicated math or confusing numbers. Just enter your loan details, and voila! You’ll instantly see how affordable your dream home really is.
Benefits of Home Loan EMI Calculator
Instant Clarity
Save Time & Hassle
Plan Your Budget
Stress-Free Loan Planning
Features of Home Loans
Credit Up to Rs. 5 Lakhs
Avail of credit up to Rs. 5 lakhs with paperless KYC.
Flexible Repayment
Choose repayment periods from 3 to 60 months.
Instant Approval
Money transferred to your bank account in 5 minutes.
Zero Paperwork
100% Digital - Hassle-free process
No Collateral Required
Secure a loan without pledging any assets.
Transparent Terms
Know all costs upfront with no hidden charges.
Competitive Rates
APR ranges from 32% to 57% per annum.
Multi-Purpose Loans
Use your loan for personal or business purposes
Check Your Eligibility
Instant Personal Loan Eligibility Criteria
To qualify for a personal loan applicants need to meet the following criteria:
- Nationality: Indian citizen.
- Age: Between 23 and 55 years.
- Documentation: Selfie, PAN Card, and Aadhaar Card.
- Income Proof: Required only for select high-value loans based on credit profile.
- Profile : Salaried, Self-Employed, Small busines owner & MSMEs
Having these documents prepared ensures a smoother and quicker application process
Follow these simple steps to get started:
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Verify Mobile Number
Enter your number on the RING app/website, receive an OTP, and verify.
Home Loan EMI Calculator
Breaking Down the Cost: Interest Rates Explained
A tool designed to help you understand the monthly payment on your loan. Whenever you take a loan, the EMI amount that you will pay is very important in helping you arrive at your final loan amount and repayment tenure. Our personal loan calculator helps you do just that. You will be able to see your monthly payment, and this will help you decide what your loan amount should ideally be, and if it is payable over a period.
Principal Amount (A): ₹500,000
Interest Amount (B):
Your EMI: ₹ per month
Your Loan Amount: ₹500,000
At Interest Rate of: 2%
For : 2 years
Total Payable: ₹
Here’s a quick example to illustrate:
- Loan Amount (Principal): ₹1,00,000
- Tenure: 12 months
- Interest Rate: 13% per annum
- Processing Fee (incl. GST): ₹3000 (3%)
- Total Interest: ₹7,180.73
- EMI: ₹1,374.63
- APR: Start from 14%
Disclaimer - The Loan EMI Calculator only shows an estimate. Consult your lender for accurate details.
The Formula to Calculate EMI on Home Loan
The formula for calculating EMI is as follows:
EMI = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)]
P= Principal loan amount | R= Monthly interest rate (annual interest rate divided by 12) | N= Loan tenure in months
**To explain it further, let’s see an example:**
Suppose you take a loan for ₹5,00,000 with an annual interest rate (IR) of 10% for a tenure of, say, 5 years (60 months).
First, convert the annual interest rate to a monthly interest rate. In this case, the monthly interest rate would be 10%/12 = 0.00833.
Using the formula, you can calculate the EMI as follows:
EMI = [500000 x 0.00833 x (1+0.00833)^60] / [(1+0.00833)^60-1]
By simplifying the equation, you will find that the EMI for this loan would be approximately ₹10,609.
This means that your monthly payment will be ₹10,609 for 60 months to repay the loan amount along with the interest.
For a more detailed explanation, you can refer to this blog.
Hear from Our Happy Customers
Arjun S
Bengaluru
Owning a house in Bengaluru seemed like a far-off dream, but RING made it possible. I used the home loan EMI calculator to figure out what I could afford, and within minutes, I had a clear repayment plan. I chose a tenure that suited my budget, and the quick approval process meant I was a homeowner in no time! RING took the stress out of buying a home.
Loan Amount: ₹50 Lakhs | EMI Tenure: 20 years | EMI: ₹42,000
Meena P
Mumbai
I had heard horror stories about the home loan process being long and complicated, but with RING, it was a breeze. I calculated my EMI using the home loan EMI calculator, and the process was 100% transparent. There were no hidden fees or confusing steps. In less than a week, my loan was approved, and I’m now living in my dream flat in the heart of Mumbai.
Loan Amount: ₹35 Lakhs | EMI Tenure: 15 years | EMI: ₹38,500
Rahul V
Hyderabad
I was worried about the monthly EMI and whether it would be affordable. The home loan EMI calculator helped me break down my repayment options in a way that was easy to understand. I could adjust the interest rate and tenure to find an EMI that worked for me. RING’s transparency gave me the confidence I needed, and now I’m living in my dream home in Hyderabad."
Loan Amount: ₹40 Lakhs | EMI Tenure: 12 years | EMI: ₹45,300
Shalini T
Pune
I’ve always been cautious about loans, but RING’s home loan EMI calculator gave me peace of mind. I knew exactly how much I would be paying each month before I even applied. The team was incredibly supportive, answering all my questions and making sure I was comfortable with the process. I’ve recommended RING to all my friends who are looking for hassle-free home loans!"
Loan Amount: ₹30 Lakhs | EMI Tenure: 10 years | EMI: ₹35,200
Vikas G
Delhi
I was racing against time to close a deal on my dream home. The home loan EMI calculator allowed me to quickly see what I could afford, and RING’s digital process meant I had approval in just a few days! Their paperless system saved me a ton of time and stress. Now, my family and I are living comfortably in our new home in Delhi."
Loan Amount: ₹45 Lakhs | EMI Tenure: 25 years | EMI: ₹41,000
Neha K
Chennai
RING made the entire home loan process smooth and easy to navigate. I was nervous about managing the monthly payments, but after using the home loan EMI calculator, I saw how affordable my EMIs would be. The application process was entirely online and took no time at all. I’m so grateful to RING for helping me buy my dream house!"
Loan Amount: ₹20 Lakhs | EMI Tenure: 15 years | EMI: ₹23,500
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Got Questions? Let's get to them.
How does the home loan EMI calculator work?
What is the formula for calculating home loan EMI?
The formula used for EMI calculation is: EMI = [P x R x (1+R)^N] / [(1+R)^N-1] Where:
- P is the principal loan amount
- R is the monthly interest rate (annual interest rate divided by 12)
- N is the loan tenure in months Don’t worry about doing this manually—our home loan EMI calculator will handle all the complex math for you!
How can I lower my home loan EMI?
There are a few ways to reduce your EMI:
- Increase the loan tenure: By opting for a longer repayment period, your monthly EMI will be smaller.
- Negotiate for a lower interest rate: This can significantly reduce your EMI.
- Prepay part of the loan: Making lump-sum prepayments can reduce the principal amount, which will lower your EMIs. You can use the home loan EMI calculator to explore different scenarios and find the most affordable option.
What factors affect my home loan EMI?
Several factors influence your home loan EMI:
- Loan Amount: The higher the loan, the larger the EMI.
- Interest Rate: A higher interest rate results in a higher EMI.
- Tenure: Longer tenures reduce the EMI but increase the total interest you pay over time.
- Down Payment: A larger down payment reduces the loan amount, which can lower your EMI. The home loan EMI calculator helps you adjust these variables to find the right balance for your budget.
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