Overview: Use our free Home Loan EMI Calculator to instantly compute monthly EMI, total interest, amortization schedule, eligibility & tax benefits.
Home Loan EMI Calculator
Calculate your home loan EMI, total interest, amortization schedule, payoff date & eligibility instantly. Compare 2026 rates across SBI, HDFC, ICICI & Axis Bank — with tax benefits & prepayment insights. 100% Private (Calculates in your browser. No data is sent to our servers.)
Principal vs Interest Split
Outstanding Balance Over Time
⚖️ Tenure Comparison — Same Loan, Different Tenures
See how a longer tenure lowers EMI but increases total interest — and how much you save vs the longest tenure.
| Tenure | Monthly EMI | Total Interest | Total Payable | Savings vs 30 Yr |
|---|
📋 Year-wise Amortization Summary
How your EMI splits between principal and interest every year.
| Year | Opening Balance | EMI Paid | Principal | Interest | Closing Balance |
|---|
📋 Amortization Schedule (Month-by-Month)
See how each EMI splits between principal repayment & interest payment over the entire loan tenure.
| Month | EMI (₹) | Principal (₹) | Interest (₹) | Balance (₹) |
|---|
What is Home Loan EMI?
An Equated Monthly Instalment (EMI) is the fixed amount you pay every month to repay your home loan — covering both the principal (the money you borrowed) and the interest (the cost of borrowing). Your EMI is calculated when you take the loan and stays constant for the tenure, unless your interest rate changes.
What makes home loan EMI different from other loans is the scale and tenure — home loans run 10 to 30 years and often exceed ₹50 lakh. Over a 20-year loan, the total interest can exceed half your principal: a ₹50 lakh loan at 8.5% costs ₹54.1 lakh in interest alone on top of the principal. That's why calculating your EMI and total interest before you commit is essential.
This calculator uses the reducing balance method — the exact formula banks like SBI, HDFC, ICICI and Axis use — so the figures match what your lender will quote.
How to Use This Home Loan EMI Calculator
Using our home loan EMI calculator takes less than 60 seconds. Follow these simple steps:
Enter Loan Amount
Drag the slider or type the home loan amount you plan to borrow — from ₹1 Lakh to ₹5 Crore. Remember that banks finance only up to 90% of the property value (LTV), so factor in your down payment.
Set Interest Rate & Tenure
Enter the annual interest rate offered by your bank (7.15% to 11% in 2026) and choose your tenure from 1 to 30 years (in years or months). A higher down payment effectively lowers the amount you need to borrow.
Add Optional Details
Use Advanced Options to add your down payment, processing fee, extra monthly payment and loan start date — and your monthly income to get an instant eligibility estimate.
View Results Instantly
The calculator instantly displays your monthly EMI, total interest, total repayment, payoff date, amortization schedule, eligibility and tax benefits. Download results as PDF or CSV for your records.
Home Loan EMI Formula (Reducing Balance Method)
Every bank and housing finance company in India uses the reducing balance method to calculate home loan EMI. The standard formula is:
Worked Example
- P = ₹50,00,000 | R = 8.5% ÷ 12 ÷ 100 = 0.007083 | N = 20 × 12 = 240
- EMI = 50,00,000 × 0.007083 × (1.007083)240 ÷ [(1.007083)240 − 1]
- EMI = ₹43,391 per month
- Total Interest = ₹54,13,879 | Total Repayment = ₹1,04,13,879
Home Loan EMI Table — Quick Reference (2026)
Use this pre-calculated EMI table to quickly estimate your monthly payment at different loan amounts and tenures, at the average 2026 rate of 8.5% p.a. All values are in ₹ using the reducing balance method.
| Loan Amount | 10 Years | 15 Years | 20 Years | 25 Years | 30 Years |
|---|---|---|---|---|---|
| ₹10 Lakh | ₹12,399 | ₹9,847 | ₹8,678 | ₹8,052 | ₹7,689 |
| ₹20 Lakh | ₹24,797 | ₹19,695 | ₹17,356 | ₹16,105 | ₹15,378 |
| ₹30 Lakh | ₹37,196 | ₹29,542 | ₹26,035 | ₹24,157 | ₹23,067 |
| ₹50 Lakh | ₹61,993 | ₹49,237 | ₹43,391 | ₹40,261 | ₹38,446 |
| ₹75 Lakh | ₹92,989 | ₹73,855 | ₹65,087 | ₹60,392 | ₹57,669 |
Home Loan Interest Rates 2026 — Bank-wise Comparison
Home loan interest rates vary by lender, your CIBIL score, income and LTV. Here are the indicative starting rates (Aug 2026):
| Lender | Starting Rate (p.a.) | Type | Processing Fee |
|---|---|---|---|
| Bank of Baroda | 7.20%+ | Floating (Repo-linked) | 0.25–0.50% |
| SBI | 7.25% – 8.45% | Floating (RLLR) | 0.35% (waived offers) |
| PNB | 7.50%+ | Floating | 0.25–0.50% |
| Kotak Mahindra | 7.70%+ | Floating | 0.50–1% |
| HDFC Bank | 8.15%+ | Floating (RPLR) | 0.50–1% |
| Axis Bank | 8.00%+ | Floating | 0.50–1% |
| ICICI Bank | 8.50%+ | Floating | 0.50–1% |
| LIC Housing Finance | 7.50% – 11% | Floating/Fixed | 0.25–1% |
| Bajaj Finserv | 7.15% – 20% | Floating | 0.5–2% |
Home Loan Tax Benefits FY 2026-27
Home loans are among the most tax-efficient borrowing in India. Here's what you can claim in FY 2026-27:
| Provision | What it covers | Limit | Old Regime | New Regime |
|---|---|---|---|---|
| Sec 24(b) | Interest on self-occupied home loan | Up to ₹2,00,000/year | ✅ | ✅ |
| Sec 24(b) (let-out) | Interest on let-out property | Full interest (no cap), minus 30% standard deduction | ✅ | ✅ |
| Sec 123 (ex-80C) | Principal repayment | Up to ₹1.5L/year (shared limit) | ✅ | ❌ |
| Sec 80EEA | Extra interest — first-time buyers (loans sanctioned Apr'19–Mar'22) | Additional ₹1.5L/year | ✅ | ✅ |
Joint loan tip: If you and a co-borrower (spouse/parents) both own the property, each can claim the Sec 24(b) ₹2L interest deduction and the Sec 123 ₹1.5L principal deduction on their share — doubling the tax benefit on the same loan.
Sample Amortization — ₹50 Lakh at 8.5% for 20 Years
Here's the year-wise breakdown for the first 6 years of a ₹50 lakh loan at 8.5% for 20 years (EMI ₹43,391). Notice how the interest portion falls while the principal portion rises each year:
| Year | Opening Balance | EMI Paid | Principal Paid | Interest Paid | Closing Balance |
|---|---|---|---|---|---|
| 1 | ₹50,00,000 | ₹5,20,694 | ₹99,511 | ₹4,21,182 | ₹49,00,489 |
| 2 | ₹49,00,489 | ₹5,20,694 | ₹1,08,307 | ₹4,12,387 | ₹47,92,181 |
| 3 | ₹47,92,181 | ₹5,20,694 | ₹1,17,881 | ₹4,02,813 | ₹46,74,300 |
| 4 | ₹46,74,300 | ₹5,20,694 | ₹1,28,300 | ₹3,92,394 | ₹45,46,000 |
| 5 | ₹45,46,000 | ₹5,20,694 | ₹1,39,641 | ₹3,81,053 | ₹44,06,359 |
| 6 | ₹44,06,359 | ₹5,20,694 | ₹1,51,984 | ₹3,68,710 | ₹42,54,375 |
Key takeaway: In Year 1, ₹4,21,182 (81%) of your ₹5.2L EMI goes to interest. By Year 20, interest is almost zero and nearly the whole EMI repays principal. The full month-by-month schedule is in the calculator above.
LTV & Down Payment Rules (RBI) + PMAY Subsidy
Loan-to-Value (LTV) is the maximum percentage of the property value a bank will finance. The rest must come from your own pocket as a down payment. RBI's standard LTV limits are:
| Property Value | Max LTV (Bank Finance) | Min Down Payment |
|---|---|---|
| Up to ₹30 Lakh | 90% | 10% |
| ₹30 Lakh – ₹75 Lakh | 80% | 20% |
| Above ₹75 Lakh | 75% | 25% |
So for a ₹50 lakh property, you need at least ₹10 lakh (20%) as down payment, and the bank finances ₹40 lakh.
PMAY (Pradhan Mantri Awas Yojana) — CLSS Subsidy
First-time home buyers in eligible categories can get interest subsidies of 3.5% to 6.67% on loans up to ₹15 lakh under the Credit Linked Subsidy Scheme (CLSS) of PMAY, depending on income category (EWS/LIG/MIG-I/MIG-II up to ₹18 lakh annual income). Ask your lender to check your PMAY eligibility before sanction — it can reduce your effective EMI significantly.
Home Loan Eligibility Criteria (2026)
While eligibility varies across lenders, here are the common criteria most banks require:
| Parameter | Typical Requirement |
|---|---|
| Age | 21–65 years (salaried) · 21–70 (self-employed); tenure capped so loan ends by retirement |
| CIBIL Score | 750+ for best rates; 650+ generally accepted |
| FOIR / Income ratio | EMI should not exceed 50–55% of monthly income (including other EMIs) |
| Employment stability | Salaried: 2+ years total, 1+ year with current employer · Self-employed: 3+ years business vintage |
| Property documents | Clear title, approved building plan, sale agreement, encumbrance certificate |
| LTV | 90% / 80% / 75% per property value slabs |
Quick eligibility rule: at 8.5% for 20 years, your max loan ≈ (50% × monthly income − existing EMIs) ÷ ₹868 × ₹1 lakh. Enter your income in the calculator's Advanced Options for an instant estimate.
Benefits of Using a Home Loan EMI Calculator
Before applying for a home loan, calculating your EMI gives you a clear financial picture. Here's why every home buyer should use this calculator:
Accurate EMI Estimation
Get precise monthly EMI figures using the same reducing-balance formula banks use — no guessing, no surprises.
Total Cost Awareness
See the full interest burden (often 50–100%+ of your loan) so you know the true cost of your dream home.
Compare Loan Offers
Test different loan amounts, rates and tenures side-by-side. Compare bank vs NBFC offers to find the cheapest option.
Tenure Optimization
See exactly how much interest you save with a shorter tenure vs how much EMI decreases with a longer tenure.
Prepayment Power
Use the Extra Monthly Payment field to see how ₹5,000/month extra can cut years off your loan and lakhs off interest.
Affordability Check
Match the EMI against your income (FOIR rule) and get an instant eligibility estimate before you approach a bank.
Tips to Reduce Your Home Loan EMI & Interest
- Improve your CIBIL score to 750+ before applying — this alone can reduce your rate by 0.25–0.75%.
- Increase your down payment — every extra rupee upfront is money you don't pay interest on for 20 years.
- Compare rates across 4–5 lenders — even a 0.5% difference on ₹50L saves ~₹3.8L over 20 years.
- Prepay whenever you have surplus — even ₹5,000–10,000/month extra can cut 5–8 years off a 20-year loan.
- Negotiate the processing fee — most banks waive or reduce it during festive offers.
- Choose a shorter tenure if you can afford the EMI — 20 years vs 30 years on ₹50L @ 8.5% saves ₹34.3L in interest.
- Consider a balance transfer — if you're 2+ years into a higher-rate loan, transferring to a lower-rate lender can save lakhs.
- Check PMAY CLSS subsidy — eligible first-time buyers get 3.5–6.67% interest subsidy on loans up to ₹15L.
Frequently Asked Questions (Home Loan EMI)
🏠 Max tenure: 30 years at most banks
📉 Rates: 7.15%–11% p.a. (Aug 2026)
🏦 LTV: 90/80/75% by property value (RBI)
🪙 Tax: ₹2L/yr interest deduction (Sec 24b, both regimes)
💳 CIBIL 750+ gets you best rates
⚡ ₹5,000/mo extra prepayment cuts ~4.5 yrs & saves ~₹13.9L (₹50L @ 8.5%)
Planning to Buy a Home?
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