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Home loan EMI calculator

Enter the loan amount, interest rate and tenure to see your monthly home loan EMI, total interest over the loan, and total repayment.

Your loan details

₹40,00,000
8.5%
20 years

Your EMI

₹0 Monthly EMI
Principal
Interest
Principal amount₹0
Total interest payable₹0
Total payment (principal + interest)₹0
An estimate, not a loan offer. Most Indian home loans carry a floating, benchmark-linked rate that can change over the tenure — this calculator assumes a constant rate throughout, which real loans rarely are. It also excludes processing fees, legal/valuation charges and insurance a lender may add. Rates and eligibility vary by lender and by your credit profile.
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How a home loan EMI is calculated

Home loan EMIs use the standard reducing-balance formula:

EMI = P × r × (1 + r)n / ((1 + r)n − 1)
where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly instalments (years × 12).

Fixed vs floating rate

Most Indian home loans today are offered on a floating rate, linked to an external benchmark such as the repo rate. When the benchmark moves, your lender typically keeps the EMI the same and adjusts the tenure — or, in some cases, adjusts the EMI itself. A smaller number of loans offer a fixed rate, usually only for an initial period, after which they revert to floating. This calculator shows a single point-in-time estimate assuming your current rate holds for the full tenure, which is a simplification.

Tax benefits — check current rules

Home loan principal repayment and interest may be eligible for deductions under applicable sections of the Income Tax Act, subject to conditions that depend on the property, whether it's self-occupied, and the tax regime you choose. Limits and eligibility change with the law, so this calculator does not estimate tax savings — confirm current rules with a tax advisor or the Income Tax Department before relying on any figure.

LTV is a separate constraint. Beyond what your income can support, RBI rules cap how much of the property's value a bank can lend against (Loan-to-Value). Your real eligibility is the lower of your income-based capacity and this LTV limit — see the Home Loan Eligibility Calculator for both together.
FAQ

Common questions

Will my home loan EMI change over time?
If you have a floating-rate loan (the most common type), yes — when the lender's benchmark rate changes, your EMI or your tenure can change. A fixed-rate loan, or the fixed period of a hybrid loan, keeps the EMI constant for that period.
What is a good tenure for a home loan?
Longer tenures (25-30 years) lower the EMI and ease monthly cash flow, but substantially increase total interest paid. Shorter tenures cost less overall but need a higher EMI. Many borrowers choose the longest tenure for eligibility purposes and then prepay opportunistically to reduce the real cost.
Does the down payment affect my EMI?
Yes indirectly — a larger down payment means a smaller loan principal, which lowers the EMI for the same rate and tenure. RBI's LTV rules also require a minimum down payment depending on the property value; see the Home Loan Eligibility Calculator for the applicable slab.
Can I switch lenders for a lower rate?
Yes, this is called a balance transfer. It can be worth it if the rate difference is meaningful and you have a long remaining tenure, but factor in processing fees and paperwork on the new loan before deciding.
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