Here’s How You Can Calculate Home Loan EMIs Online and Offline


A home loan helps fulfilled your cherished dream of becoming a house owner. It is also one of the most availed loans in India. However, since a home loan is a significant liability, you need to plan well before applying. The repayment term generally lasts for up to 30 years. And, predicting your financial status thirty years from now is no less than a challenge.

Fortunately, an eligibility calculator, such as the PNB Housing EMI calculator, lets you calculate home loan EMI like a pro and make informed decisions. You can use the calculator to find an accurate estimate of your EMI to plan better. However, which mode of EMI calculation is the best – online or offline? You can find the answer in the following sections. You will also learn about the best way to calculate home loan EMI using an eligibility calculator.

What is a Home Loan Eligibility Calculator?


The primary purpose of an eligibility calculator is to provide you with an estimate of the amount you have to pay every month for taking. Lenders like PNB Housing offer a free eligibility calculator on their website to make EMI calculation super easy. However, if you know the correct formula to calculate the EMI, you can also do it yourself.

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The Formula to Calculate Home Loan EMI

For calculating the PNB Housing EMI, you need to know three things – principal, interest rate, and repayment tenure. Let’s understand each in detail.

Principal – Principal refers to the loan amount minus the down payment amount. According to the rules laid down by the Reserve Bank of India (RBI), a borrower must make a minimum of 10% down payment while availing. Hence, if your home value is INR 1 crore, you must make a down payment of INR 90 lakh.

However, some borrowers pay a little more than the mandatory amount to reduce their net liability. For instance, your PNB Housing EMI will be less if you make a 15% down payment rather than the stipulated amount of 10%. The principal is the miscreant figure that determines interest rates.

Rate of Interest – The interest rate plays an important role in deciding EMI. The interest rate varies from lender to lender and depends on many factors like credit score, monthly income, tenure, etc. You can get information about the interest rate on the lender’s website or by visiting their branch office. Also, the interest rate may be fixed or floating. The fixed rate does not change during the loan term. However, the floating rate is a dynamic rate that changes depending on external factors.

Tenure – The tenure usually ranges between five (5) and thirty (30) years. If you choose an extended tenure, the interest rate will be high. In contrast, if you keep the tenure short, the interest rate will be low.

Besides allowing you to calculate the EMI, PNB Housing eligibility calculator lets you change the input figures as many times as you want.

How to Calculate Home Loan EMI Offline

Here is the formula for calculating home loan EMI:

EMI = [Principal x Interest Rate x (1+Interest Rate)^Tenure]/[(1+Interest Rate)^Tenure-1]

Since calculating the EMI manually might be challenging, lenders like PNB Housing provide a free calculator to calculate home loan EMI seamlessly.

How to Calculate Home Loan EMI Online

Here is how you can calculate your home loan EMI with a home loan eligibility calculator:

  • Open a home loan eligibility calculator
  • Enter the principal, rate of interest, and tenure
  • Check the rates displayed by the online calculator

If you want, you can change the input figures to arrive at a reasonable and affordable EMI amount before applying.

What are the Benefits of Using PNB Housing Home Loan Eligibility Calculator

  1. An Accurate Estimate of Home Loan EMI– PNB Housing eligibility calculator lets you understand your EMI amount for free. This saves you from the hassles of visiting a branch office to get the estimate.
  2. Compare Rates – You can use the PNB Housing eligibility calculator to compare the rates offered by various lenders.
  3. Financial Planning Made Easy – An accurate understanding of the EMI amount can help you to plan your finances better.


Now that you know the top benefits and ways of using a home loan eligibility calculator, visit PNB Housing to calculate your home loan EMI like a pro. Knowing EMI will make you more confident to choose the best lender.

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