Home Loan EMI Calculator
Calculate monthly EMI, total interest & full amortization schedule for your housing loan.
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How to Use the Home Loan EMI Calculator
1
Enter Loan Amount
Input the total home loan amount you need (₹1 lakh to ₹10 crore)
2
Set Interest Rate
Enter the annual rate offered by your bank (SBI: 8.5%, HDFC: 8.75%, etc.)
3
Choose Tenure
Select repayment period from 1 to 30 years
4
View Results
Get instant EMI, total interest, and month-by-month breakdown
Home Loan EMI Formula
Indian banks use the reducing-balance (flat rate) method. The standard formula is:
EMI = P × r × (1+r)^n ÷ [(1+r)^n − 1]
Where: P = Principal | r = Monthly rate (annual ÷ 12 ÷ 100) | n = Months
Where: P = Principal | r = Monthly rate (annual ÷ 12 ÷ 100) | n = Months
Example: ₹50 lakh loan at 8.5% for 20 years → Monthly EMI = ₹43,391. Total interest = ₹54.14 lakh. Total payment = ₹1,04,14,000.
Current Home Loan Interest Rates
- SBI Home Loan: 8.50% – 9.65% p.a.
- HDFC Home Loan: 8.75% – 9.90% p.a.
- ICICI Bank: 8.75% – 9.80% p.a.
- Axis Bank: 8.75% – 9.65% p.a.
- LIC HFL: 8.50% – 9.75% p.a.
Frequently Asked Questions
Home loan EMI is calculated using the reducing-balance formula: EMI = P × r × (1+r)^n / ((1+r)^n - 1). Here P is the principal loan amount, r is the monthly interest rate (annual rate divided by 12 and then by 100), and n is the total number of monthly instalments. This is the standard method used by all RBI-regulated banks in India.
The monthly EMI for a ₹50 lakh home loan at 8.5% annual interest for 20 years is approximately ₹43,391. Over 20 years, the total interest paid would be about ₹54.14 lakh, making the total repayment amount approximately ₹1,04,14,000.
Most Indian banks offer home loans for up to 30 years. However, the maximum age at loan maturity is typically 70–75 years. So a 45-year-old borrower may only get a 25-year tenure. Longer tenure means lower EMI but higher total interest outgo.
When you make a prepayment on a floating-rate home loan, Indian banks typically reduce the tenure while keeping the EMI the same. Some banks let you choose. Reducing tenure saves more interest in the long run. Under RBI guidelines, banks cannot charge prepayment penalties on floating-rate home loans.
Banks typically allow an EMI of up to 40–50% of your net monthly take-home salary. So if your take-home salary is ₹80,000/month, your maximum eligible EMI is around ₹32,000–₹40,000. Use our calculator to find what loan amount gives an EMI within this range.
Yes, under Section 24(b) of the Income Tax Act, you can claim a deduction of up to ₹2 lakh per year on home loan interest for a self-occupied property (under the old tax regime). Under the new tax regime, most deductions including this one are not available unless you choose to opt out.