Home Calculators Blog Compare Banks Apply for Loan →
Home › Calculators › Home Loan EMI Calculator
Last updated: June 2026
Free · No signup · Instant

Home Loan EMI
Calculator

Enter your loan amount, interest rate and tenure. Get your monthly EMI, total interest and full repayment schedule — instantly.

Loan amount₹50,00,000
₹1 Lakh₹2 Crore
Interest rate (p.a.)8.5%
5%18%
Loan tenure20 years
1 year30 years
Monthly EMI
—
Total interest
—
52% of total
Principal amount
—
48% of total
Total payable
—
— — — — —
RBI-approved formula
No signup needed
Up to ₹2 Crore loans
Up to 30 year tenure
100% free

Can I afford this home loan?

Banks follow a rule called FOIR — your total monthly EMIs should not cross 40–50% of your gross income. Use this table to check where you stand:

Monthly salary (take-home) Max EMI (40%) Approx max loan (20 yrs @ 8.5%)
₹30,000₹12,000~₹13.8 lakh
₹50,000₹20,000~₹23 lakh
₹75,000₹30,000~₹34.5 lakh
₹1,00,000₹40,000~₹46 lakh
₹1,50,000₹60,000~₹69 lakh

Note: An existing car loan or personal loan EMI reduces your eligible limit. Adding a co-applicant (spouse) combines both incomes and increases the loan you can get.

20 years or 30 years — which tenure should you pick?

This is the most common dilemma for first-time buyers. Here are the real numbers on a ₹50 lakh loan at 8.5%:

Tenure Monthly EMI Total interest paid Total amount paid
15 years ⚡ ₹49,177 ₹38.5 lakh ₹88.5 lakh
20 years ✓ Popular ₹43,391 ₹54.1 lakh ₹1.04 crore
30 years ₹38,428 ₹88.3 lakh ₹1.38 crore
Pick 20 years if...
Your EMI is manageable and you want to be debt-free before retirement. The interest saving over 30 years is ₹34.2 lakh — that money is better in your pocket.
Pick 30 years only if...
Cash flow is tight right now. Take 30 years to keep EMI low — but prepay whenever you get a bonus. On floating-rate loans, prepayment is completely free.

Home loan tax benefits — how much can you save?

A home loan lets you save tax on both the interest you pay and the principal you repay. These benefits apply under the old tax regime only.

Section 24(b)
Deduction on interest paid — up to ₹2 lakh/year for self-occupied property. No limit for let-out property.
Section 80C
Deduction on principal repaid — up to ₹1.5 lakh/year (shared with PF, ELSS, LIC premium etc.).
Section 80EEA
Additional ₹1.5 lakh on interest for first-time buyers purchasing affordable housing (stamp duty value ≤ ₹45 lakh).
Joint loan benefit
Each co-borrower (e.g. spouse) can claim the deductions separately — effectively doubling the tax saving to ₹7 lakh+ combined.

Example: On a ₹50L loan at 8.5% for 20 years, you pay ~₹4.24 lakh in interest in Year 1. At the 30% tax slab, Section 24(b) saves you ₹60,000/year in income tax.

⚠ These deductions are not available under the new default tax regime from FY 2024–25. Check with your CA before deciding.

Buying an under-construction flat? Know about pre-EMI first

For under-construction properties, banks release the loan in stages as construction progresses. During this time you pay pre-EMI — only the interest on the amount disbursed so far, not the full EMI.

Example: ₹60L loan, 3-stage disbursement
Stage 1 — ₹20L disbursedPre-EMI: ~₹14,167/month
Stage 2 — ₹40L disbursedPre-EMI: ~₹28,333/month
Full disbursement — ₹60LFull EMI: ~₹52,069/month

Important: During pre-EMI, your principal does not reduce at all. Every rupee you pay is pure interest. Construction delays make this worse — the longer it takes, the more you pay before real repayment even starts.

PMAY subsidy — could you save up to ₹2.67 lakh?

PMAY (Pradhan Mantri Awas Yojana) offers a credit-linked interest subsidy to first-time home buyers. The subsidy is credited directly to your loan account upfront — reducing your principal and lowering your EMI from day one.

Category Annual income Subsidy rate Max saving
EWS / LIGUp to ₹6 lakh6.5%₹2.67 lakh
MIG-I₹6L – ₹12 lakh4%₹2.35 lakh
MIG-II₹12L – ₹18 lakh3%₹2.30 lakh

Check current scheme availability at the official PMAY portal. Eligibility is subject to government notifications and may change.

What does 1 extra EMI per year save you?

On floating-rate home loans, prepayment is free (RBI mandate since 2012). Even one extra EMI a year cuts years off your loan and saves lakhs in interest.

₹30L loan · 8.5% · 20 yrs
₹3.1L
interest saved
Tenure cuts by ~2 yrs
₹50L loan · 8.5% · 20 yrs
₹5.2L
interest saved
Tenure cuts by ~2.5 yrs
₹1Cr loan · 8.5% · 20 yrs
₹10.4L
interest saved
Tenure cuts by ~2.5 yrs

Smart move: When you prepay, ask your bank to reduce the tenure — not the EMI. Shorter tenure saves far more in interest than a slightly lower EMI over the same number of years.

Home loan interest rates — June 2026

Rates differ based on your CIBIL score, income, and loan amount. Use these as a starting point and negotiate with your bank.

Bank / LenderInterest rateProcessing feeMax tenureApply
SBI8.50% p.a.0.35% (min ₹2,000)30 yrsApply →
HDFC Bank8.75% p.a.0.50%30 yrsApply →
ICICI Bank8.90% p.a.0.50%30 yrsApply →
Axis Bank8.85% p.a.1.00%30 yrsApply →
Kotak Mahindra8.70% p.a.0.50%20 yrsApply →
Bank of Baroda8.40% p.a.0.25%30 yrsApply →
LIC Housing Finance8.50% p.a.Nil30 yrsApply →

Rates shown are indicative and subject to change based on your credit profile. Always verify with the lender before applying.

Home loan EMI for popular amounts

Pre-calculated EMI at 8.5% p.a. Click any row to load it into the calculator above.

Loan amount10 years15 years20 years25 years30 years
₹15 Lakh₹18,533₹14,753₹13,017₹12,077₹11,528
₹20 Lakh₹24,711₹19,671₹17,356₹16,103₹15,371
₹30 Lakh₹37,066₹29,506₹26,035₹24,154₹23,057
₹50 Lakh₹61,777₹49,177₹43,391₹40,257₹38,428
₹75 Lakh₹92,665₹73,765₹65,087₹60,386₹57,642
₹1 Crore₹1,23,553₹98,354₹86,782₹80,514₹76,856
₹1.5 Crore₹1,85,330₹1,47,530₹1,30,173₹1,20,771₹1,15,284

* Calculated at 8.5% p.a. floating rate. Actual EMI will vary with your bank's offered rate.

How your CIBIL score affects your home loan rate

After your income, your CIBIL score is the biggest factor that decides what rate a bank will offer you. A 0.5% higher rate on a 20-year loan can cost you ₹5–8 lakh extra in total interest.

CIBIL score Likely rate offered What it means
750 and above Best available rate (e.g. 8.50%) Excellent profile. Banks compete for your business. Negotiate confidently.
700 – 749 Standard rate (e.g. 8.75–9.00%) Good profile. Likely to be approved but at slightly higher rates.
650 – 699 Higher rate (e.g. 9.25–9.75%) Limited lender options. NBFCs more likely to approve than banks.
Below 650 Very high rate or rejection Most banks will reject. Focus on improving score before applying.
4 ways to improve your CIBIL score before applying:
Pay all EMIs and credit card bills on time — payment history makes up 35% of your score
Keep credit card usage below 30% — if your limit is ₹1L, spend no more than ₹30K
Don't apply to multiple banks at once — every application triggers a hard inquiry and drops your score
Check your CIBIL report for errors — wrong overdue entries or closed accounts still showing active can unfairly lower your score

Real impact: The EMI difference between 8.5% and 9.5% on a ₹50L, 20-year loan is ₹3,214/month — that's ₹7.7 lakh more over 20 years, purely because of a lower CIBIL score. It's worth spending 6 months improving your score before you apply.

How much down payment is required for a home loan?

RBI sets the maximum a bank can lend as a percentage of the property value. The remaining amount must come from your own savings — you cannot use another loan as down payment.

Property value / loan size Max bank funding Min you must pay
Up to ₹30 lakh 90% of property value 10%
₹30 lakh – ₹75 lakh 80% of property value 20%
Above ₹75 lakh 75% of property value 25%
₹60L property — what you need upfront
Bank funds: ₹48L (80%)
Your down payment: ₹12L minimum
Stamp duty + registration: ~₹3–5L
Total cash needed: ~₹15–17L
Should you pay more than the minimum?
Paying 30% instead of 20% on a ₹60L property saves ~₹5.4L in interest over 20 years at 8.5%. If you have the savings, it's almost always worth it.

⚠ LTV is calculated on the lower of sale price or bank valuation. If the bank values your ₹60L property at ₹55L, the maximum loan is 80% of ₹55L = ₹44L — not ₹48L.

How much does a small rate change cost you over 20 years?

0.5% seems small every month. But over 20 years, it adds up to lakhs. Here's the actual impact on a ₹50 lakh loan for 20 years:

Interest rate Monthly EMI Total interest paid Extra vs 8%
8.00% ← Best case ₹41,822 ₹50.37 lakh —
8.50% ₹43,391 ₹54.14 lakh +₹3.77 lakh
9.00% ₹44,986 ₹57.97 lakh +₹7.60 lakh
9.50% ₹46,607 ₹61.86 lakh +₹11.49 lakh

A 1.5% higher rate (8% vs 9.5%) costs ₹11.49 lakh extra over 20 years — more than 20% of the original ₹50L loan. Get quotes from at least 3 banks before you sign anything.

— — — — —

Frequently asked questions

Home loan questions — answered simply.

What is a good CIBIL score to get a home loan?▾
750 and above gets you the best rates. 700–749 qualifies at most lenders. Below 650, approval becomes difficult — and below 600, most banks will reject.

The difference between a 750 and a 680 score can mean 0.5–1% higher rate — that's ₹5–10 lakh extra on a ₹50L loan over 20 years.
Can I get a home loan with a low CIBIL score?▾
Yes, but options are limited. NBFCs like LIC Housing Finance, PNB Housing, and Bajaj Housing Finance are more flexible than banks. A co-applicant with a strong score also helps.

Best move: spend 6–12 months improving your score first. The lower rate will easily outweigh the wait.
How much salary do I need for a ₹50 lakh home loan?▾
At 8.5% for 20 years, the EMI is ₹43,391. Banks allow total EMIs up to 40–50% of gross income.

· No other loans: minimum salary ~₹87,000–₹1,09,000/month
· With a ₹10,000 car loan EMI: minimum ~₹1,07,000–₹1,33,000/month

A joint loan with your spouse combines incomes — making ₹50L accessible to most dual-income households.
Should prepayment reduce my EMI or my tenure?▾
Reduce tenure — you save more.

Example: ₹1L prepayment on a ₹50L loan at 8.5% with 15 years left:
· Reduce tenure → saves ~₹2.4L, closes 8 months early
· Reduce EMI → saves ~₹1.9L, EMI drops ~₹550/month

Unless you need the lower monthly outgo, always choose tenure reduction.
Is a 20-year home loan better than a 30-year home loan?▾
For most borrowers, 20 years is the better choice. On a ₹50L loan at 8.5%:

· 20 years: EMI ₹43,391 · Total interest ₹54.1L
· 30 years: EMI ₹38,428 · Total interest ₹88.3L

The 30-year option saves ₹4,963/month in EMI — but costs ₹34.2L more in total interest. That extra ₹5K/month over 10 years isn't worth ₹34L.

Go 30 years only if cash flow is genuinely tight, and plan to prepay aggressively when you can.
What happens to my EMI when RBI increases the repo rate?▾
On EBLR-linked floating loans, your EMI rises within 1–3 months of a hike.

A 0.25% hike on a ₹50L, 20-year loan raises EMI by ~₹850/month. The full 2022–23 cycle raised EMIs by ~₹8,500/month on a ₹50L loan.

You can ask your bank to extend tenure instead — keeps outgo steady, but costs more in total interest.
When does it make sense to transfer my home loan?▾
A balance transfer makes sense when the new rate is at least 0.5% lower, you have 5+ years remaining, and you're in the first 60% of tenure.

Costs: processing fee (0.25–1%), legal charges (₹5,000–₹15,000). Interest saved should be at least 3× the switching cost.
What hidden costs should I budget for beyond the EMI?▾
· Processing fee — 0.25–1% of loan (non-refundable)
· Legal and technical charges — ₹5,000–₹20,000
· Stamp duty and registration — 4–8% of property value (varies by state)
· Home insurance — usually mandatory
· MODT charges — 0.1–0.2% in some states

Budget for 1.5–3% of loan amount in total hidden costs.
My bank increased my EMI — what should I do?▾
On floating-rate loans, this is automatic when RBI hikes. Your bank must notify you, but the change is expected under your loan agreement.

1. Call your bank and ask for a revised repayment schedule
2. Request to extend tenure instead of increasing EMI
3. If the new rate is well above market, compare balance transfer options
Does a joint home loan with my spouse increase eligibility?▾
Yes. Banks combine both incomes for FOIR:

· ₹70,000/month individual → eligible loan ~₹40L
· ₹1,40,000/month combined → eligible loan ~₹80L

Both co-borrowers can independently claim Section 24(b) (₹2L each) and 80C (₹1.5L each) — up to ₹7L in combined tax savings. Many banks also offer a 0.05% rate discount when the primary applicant is a woman.
What is MCLR vs EBLR — which is my loan on?▾
MCLR — older benchmark, resets every 6–12 months. Rate cuts take time to reach your EMI.

EBLR — directly linked to RBI repo rate since October 2019. All new loans use this. Changes pass through within 3 months.

On an older MCLR loan? Ask your bank to switch to EBLR — usually free, and you benefit faster when RBI cuts rates.
Can self-employed people get a home loan?▾
Yes. Eligibility is based on net profit (after tax) — not turnover. You'll need 2–3 years of ITR and business bank statements.

Rates are typically 0.25–0.5% higher than salaried profiles. If documentation is irregular, NBFCs are more flexible than banks.

Other loan calculators

More tools to help you plan your finances.

👤
Personal Loan EMI
Quick loans, higher rates. Calculate your personal loan EMI.
🚗
Car Loan EMI
New or used car loan EMI with bank rate comparison.
🎓
Education Loan EMI
Plan your study loan repayment including moratorium period.
💼
Business Loan EMI
MSE and business loan EMI with detailed breakup.
— — — — —
About this calculator

This calculator uses the RBI-standard reducing balance formula used by all scheduled Indian banks. Results are for planning purposes only. Actual EMI may differ based on your lender's rounding method and processing fees. Always confirm the final figure with your bank before signing.

EMICalculate.in is an independent financial tools platform. We are not a bank, NBFC, or loan agent. We do not charge any fees. Loan affiliate links on this page may earn us a commission at no cost to you. Last reviewed and updated: June 2026.