Home loan EMI calculator

Lowest home loan rates from Indian lenders

Your EMI at each lender for ₹ 50 Lakhs over 20 yrs, at the low and high ends of its public rate band. The low end goes to the strongest profiles; your sanction letter sets your rate.

Lender	Rate band	EMI from	EMI up to	Lender's page
LIC Housing Finance	7.15% to 10.15%	₹ 39,216	₹ 48,749	Get offer ↗: LIC Housing Finance (opens in a new tab)
Canara Bank	7.15% to 10%	₹ 39,216	₹ 48,251	Get offer ↗: Canara Bank (opens in a new tab)
SBI	7.25% to 8.55%	₹ 39,519	₹ 43,550	Get offer ↗: SBI (opens in a new tab)
Bajaj Finserv	7.25% to 10.25%	₹ 39,519	₹ 49,082	Get offer ↗: Bajaj Finserv (opens in a new tab)
PNB	7.45% to 8.05%	₹ 40,127	₹ 41,978	Get offer ↗: PNB (opens in a new tab)
Bank of Baroda	7.45% to 9.2%	₹ 40,127	₹ 45,631	Get offer ↗: Bank of Baroda (opens in a new tab)
ICICI	7.55% to 10.05%	₹ 40,433	₹ 48,417	Get offer ↗: ICICI (opens in a new tab)
Kotak	7.6% onwards	₹ 40,586	–	Get offer ↗: Kotak (opens in a new tab)
Axis	8% to 9.1%	₹ 41,822	₹ 45,308	Get offer ↗: Axis (opens in a new tab)
HDFC	8% to 13.45%	₹ 41,822	₹ 60,189	Get offer ↗: HDFC (opens in a new tab)

Ordered by lowest advertised rate. Bands checked against each lender's public rate card between 10 Oct 2026 and 11 Oct 2026; they are not live quotes. We are not a lender and do not collect your details: "Get offer" opens the lender's own site. Fees, repo-hike status and public vs private averages are on the home loan interest rates page.

What this calculator shows

This home loan EMI calculator (also used for house loan EMI) estimates your monthly installment, total interest, and full amortization schedule for a reducing-balance housing loan. Enter principal, annual rate, and tenure with Manual sliders, or switch to AI and describe the loan in plain English.

Before you accept a sanction letter, try a few tenures, a higher floating rate, and a lump-sum or monthly prepayment. The advertised EMI alone is not enough. The same math works with quotes from any bank or housing finance company.

How to use this calculator

1. Enter the sanctioned or expected home loan amount (principal), not the full property price. Down payment and fees sit outside EMI unless you finance them into the loan. Or switch to AI and paste a note such as "home loan 50 lakh at 7.75% for 20 years".
2. Use the rate quoted for your profile (credit score band, salaried vs self-employed). Floating house loan products should be stress-tested at least 0.5% to 1% higher on this home loan EMI calculator.
3. Set tenure in months (240 = 20 years). Lengthening tenure lowers home loan EMI but usually raises total interest by a large margin on long housing loans.
4. Open the amortization schedule to see how early years stay interest-heavy. That pattern is why early prepayments save more than the same cash later.
5. Under Prepayments, add a lump-sum or monthly extra, then compare reduce tenure versus reduce EMI. Keeping EMI fixed and cutting tenure usually saves more interest.
6. If you already know the loan amount, also check the fixed-principal pages for 20, 30, 40, 50, 75 lakh, or 1 crore home loan EMI before you lock a sanction.

What changes home loan EMI and total interest

Principal, rate, and tenure set the home loan EMI. On a long house loan, compare total payment (EMI × months), not just the monthly figure.

Floating rates can reset during the loan. Run this home loan EMI calculator at today’s quote and again at a stressed rate so you know whether the EMI still fits if the benchmark moves.

Prepayments cut outstanding principal. Early extra payments shrink the base on which future interest accrues. The same cash paid later has fewer months left to help.

Fees, stamp duty, and insurance are often paid outside EMI. When you compare two bank offers, add those costs separately or use the compare tool.

Loan eligibility and EMI cost are different decisions. A higher FOIR may raise the amount a bank will discuss, but it does not make a larger house loan cheaper.

Home loan EMI formula in plain language

Every bank in India works out a home loan EMI with the same reducing-balance formula. Only the inputs change.

EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1). P is the loan amount, r is the annual rate divided by 12 and by 100, and n is the number of months. For ₹50 lakh at 8.75% for 20 years, r is 0.00729 and n is 240, which gives an EMI of about ₹44,186.

Each month the bank charges interest on what you still owe, takes it out of the EMI, and uses the rest to cut principal. In month one of that loan about ₹36,458 of the ₹44,186 goes to interest. By year 15 most of the EMI is repaying principal. That is why the amortization schedule above looks lopsided, and why money you prepay early saves far more than the same money paid late.

The EMI formula page walks through the math step by step and has a free Excel sheet if you want to check a bank's schedule yourself.

Home loan EMI for common loan amounts

At 8.75%, every ₹10 lakh you borrow for 20 years adds roughly ₹8,840 to the monthly EMI.

Use the table for a quick sense of scale, then put your own rate into the calculator. A quote 0.5% lower or higher moves these numbers by 3% to 4%.

Each amount also has its own page with a tenure table, interest totals and a calculator preset to that figure: ₹20 lakh, ₹30 lakh, ₹40 lakh, ₹50 lakh, ₹60 lakh, ₹75 lakh and ₹1 crore.

15, 20, 25 or 30 years: how tenure changes EMI and interest

A longer tenure lowers the EMI a little and raises total interest a lot.

Going from 20 to 30 years cuts the EMI by under ₹5,000 a month but adds about ₹35.6 lakh of interest. Going from 20 to 15 years costs about ₹5,800 more a month and saves about ₹16 lakh.

A practical approach is to take a tenure long enough that the EMI is comfortable today, then prepay or raise the EMI as income grows. Most banks let you do both on a floating-rate loan without charges. You keep the safety of a lower EMI and still get much of the saving of a short loan.

Age matters too. Banks usually want the loan closed by 60 for salaried borrowers and 65 to 70 for self-employed borrowers, so a 30-year tenure may not be on offer if you are over 35. See the tenure guide for more on this trade-off.

Floating rates, repo rate resets and your EMI

Most home loans in India are floating and linked to an external benchmark, usually the RBI repo rate, so your rate can change during the loan.

Your rate is the benchmark plus a spread that the bank fixes when it sanctions the loan. The spread depends on your credit score, income type and loan amount. When the repo rate moves, the bank resets your rate at the next reset date; RBI requires the rate to be reset at least once every three months.

When rates rise, many banks keep the EMI the same and quietly extend the tenure. On a ₹50 lakh, 20-year loan at 8.75%, a 1% rise with the EMI held at ₹44,186 stretches the loan from 240 months to about 311 months. Check your annual statement for the remaining tenure, not just the EMI.

• Run the calculator at today's quote and again at 1% higher. If the higher EMI would not fit your budget, borrow less or choose a longer tenure now.
• If your spread is high compared with new borrowers, ask your bank for a conversion to a lower spread for a small fee, or look at a balance transfer.
• Fixed-rate home loans exist but are usually fixed for only a few years and priced higher. The floating-rate guide covers how to stress-test both.

Source: RBI, External Benchmark Based Lending (RBI/2019-20/53), 4 September 2019. Accessed October 2026.

Costs that sit outside the EMI

The EMI covers principal and interest only. Budget separately for the money you pay before and around disbursal.

When you compare two home loan offers, add these one-time costs to the total interest to get the real cost of each. The compare loan offers tool does this side by side.

• Down payment: RBI caps how much of the property value a bank can lend (the loan-to-value ratio). Up to ₹30 lakh the cap is 90%, from ₹30 lakh to ₹75 lakh it is 80%, and above ₹75 lakh it is 75%. You fund the rest yourself.
• Stamp duty and registration: set by each state, often 5% to 8% of the property value together. Banks generally do not finance these.
• Processing fee: commonly a flat amount or a small percentage of the loan, plus 18% GST. Some banks waive it during offers.
• Legal, technical and valuation charges for checking the property and title.
• Insurance: lenders often suggest a loan-linked term or property policy. It may be optional; if it is added to the loan, the EMI rises.
• Pre-EMI on under-construction homes: until the full amount is disbursed you may pay interest only on what has been released. That money does not reduce principal.

Source: RBI, Individual Housing Loans: Rationalisation of Risk-Weights and LTV Ratios (RBI/2016-17/317), 7 June 2017. Accessed October 2026.

Reading your home loan repayment schedule

The schedule shows how each year's EMIs split between interest and principal, and what you still owe.

In the first year you pay about ₹5.3 lakh in EMIs and the balance falls by less than ₹1 lakh. The principal part of the EMI overtakes the interest part only in month 146, a little past year 12, and you owe half the loan until month 167.

This is normal amortization, not a hidden charge, but it has two practical effects. If you sell or refinance in the first five to seven years, you will still owe most of what you borrowed. And any prepayment in those early years removes interest that would otherwise run for a long time.

Open the schedule in the calculator to see your own month-by-month split, check the yearly principal vs interest chart, or download it as a PDF or Excel file to check against your bank statement. Small differences usually come from the first month's broken-period interest or the bank's rounding.

How much home loan can you afford?

Banks size a home loan by FOIR: the share of your monthly income that can go to all EMIs together, often 40% to 55%.

FOIR limits are set by each lender's credit policy, not by RBI, so the same income can qualify for different amounts at different banks. These are ceilings, not targets. A car loan or personal loan EMI comes straight off the limit, and a bank may count only part of variable pay or business income.

A safer test is to keep the home loan EMI where you could still save something every month after rent or maintenance, school fees and insurance. Run your own figures in the home loan eligibility calculator, which takes existing EMIs and a stressed rate into account.

Joint home loans and co-borrowers

Adding a co-borrower raises the income the bank counts, which raises the loan you qualify for, but the EMI math stays the same.

Banks add the co-borrower's income to yours before applying FOIR, after subtracting both people's existing EMIs. Some lenders count only part of a second income, so check how yours treats it before you plan around the higher figure.

Each co-owner who is also a co-borrower and pays a share of the EMI can usually claim the tax deductions on their share under the old regime. That can double the household benefit on a large loan. Some banks also offer a small rate concession when a woman is the primary or joint applicant. It is a bank offer, not a rule, so check your lender's rate card and ask for it.

Both borrowers are fully liable for the whole loan, not just half. A missed EMI shows on both credit reports. Run the calculator on the combined loan, then make sure either of you could carry the EMI for a few months if one income stopped.

Using quotes from SBI, HDFC, ICICI and other banks

The calculator works with a quote from any bank or housing finance company, because the EMI math does not depend on the lender.

Enter the sanctioned amount, the rate on your sanction letter or Key Facts Statement, and the tenure in months. If your bank's figure differs by a few rupees, that is usually rounding or a broken-period interest charge for the first month.

For typical rate bands, fees and links to each lender's own calculator, see the bank pages: SBI, HDFC Bank, ICICI Bank, Axis Bank, Bank of Baroda, PNB, Kotak and Canara Bank, plus the housing finance companies LIC Housing Finance and Bajaj Finserv.

When two offers look close, compare the full cost over the period you expect to hold the loan, not only the headline rate. A lower rate with a higher fee can lose over five years and win over twenty. The guide to comparing loan offers explains what to line up.

Prepaying your home loan

RBI does not allow prepayment charges on floating-rate home loans taken by individuals, so part payments are usually free.

A ₹2 lakh part payment after the first year on a ₹50 lakh, 20-year loan at 8.5% saves about ₹7.3 lakh of interest and closes the loan almost two years early. Raising the EMI by 5% every year saves about ₹19.5 lakh and closes it in about 12 years. The EMI calculator with prepayment shows these scenarios and lets you try your own.

When you prepay, ask the bank to reduce the tenure and keep the EMI the same if you can afford it. Reducing the EMI instead feels better month to month but saves much less interest.

Source: RBI (Pre-payment Charges on Loans) Directions, 2025, dated 2 July 2025; applies to loans sanctioned or renewed from 1 January 2026. Accessed October 2026.

Tax benefits on home loan EMI

Under the old tax regime, the interest and principal parts of your EMI can both reduce taxable income.

Tax savings are a bonus, not a reason to borrow more. Size the EMI first, then estimate the saving with the home loan tax benefit calculator.

• Section 22 (old 24(b)): up to ₹2 lakh a year of interest on a self-occupied home.
• Section 123 (old 80C): principal repayment counts toward the ₹1.5 lakh limit, shared with PF, PPF, ELSS and insurance.
• New regime: these deductions generally do not apply to a self-occupied home.

Common mistakes when using a home loan EMI calculator

Most wrong answers come from the inputs, not the formula.

• Entering the property price instead of the loan amount. Take off your down payment first.
• Using an advertised starting rate. Your rate depends on your credit score and income type; use the rate on your sanction letter or Key Facts Statement.
• Entering tenure in years where months are expected. Twenty years is 240 months.
• For an existing loan, entering the original amount and tenure. Use the current outstanding balance and the months left from your latest statement.
• Ignoring the costs outside the EMI, such as stamp duty, registration, fees and insurance, when judging what you can afford.
• Judging an offer by EMI alone. Two loans with similar EMIs can differ by lakhs in total interest if the tenures differ.

Key takeaways

• On long home loans, total interest can rival or exceed principal if you never prepay and rates stay elevated.
• A 0.5% rate change on a ₹50 lakh loan can add or cut lakhs in interest: compare total payment, not only EMI.
• Prepaying in the early years saves more interest than the same amount later because outstanding principal is still large.
• Floating-rate stress tests (+0.5% to +1%) show whether the EMI still fits if the benchmark resets upward.

Decision tips before you borrow

Before you sign, check that the home loan EMI fits your monthly budget and that total interest is acceptable over the full term.

• Prefer the shortest tenure whose home loan EMI still leaves room after other EMIs and living costs.
• Stress the rate +0.5% and +1% before you commit to a floating product.
• If you can keep paying the same EMI after a prepayment, reduce tenure rather than cutting EMI.
• Compare total outflow (EMI × months + fees), not only the headline rate.
• Run a home loan eligibility check before you treat advertised EMI as affordable.
• Keep an emergency fund before locking surplus cash into prepayment.

₹50 lakh home loan at 8.75% for 20 years

EMI is about ₹44,186. Over 240 months you pay roughly ₹1.06 crore in total, of which about ₹56.0 lakh is interest if you make no prepayments and the rate stays constant. Raise the rate to 9.75% in the calculator to see how quickly the interest share grows, then try a ₹3 lakh lump-sum in year two under Prepayments to estimate months and interest saved.

Formula: Same reducing-balance EMI formula banks use: E = P × r × (1+r)^n ÷ ((1+r)^n - 1), with r as monthly rate and n as months. Property taxes and insurance are not included in EMI unless you add them separately.

Figures are estimates for education and planning and may differ from your lender’s schedule due to fees, floating rates, or product rules.

Last updated on Jul 12, 2026.