🏠 Home Loan EMI Calculator

Calculate the EMI on your home loan instantly — enter the loan amount, your bank's interest rate and tenure to see the monthly EMI, total interest and total repayment, along with the tax benefits and prepayment rules that decide what a housing loan really costs.

Loan Amount (₹) Annual Interest Rate (%)

8.5%

Loan Tenure

About This Home Loan EMI Calculator

A home loan is the largest loan most Indians ever take. Borrow ₹50 lakh over 20 years at 8.5% and you repay over ₹54 lakh in interest alone — more than the loan itself. This home loan EMI calculator shows your exact monthly EMI, total interest and total repayment before you sign anything, so you can compare banks, tenures and prepayment plans with real numbers instead of a sales pitch.

The Home Loan EMI Formula

Every bank and housing finance company in India uses the same reducing-balance formula:

EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ - 1)

Where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments. Our calculator applies this formula instantly — the same one your bank's sanction letter is based on.

Current Home Loan Interest Rates in India (2026)

Indicative ranges for salaried borrowers with a good credit score — check the bank for the live rate before applying, as rates move with RBI policy and your profile.

Bank / Lender	Indicative Home Loan Rates
SBI	8.35% – 9.50% p.a.
HDFC Bank	8.40% – 9.50% p.a.
ICICI Bank	8.45% – 9.50% p.a.
Axis Bank	8.50% – 9.50% p.a.
LIC Housing Finance	8.40% – 9.50% p.a.

Even a 0.25% lower rate saves about ₹800 a month — nearly ₹2 lakh over 20 years — on a ₹50 lakh loan. It pays to get quotes from at least three lenders.

What Your EMI Looks Like: ₹50 Lakh at 8.5%

15 years: EMI ₹49,237 · Total interest ₹38,62,656
20 years: EMI ₹43,391 · Total interest ₹54,13,879
30 years: EMI ₹38,446 · Total interest ₹88,40,443

Stretching from 20 to 30 years reduces your EMI by only ₹4,945 a month but adds roughly ₹34.3 lakh in interest. In the early years most of your EMI is interest — in month 1 of the 20-year loan above, ₹35,417 of the ₹43,391 EMI is interest and only ₹7,974 reduces your principal. That is why prepayment in the first years saves the most.

Income Tax Benefits on a Home Loan

A home loan is the only loan where the government shares your cost — under the old tax regime:

Section 80C — principal: deduction up to ₹1.5 lakh a year on principal repaid (shared with your other 80C investments).
Section 24(b) — interest: deduction up to ₹2 lakh a year on interest for a self-occupied home. For a let-out property there is no cap on interest set off against rent, though loss from house property set off against other income is capped at ₹2 lakh a year.
Section 80EEA: an additional ₹1.5 lakh interest deduction for first-time buyers, if the property's stamp-duty value is up to ₹45 lakh and the loan was sanctioned in the 2019–2022 window.

These deductions are under the old regime; the new regime largely removes the 24(b) benefit for self-occupied homes, so compare both before filing.

Prepayment: The RBI Rule That Saves You Lakhs

On a floating-rate home loan, RBI rules prohibit banks and housing finance companies from charging any foreclosure charge or prepayment penalty to individual borrowers. You can part-prepay any amount, any number of times, free. Fixed-rate loans are not covered by this protection and may charge 2–4%.

The impact is large because interest is front-loaded: on the loan above, a single ₹5 lakh prepayment at the end of year 5 cuts total interest by roughly ₹10.7 lakh and closes the loan about 3 years early. One extra EMI a year, or stepping up your EMI 5–10% with every salary hike, works well too.

Balance Transfer: When Switching Banks Pays

If you took a home loan at 9.5% and another bank offers 8.6%, a balance transfer can save lakhs — but only early in the tenure, while the outstanding is still high, and only if the rate gap exceeds the costs: processing fees (0.25–1%), legal and valuation charges, and MODT stamp duty in some states. Compare total interest at both rates in this calculator, not just the EMI.

Home Loan Mistakes to Avoid

Borrowing your maximum eligibility: the bank's limit is not your budget. Keep total EMIs within 40–50% of take-home pay.
Choosing 30 years just for the lowest EMI: you saw the maths above — it can nearly double your interest.
Comparing only the interest rate: processing fees, legal charges and bundled insurance premiums change the real cost.
Emptying all savings for the down payment: keep an emergency fund of 6 months' expenses untouched.
Ignoring the fixed vs floating fine print: a "fixed" rate that resets after 2–3 years, or carries foreclosure charges, is floating in disguise.

How to Use 🏠 Home Loan EMI Calculator

Step 1: Enter Home Loan Amount
Input the amount you plan to borrow for the property in rupees (e.g., 50,00,000 for a ₹50 lakh home loan) — this is the price minus your down payment.
Step 2: Set the Interest Rate
Use the slider to set the home loan rate your bank quoted (e.g., 8.5%). Try the lowest and highest rates from two banks to see the EMI range.
Step 3: Choose the Tenure
Enter the tenure in years or months. Home loans usually run 15–30 years; longer tenure lowers the EMI but sharply raises total interest.
Step 4: Click Calculate EMI
Hit the Calculate EMI button to see your detailed breakdown.
Step 5: Review the Results
See your monthly EMI, total amount payable, total interest and principal. Come back with different tenures to find the EMI your salary can comfortably carry.

Frequently Asked Questions

What is the EMI on a ₹50 lakh home loan for 20 years?

At 8.5% interest, the EMI on a ₹50 lakh home loan for 20 years is ₹43,391 per month. You repay ₹1,04,13,879 in total, of which ₹54,13,879 is interest. Enter your own amount and rate above for exact figures.

How much home loan can I get on a ₹75,000 monthly salary?

Banks usually cap total EMIs at about 50–60% of net monthly income. With no other loans, a ₹75,000 salary supports an EMI of roughly ₹37,000–40,000 — a home loan of about ₹43–46 lakh at 8.5% for 20 years. Existing EMIs reduce this amount.

What income tax benefits do I get on a home loan?

Under the old tax regime, you can claim up to ₹1.5 lakh a year on principal repayment under Section 80C and up to ₹2 lakh a year on interest under Section 24(b) for a self-occupied home. First-time buyers may get an extra ₹1.5 lakh interest deduction under Section 80EEA if all its conditions are met.

Can I prepay my home loan without any penalty?

Yes, if your home loan is on a floating rate. RBI rules prohibit banks and housing finance companies from charging foreclosure or prepayment penalties on floating-rate home loans taken by individual borrowers. Fixed-rate home loans can carry prepayment charges, so check your loan agreement.

Fixed or floating rate — which is better for a home loan?

Most Indian borrowers choose floating rates: they are usually 0.5–1% cheaper than fixed rates, and prepayment is penalty-free. A fixed rate gives EMI certainty for the fixed period but costs more and often carries foreclosure charges. Over a 20-year loan, rates will move through several cycles either way.

Should I take a 20-year or 30-year home loan tenure?

On a ₹50 lakh loan at 8.5%, moving from 20 to 30 years cuts the EMI by only ₹4,945 (₹43,391 to ₹38,446) but adds about ₹34.3 lakh in interest. Take the longer tenure only if cash flow demands it — and prepay as your income grows.

Can I transfer my home loan to another bank?

Yes, through a balance transfer. It usually makes sense when the new bank's rate is at least 0.5% lower and you are still early in your tenure, when the outstanding balance is high. Compare the interest saved against processing fees, legal and valuation charges before switching — run both rates in this calculator.