Three ways to use this home loan calculator
Property price mode
Price + down payment → EMI
Enter the property price and down payment. The remaining purchase-price balance becomes the modeled loan principal.
Direct loan mode
Loan amount → EMI
Use this when you already know the loan principal and want monthly EMI, total repayment and total interest.
Affordability mode
Income + obligations → planning loan
Estimate a personal EMI capacity and approximate maximum loan using income, existing obligations and an optional EMI budget.
Home loan EMI formula
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1)
P is the loan principal, r is the monthly interest rate, and n is the number of monthly instalments. For a zero-interest scenario, the principal is simply divided across the selected number of months.
Increasing the loan amount or interest rate generally increases EMI. Increasing tenure generally reduces the monthly EMI for the same principal and rate, but can increase total interest because the loan remains outstanding for longer.
Home loan EMI with down payment
If you are still planning a property purchase, use property-price mode instead of guessing the loan amount. Enter the property price and your planned down payment, then the calculator models the balance as the home-loan principal.
Stamp duty, registration fee and other transaction costs are not automatically treated as financed by the lender. Use the purchase-cost planner when you want to see those upfront costs beside EMI.
Plan Stamp Duty + Down Payment + EMI →Home loan affordability calculator based on income
Affordability mode first applies your chosen EMI-share percentage to monthly household income, then subtracts existing monthly EMIs or obligations. If you also enter a preferred personal EMI budget, MahaMetric uses the lower of that budget and the income-based capacity.
The calculator then reverses the EMI formula using the selected interest rate and tenure to estimate an approximate maximum loan that fits that modeled monthly payment.
This is deliberately called affordability, not bank eligibility. It does not reproduce a lender's FOIR, LTV, credit-score, age, income-documentation, employment, property-approval or sanction policy.
“How much home loan can I get?” is not answered by salary alone
Two people with the same monthly income can receive different lender decisions because existing obligations, credit profile, age, employment, property details, LTV limits and lender policy can differ. Use the affordability result as a personal planning ceiling, then verify actual eligibility with the lender.
EMI vs total interest: why tenure matters
A lower EMI is not automatically a cheaper loan. Extending tenure spreads the principal over more instalments, which can make the monthly payment easier to manage but may increase total interest. Compare both the monthly EMI and total repayment before choosing a tenure.
Already have a loan? Check Part-Payment Savings →Frequently asked questions
How is home loan EMI calculated?
EMI is calculated from the loan principal, monthly interest rate and number of monthly instalments using a reducing-balance loan formula. A higher rate or larger loan usually increases EMI, while a longer tenure usually lowers EMI but can increase total interest.
Can I calculate EMI from property price and down payment?
Yes. In property-price mode, enter the property price and down payment. MahaMetric uses the remaining purchase-price balance as the modeled loan principal before calculating EMI.
How much home loan can I afford based on salary?
Affordability mode applies the EMI-share percentage you choose to monthly household income, subtracts existing monthly obligations, and can also respect an optional personal EMI budget. It then derives an approximate maximum loan from that planning EMI, rate and tenure.
Is the affordability result the same as bank home loan eligibility?
No. It is a personal planning estimate, not lender eligibility or sanction. Banks can apply their own FOIR, LTV, credit-score, income-document, age, employment, property and policy rules.
Does a longer home loan tenure reduce EMI?
Usually yes for the same principal and interest rate, because repayment is spread across more months. However, a longer tenure can increase the total interest paid over the life of the loan.
Can I check the effect of a home loan part-payment?
Use MahaMetric's Loan Prepayment Calculator after you know the outstanding principal, current rate and remaining tenure. It compares keeping EMI to reduce tenure versus keeping tenure to reduce EMI.
Before choosing a home loan
Compare the lender's actual annual rate, reset terms, processing fee, insurance, prepayment rules and other charges. MahaMetric is a planning calculator, not a loan offer, eligibility decision or sanction.