Your EMI (equated monthly instalment) is the fixed amount you pay your lender each month. It depends on three things: the loan amount, the interest rate and the tenure.
The formula
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
- P is the loan amount
- r is the monthly interest rate (annual rate ÷ 12 ÷ 100)
- n is the number of monthly instalments (years × 12)
You don’t need to do this by hand. Use our EMI calculator and move the sliders to see how each input changes your payment.
How the three inputs interact
- Longer tenure lowers your EMI but increases the total interest you pay.
- A higher down payment reduces the loan amount and the interest burden.
- Even a small rate difference compounds over 20 years, so compare lenders before you commit.
Costs beyond the EMI
When planning your budget, remember to include:
- Down payment, usually a share of the agreement value that the lender does not finance.
- Stamp duty and registration charges as applicable in Karnataka.
- GST on under-construction property, where applicable.
- Loan processing fee and other lender charges.
- Maintenance deposits, parking and club charges listed in the price sheet.
- Interiors and moving costs.
Ask for a complete cost sheet before you pay a token amount, so nothing is a surprise at registration.
A simple affordability check
Many lenders look at your total monthly obligations relative to income. Check your own eligibility with the lender, and keep a buffer so that your EMI stays comfortable if your expenses rise.
Figures from any calculator are indicative. Your lender’s terms will determine the actual numbers.