Home Loan EMI Calculator
Compute monthly EMI, total interest, and full amortization for any home loan.
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Formula & Assumptions
Source: RBI MCLR + bank spreads (HDFC, SBI, ICICI) · Effective: 2026-01-01- EMI = P × r × (1 + r)^n / ((1 + r)^n - 1) where r = monthly rate, n = months.
- No prepayments assumed.
- Excludes processing fees, GST, and insurance.
- Indicative only - actual EMI may vary by bank.
Home loan EMI is calculated using the formula: EMI = P × r × (1 + r)^n / ((1 + r)^n - 1), where P is the principal loan amount, r is the monthly interest rate (annual rate divided by 12 and by 100), and n is the loan tenure in months. For example, a ₹50 lakh loan at 8.5% p.a. for 20 years (240 months) would have an EMI of approximately ₹43,391.
Home loan interest rates in India in 2026 typically range from about 7.10% to 9.50% per annum depending on the lender and your profile. SBI, HDFC, ICICI, and other major lenders offer rates linked to the Repo Linked Lending Rate (RLLR). Your actual rate depends on your CIBIL score, loan amount, tenure, and employment type. Women borrowers often receive a 0.05% concession from some lenders.
Increasing your down payment directly reduces your loan principal, which reduces your EMI and total interest paid. For example, on a ₹1 crore property: with 20% down payment (₹20 lakh loan-free), you borrow ₹80 lakh; with 30% down payment, you borrow only ₹70 lakh - reducing your EMI by about ₹8,700 per month (₹69,400 vs ₹60,700 at 8.5% for 20 years).
The optimal tenure balances monthly affordability with total interest cost. Shorter tenures (10-15 years) mean higher EMIs but significantly less total interest. Longer tenures (20-30 years) reduce monthly burden but increase total interest substantially. As a rule of thumb, if your EMI-to-income ratio is below 40%, opt for the shortest tenure you can comfortably afford.
Yes, and this is usually the smarter strategy. When you make a prepayment, ask your bank to reduce the loan tenure rather than the EMI. This saves significantly more interest over the loan life because your outstanding principal continues to attract interest for fewer months. Most Indian banks allow free prepayment on floating-rate home loans.
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