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Home Loan EMI Calculator

Calculate your monthly home loan EMI with current interest rates. See total interest payable, principal vs interest breakdown, and full year-wise amortization schedule.

₹50.00 L
₹50.0K₹10.00 Cr
8.5%
130
20 Years (240 months)
130

Your Monthly EMI

₹43,391

per month for 20 years

Principal (48%)
Interest (52%)

Principal

₹50.00 L

₹50,00,000

Total Interest

₹54.14 L

₹54,13,840

Total Payment

₹1.04 Cr

₹1,04,13,840

For every ₹100 of principal, you pay

₹108 in interest

Total cost multiplier: 2.08x

EMI = P × r × (1+r)n / ((1+r)n - 1)
Where P = ₹50,00,000, r = 8.5%/12 = 0.7083%, n = 240 months

How It Works

1

Enter Loan Amount

Set your home loan principal — from ₹50,000 to ₹10 crore. Use the slider or type the exact amount.

2

Set Interest Rate & Tenure

Adjust the annual interest rate (current rates: 8.25%–9.50%) and loan tenure up to 30 years.

3

View Full Breakdown

See your monthly EMI, total interest cost, principal vs interest ratio, cost multiplier, and a detailed year-wise amortization table.

Home Loan Interest Rates in India (2026)

SBI Home Loan: 8.25% – 9.15% p.a. (lowest among public sector banks, linked to EBLR)

HDFC Home Loan: 8.70% – 9.40% p.a. (most popular private bank for housing finance)

ICICI Home Loan: 8.75% – 9.40% p.a. | Axis Bank: 8.75% – 9.60% p.a.

Tax benefits: Up to ₹2 lakh/year on interest (Section 24b) + ₹1.5 lakh on principal (Section 80C) for self-occupied property

Floating vs Fixed: Most home loans are floating rate (linked to RBI repo rate). Fixed rates are 0.5–1% higher but protect against rate hikes

Processing fees: 0.25%–0.50% of loan amount. Negotiate this — many banks waive it during festive offers

Loan-to-Value (LTV): Banks typically fund 75%–90% of property value. You need 10%–25% as down payment

Frequently Asked Questions

What is the EMI formula for home loan?
EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P = principal loan amount, r = monthly interest rate (annual rate / 12 / 100), n = loan tenure in months. For example, a ₹50 lakh home loan at 8.5% for 20 years: r = 0.00708, n = 240, EMI = ₹43,391.
How much home loan can I get based on my salary?
Banks typically offer 50–60 times your monthly net salary. If your net salary is ₹1 lakh/month, you may qualify for ₹50–60 lakhs. The EMI should not exceed 40–50% of monthly income. Other existing EMIs reduce your eligibility.
Does prepayment reduce EMI or tenure?
By default, prepayment reduces your loan tenure while keeping the EMI the same — this saves maximum interest. Some banks allow you to choose: reduce EMI or reduce tenure. Most home loans allow unlimited prepayment without penalty for floating rate loans.
Which is better — longer or shorter home loan tenure?
Shorter tenure means higher EMI but much less total interest. For a ₹50L home loan at 8.5%: 15-year EMI is ₹49,236 (total interest ₹38.6L), 20-year EMI is ₹43,391 (total interest ₹54.1L), 30-year EMI is ₹38,446 (total interest ₹88.4L). Choose the shortest tenure where EMI is under 40% of your income.
Is home loan interest tax-deductible?
Yes. Under Section 24(b), deduct up to ₹2 lakh per year on interest for self-occupied property. Under Section 80C, up to ₹1.5 lakh on principal repayment. For let-out property, the entire interest is deductible. First-time buyers get additional ₹1.5 lakh under Section 80EEA (subject to conditions).
What is the difference between flat rate and reducing balance?
Flat rate calculates interest on the original principal for the entire tenure. Reducing balance calculates interest on the outstanding principal — so as you repay, interest decreases. A 10% flat rate is roughly equivalent to 17–18% reducing balance. Home loans always use reducing balance.
Can I transfer my home loan to another bank?
Yes, this is called balance transfer or refinancing. If another bank offers a lower rate, you can transfer. Costs include processing fee (0.25–0.5%), legal charges, and valuation. Worth it if the rate difference is 0.5%+ and remaining tenure is 5+ years.

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