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home loan calculator helps you calculate your home equity credit Emi with ease.

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Home Loan EMI Calculator

home loan calculator helps you calculate your home equity credit Emi with ease. offers home loans with EMIs ranging from ₹662 per lac and interest rates ranging from 6.95%* p.a. with additional features like flexible repayment options and top-up loan. With a low-interest rate and long repayment tenure, ensures a comfortable home loan EMI for you. With our reasonable EMIs, Home loan is lighter on your pocket. Calculate the EMI that you simply are going to be required to buy your home equity credit with our easy to know home equity credit EMI calculator.

Results
Monthly Payment
Total Payment
Total Interest

What is Home Loan EMI Calculator?

Home Loan EMI Calculator assists in calculation of the loan instalment i.e. EMI towards your home loan. It a simple to use calculator and acts as a financial planning tool for a buyer .

What is Home Loan EMI?

EMI stands for Equated Monthly Instalment. It includes repayment of the principal amount and payment of the interest on the outstanding amount of your home loan. A longer loan tenure (for a maximum period of 30 years) helps in reducing the EMI.

How does EMI calculation help in planning the house purchase?

Home Loan EMI calculator gives a transparent understanding of the quantity that must be paid towards the EMIs and helps make an informed decision about the outflow towards the housing loan every month. This helps estimate the loan amount which will be availed and helps in assessing the own contribution requirements and price of the property. Therefore, knowing the EMI is crucial for calculation of home equity credit eligibility and planning your home buying journey better.

Home Loan Amortization Schedule
YearOpening BalanceEMI*12Interest paid yearlyPrincipal paid yearlyClosing Balance
12,500,000231,690171,86859,8222,440,178
22,440,178231,690167,57664,1152,376,064
32,376,064231,690162,97568,7152,307,348
42,307,348231,690158,04473,6462,233,702
52,233,702231,690152,75978,9312,154,772
62,154,772231,690147,09684,5942,070,177
72,070,177231,690141,02590,6651,979,512
81,979,512231,690134,52097,1711,882,342
91,882,342231,690127,547104,1431,778,199
101,778,199231,690120,074111,6161,666,582
111,666,582231,690112,065119,6261,546,957
121,546,957231,690103,481128,2101,418,747
131,418,747231,69094,281137,4101,281,337
141,281,337231,69084,420147,2701,134,068
151,134,068231,69073,853157,837976,230
16976,230231,69062,527169,163807,067
17807,067231,69050,388181,302625,765
18625,765231,69037,378194,312431,454
19431,454231,69023,435208,255223,199
20223,199231,6908,491223,1990
CALCULATOR HOME LOAN ELIGIBILITY

Home Loan eligibility is dependent on factors such as your monthly income, current age, credit score, fixed monthly financial obligations, credit history, retirement age etc. Get the peace of mind by knowing all the details about your loan using www.legaltaxindia.in Home Loan Eligibility.

These calculators are provided only as general self-help Planning Tools. Results depend on many factors, including the assumptions you provide. We do not guarantee their accuracy, or applicability to your circumstances.

NRI should input net Income.

How is Home Loan eligibility calculated?

Housing loan eligibility is primarily hooked in to the income and repayment capacity of the individual(s). There are other factors that determine the eligibility of home loans like age, financial position, credit history, credit score, other financial obligations etc.

Home Loan Eligibility Criteria

  • Present Age and Remaining Working Years : The age of the applicant plays a major role in determining home loan eligibility. The maximum loan term is usually capped at 30 years.
  • Age Limit for Salaried Individuals : 21 to 65 years.
  • Age Limit for Self-Employed Individuals : 21 to 65 years.
  • Minimum Salary : ₹10,000 p.m.
  • Minimum business income : ₹2 lac p.a.
  • Maximum Loan Term : 30 years.
  • Financial Position : The present and the future income of applicant(s) has a significant impact on determining the loan amount.
  • Past and Present Credit History and Credit Score : A clean repayment record is considered positive.
  • Other Financial Obligations : Existing liabilities such as a car loan, credit card debt, etc.

The eligibility for home loans can be enhanced by

  • Adding an earning family member as co-applicant.
  • Availing a structured repayment plan.
  • Ensuring a steady income flow, regular savings and investments.
  • Furnishing details of your regular additional income sources.
  • Keeping a record of your variable salary components.
  • Taking actions to rectify errors (if any) in your credit score.
  • Repaying ongoing loans and short terms debts
  • LEGALTAXINDIA.IN’s Eligibility Calculator facilitates checking eligibility for housing loans online.
  • Gross Income (Monthly) in ₹ : Input gross monthly income. NRI should input net income.
  • Loan Tenure (In Years) : Input the desired loan term for which you wish to avail the loan. A longer tenure helps in enhancing the eligibility.
  • Interest Rate (% P.A.) : Input LEGALTAXINDIA.IN’s prevailing housing loan interest rate. Click here to know the prevailing interest rates
  • Other EMIs (Monthly) : Input the EMIs of the other loans you may have
  • Once you get a sign of your eligibility and EMI amount by using the calculator, you'll apply for a home equity credit online from the comfort of your front room easily with Online Home Loans by LEGALTAXINDIA.IN’s To apply for a home loan online with LEGALTAXINDIA.IN, click
  • In case you would like us to get in touch with you, kindly leave your details with us. LEGALTAXINDIA.IN also offers a facility of a pre-approved home loan even before you have identified your dream home.
  • These calculators are provided only as general self-help Planning Tools. Results depend on many factors, including the assumptions you provide. We don't guarantee their accuracy, or applicability to your circumstances.
  • When you apply for a home loan, your eligibility is primarily dependant on your income and repayment capacity.
  • There are also some other factors that will determine your home loan eligibility:
  • Your age, financial position, credit history, credit score, other financial liabilities etc.
  • More on How to Improve Home Loan Eligibility?
  • Adding an earning family member as co-applicant.
  • Availing a structured repayment plan.
  • Ensuring a steady income flow, regular savings and investments.
  • Furnishing details of your regular additional income sources.
  • Keeping a record of your variable salary components.
  • oTaking actions to rectify errors (if any) in your credit score.
  • Repaying ongoing loans and short terms debts.
  • Step 1 : Visit the website of the online home loan provider – https://WWW.LEGALTAXINDIA.IN
  • Step 2 : Click on ‘Apply for Home Loan’
  • Step 3 : To find out the loan amount you are eligible for, click on ‘Check Eligibility’.
  • Step 4 : Under the ‘Basic information’ tab, select the sort of loan you're trying to find (home loan, home improvement loan, plot loans, etc.). You can click on the link beside the loan type for more information.
  • Step 5 : If you have shortlisted a property, click on ‘yes’ in the next question and provide the property details (state, city and estimated cost of property); if you haven’t yet decided on the property, select ‘no’. Fill in your name under ‘Applicant’s Name’. If you would like to feature a co-applicant to your application , select the amount of co-applicants (you can have a maximum of 8 co-applicants).
  • Step 6 : Under the ‘Applicants’ tab, select your residential status (Indian / NRI), provide the state and city you are currently residing in, provide your gender, age, occupation, retirement age, email ID and mobile number, gross/total monthly income, and EMI paid monthly for all existing outstanding loans.
  • Step 7 : You will then be taken to the ‘Offers’ tab where you will see loan products that you can avail of, the maximum loan amount you are eligible for, the EMI payable and the loan tenure, interest rate and whether the interest is fixed or floating.
  • Step 8 : Select the loan product you would like to apply for. You will be taken to the loan application form where the details you have already provided (such as your name, email ID, etc) will be prefilled. Fill in the balance details – your date of birth and password and click on ‘Submit’.
  • Step 9 : You will then be required to upload all the documents.
  • Step 10 : Now all you have to do is pay the processing fees and your online loan application is complete.
  • Longer loan repayment tenure - Benefit of a longer home loan repayment tenure of up to 30 years is possible
  • Reduction in GST rates on home purchase - GST rates on home purchase have been reduced significantly
  • Low Home Loan Interest Rates- Home loans have become very affordable today with low interest rates
  • Easy Home Loan Application Process- It is super easy and convenient
Do’sDon’ts
Check your loan eligibility before starting your home loan applicationAvoid making an application for an adhoc loan amount without checking your eligibility
Go through the list of documents required and keep them ready before starting your online application processIt’s preferable to complete the loan application process in one go and not in stages.
Be clear about the type of loan you need (home loan, home improvement loan, plot loan, etc.)Don’t leave out submitting important documents.
Read the FAQs before starting your loan application processDon’t ignore you CIBIL score while making your loan application (your score has an impact on your loan application)
You could use the online chat facility if you have any queries. 
Make sure you provide all the details that the loan provider will need to process your application. 
Home Loan Details

You can apply individually or jointly for Home Loans. All proposed owners of the property will have to be co-applicants.

Home Loan Details


Primary Applicant

AGE

21-65 years

PROFESSION

Salaried / Self Employed

NATIONALITY

Resident Indian

GENDER

All Genders


Co-Applicant(s)
  • Adding Co-Applicant helps in maximizing the loan amount.
  • Adding Women Co-Owner helps in getting better interest rate.
  • All co-applicants need not be co-owners. Generally co-applicants are close family members.
HOME LOAN DOCUMENTS AND CHARGES

Following are the documents you would need to submit for all applicants / co-applicants along with the completed and signed Application Form for loan approval:

  • Last 3 months' Salary Slips
  • Last 6 months' Bank Statements, showing salary credits
  • Latest Form-16 and IT returns
For New Homes :
  • Copy of the Allotment Letter / Buyer Agreement
  • Receipt/(s) of payment/(s) made to the developer
For Resale Homes :
  • Title Deeds including previous chain of the property documents
  • Receipt/(s) of initial payment/(s) made to the seller
  • Copy of the agreement to sell (if already executed)
For Construction :
  • Title Deeds of the Plot 
  • Proof of no encumbrances on the property
  • Copy of the plans, approved by the Local Authorities
  • Construction estimate by an Architect / Civil engineer
  • Own Contribution Proof
  • Employment Contract / Appointment Letter in case current employment is less than year old