Home Loan EMI Calculator India
Calculate your monthly home loan EMI instantly. Enter the loan amount, interest rate, and tenure to see your monthly housing loan instalment, total interest payable, and complete repayment breakdown.
Educational Purpose Only: This calculator provides estimates for informational and educational purposes. Results should not be considered professional financial, tax, or legal advice.
Home Loan EMI in India — What You Need to Know
A home loan (also called a housing loan or mortgage) lets you borrow a large sum from a bank or housing finance company to buy, construct, or renovate a residential property. The loan is repaid through fixed monthly instalments — your EMI — over a tenure of up to 30 years.
Home loans are secured loans, meaning the property itself acts as collateral. Because the lender has security, interest rates on home loans are significantly lower than personal loans or credit cards — typically 8.35–10.5% per annum in India as of 2026.
Use this calculator before approaching a lender. Knowing your EMI helps you plan your monthly budget, determine how much loan you can comfortably afford, and compare offers from multiple banks.
How to use this home loan EMI calculator
- Loan Amount: Enter the total amount you plan to borrow. Banks typically finance 75–90% of the property value; the remaining amount is your down payment.
- Annual Interest Rate: Enter the rate offered by your bank. Home loan rates in India currently range from 8.35% to 10.5% depending on the lender and your credit profile.
- Loan Tenure: Enter the repayment period in years. Home loans in India are available up to 30 years. A longer tenure reduces EMI but increases total interest paid.
- The calculator instantly shows your Monthly EMI, Total Interest Payable, and Total Amount Payable (principal + interest).
Home Loan EMI Formula
Home loan EMI is calculated using the standard reducing-balance formula:
- P — Principal loan amount (amount borrowed)
- r — Monthly interest rate = Annual rate ÷ 12 ÷ 100
- n — Loan tenure in months (years × 12)
Example: For a ₹50 lakh home loan at 8.5% p.a. for 20 years — r = 8.5/(12×100) = 0.007083, n = 240. EMI = [50,00,000 × 0.007083 × (1.007083)^240] / [(1.007083)^240 − 1] ≈ ₹43,391 per month. Total amount paid = ₹1,04,14,000; total interest = ₹54,14,000.
Home Loan EMI Examples — Common Loan Amounts in India
| Loan Amount | Rate (8.5% p.a.) | Tenure | Approx. EMI |
|---|---|---|---|
| ₹20 lakh | 8.5% | 15 years | ₹19,700 |
| ₹30 lakh | 8.5% | 20 years | ₹26,035 |
| ₹50 lakh | 8.5% | 20 years | ₹43,391 |
| ₹75 lakh | 8.5% | 25 years | ₹59,982 |
| ₹1 crore | 8.5% | 30 years | ₹76,892 |
EMI values are indicative at 8.5% per annum. Actual EMI depends on the interest rate offered by your lender.
Home Loan Interest Rates — Major Banks in India (2026)
| Lender | Interest Rate (p.a.) | Max Tenure |
|---|---|---|
| SBI (State Bank of India) | 8.50% onwards | 30 years |
| HDFC Bank | 8.75% onwards | 30 years |
| ICICI Bank | 8.75% onwards | 30 years |
| Axis Bank | 8.75% onwards | 30 years |
| Kotak Mahindra Bank | 8.75% onwards | 25 years |
| LIC Housing Finance | 8.50% onwards | 30 years |
Rates are indicative and subject to change. Always verify the current rate with your lender before applying.
Key factors that affect your home loan EMI
Loan Amount
Banks typically finance 75–90% of the property's value (lower ratio for higher-value properties). The down payment comes from your own savings. A larger down payment reduces your loan amount and EMI.
Interest Rate
Even a 0.5% reduction in rate can save lakhs on a long-tenure home loan. Maintain a CIBIL score above 750 to qualify for the best rates. Consider negotiating with multiple lenders before accepting an offer.
Loan Tenure
Longer tenure = lower EMI but more total interest paid. A ₹50 lakh loan at 8.5% for 20 years costs ₹52.6 lakh in interest; for 30 years, that rises to ₹82 lakh. Shorter tenures save significantly on interest.
Prepayments
Making a lump-sum prepayment reduces your outstanding principal and cuts future interest. Even one prepayment per year can shorten your tenure by several years. Floating-rate home loans have no prepayment penalty per RBI rules.
Tax benefits on home loans in India
Home loans come with significant income tax benefits under the old tax regime. Under Section 24(b), you can claim a deduction of up to ₹2 lakh per year on interest paid for a self-occupied property. Under Section 80C, the principal repayment qualifies for a deduction of up to ₹1.5 lakh per year (within the overall 80C limit).
If you opt for the new tax regime (which is now the default for FY 2024-25 onwards), these deductions are not available for self-occupied properties. For let-out properties, interest deduction remains available under both regimes. Consult a tax advisor to determine which regime benefits you more.
Frequently Asked Questions
How much down payment is required for a home loan in India?
RBI mandates that banks finance a maximum of 90% of property value for loans up to ₹30 lakh, 80% for loans between ₹30–75 lakh, and 75% for loans above ₹75 lakh. This means your minimum down payment is 10–25% of the property value, depending on the loan amount.
Should I choose a shorter or longer home loan tenure?
A shorter tenure saves significantly on total interest but increases your monthly EMI. A longer tenure reduces your EMI but you pay much more interest overall. As a rule: if you can comfortably afford a higher EMI, choose a shorter tenure. If cash flow is tight, opt for longer tenure and make prepayments when you have surplus funds.
What is the difference between fixed and floating home loan rates?
A fixed rate stays constant throughout the tenure — your EMI never changes. A floating rate is linked to the RBI repo rate or MCLR; it can decrease (saving you money) or increase (raising your EMI). Most borrowers in India opt for floating rates, which have generally trended lower over time.
How does prepayment affect my home loan?
Prepayment reduces your outstanding principal. After prepayment, your lender either reduces your EMI (keeping tenure same) or reduces your tenure (keeping EMI same). Reducing tenure is generally better — it saves more total interest. There is no prepayment penalty on floating-rate home loans per RBI guidelines.
Related Calculators
This home loan EMI calculator provides indicative figures based on the inputs you enter. Actual EMI, eligibility, and interest rates vary by lender, credit profile, and loan type. Always verify figures with your bank or housing finance company before making a borrowing decision. Interest rate data is indicative and subject to change.