Home Loan EMI Calculator
Compute your exact monthly EMI, total interest paid, and year-wise amortisation in seconds. Drag the sliders to see how loan amount, interest rate, and tenure affect your monthly outflow. Free, no signup, updated for 2026 RBI rates.
Home Loan EMI Calculator
Year-wise breakdown
| Year | Principal paid | Interest paid | Outstanding |
|---|---|---|---|
| 1 | ₹99,511 | ₹4,21,182 | ₹49,00,489 |
| 2 | ₹1,08,307 | ₹4,12,387 | ₹47,92,181 |
| 3 | ₹1,17,881 | ₹4,02,813 | ₹46,74,300 |
| 4 | ₹1,28,300 | ₹3,92,394 | ₹45,46,000 |
| 5 | ₹1,39,641 | ₹3,81,053 | ₹44,06,359 |
| 6 | ₹1,51,984 | ₹3,68,710 | ₹42,54,375 |
| 7 | ₹1,65,418 | ₹3,55,276 | ₹40,88,957 |
| 8 | ₹1,80,039 | ₹3,40,655 | ₹39,08,918 |
| 9 | ₹1,95,953 | ₹3,24,741 | ₹37,12,965 |
| 10 | ₹2,13,274 | ₹3,07,420 | ₹34,99,691 |
| 11 | ₹2,32,125 | ₹2,88,569 | ₹32,67,566 |
| 12 | ₹2,52,643 | ₹2,68,051 | ₹30,14,923 |
| 13 | ₹2,74,974 | ₹2,45,720 | ₹27,39,949 |
| 14 | ₹2,99,279 | ₹2,21,415 | ₹24,40,670 |
| 15 | ₹3,25,733 | ₹1,94,961 | ₹21,14,937 |
| 16 | ₹3,54,525 | ₹1,66,169 | ₹17,60,412 |
| 17 | ₹3,85,862 | ₹1,34,832 | ₹13,74,550 |
| 18 | ₹4,19,968 | ₹1,00,726 | ₹9,54,582 |
| 19 | ₹4,57,090 | ₹63,604 | ₹4,97,492 |
| 20 | ₹4,97,492 | ₹23,202 | ₹0 |
How EMI is calculated
Equated Monthly Instalment (EMI) is a fixed monthly payment that pays off both principal and interest over the loan tenure. The standard formula is:
EMI = [P × R × (1+R)^N] / [(1+R)^N − 1]Where P = principal loan amount, R = monthly interest rate (annual rate ÷ 12 ÷ 100), and N = number of monthly instalments (years × 12). Early EMIs are mostly interest; later EMIs are mostly principal — this is why prepayment in the first 5–7 years saves the most.
Tips to save lakhs on your home loan
- Prepayment in early years saves the most — first 5 years of a 20-year loan are 70%+ interest
- Floating-rate home loans have ZERO prepayment penalty for individuals (RBI rule, Oct 2019 onwards)
- Women co-applicants get 0.05–0.10% lower rates at most banks — use this even on jointly-purchased property
- Compare effective rate including processing fee, legal/technical charges, and CERSAI registration
- Balance transfer pays back in 4–8 months if rate gap exceeds 0.5% on a 15+ year tenure
- EMI ≤ 50% of net monthly income is the safe ceiling; ideally ≤ 40% with other EMIs
Watch-outs
- •Banks may bundle mandatory loan-protection insurance — usually optional, decline politely (saves 1.5–4% of loan cost)
- •Processing fee is usually 0.25–1% — ask if it can be waived (often yes for prime customers)
- •PMAY subsidy applied as upfront principal reduction — verify it appears in your sanction letter
- •Some lenders quote interest as monthly reducing vs daily reducing — daily reducing saves ~₹50,000 on ₹50L over 20 years
- •Pre-EMI interest during construction is NOT tax deductible — only EMI on completed property qualifies for Sec 24
Home loan EMI FAQ
What is the formula for home loan EMI?
EMI = [P × R × (1+R)^N] / [(1+R)^N − 1] where P = principal loan amount, R = monthly interest rate (annual rate ÷ 12 ÷ 100), and N = number of monthly instalments. Example: ₹50L loan at 8.5% for 20 years gives EMI ≈ ₹43,391.
How does a home loan EMI calculator work?
It uses the standard EMI formula with three inputs: loan amount (principal), annual interest rate, and tenure in years. The calculator computes the equal monthly instalment, breaks down each month's principal vs interest split, and shows year-by-year amortisation. Output updates instantly as you adjust any input.
What is the lowest home loan rate in India 2026?
Public sector banks (SBI, BoB) offer the lowest rates at 8.25–8.75% for women borrowers and 8.30–8.80% for others. Private banks (HDFC, ICICI, Axis, Kotak) are 8.50–9.50%. Floating-rate loans track the bank's RLLR (Repo Linked Lending Rate) which moves with RBI's repo rate.
How can I reduce my home loan EMI?
Three options: (1) Negotiate a lower rate at your existing bank — they often match competitor offers to retain customers. (2) Balance-transfer to a lender with a lower rate (pays back in 4-8 months if gap > 0.5%). (3) Make a partial prepayment to reduce principal — most banks allow this with no penalty on floating-rate retail loans. Extending tenure reduces EMI but increases total interest.
Should I make partial prepayments on my home loan?
Yes — partial prepayment in the early years of the loan saves the most interest. ₹1 lakh prepaid in year 1 of a ₹50L 20-year loan at 8.5% saves around ₹3.4 lakh in lifetime interest; the same prepayment in year 15 saves only about ₹50,000. RBI prohibits prepayment penalties on floating-rate individual home loans, so prepay aggressively when surplus cash is available.
What is the best tenure for a home loan?
Shortest tenure your EMI affordability allows. A 20-year loan looks attractive due to lower EMI, but you pay roughly the same as the loan amount in interest. Cutting tenure to 15 years saves about 35-40% of total interest. If 15-year EMI strains cash flow, take 20 years and aggressively prepay — same effective tenure, more flexibility if income drops.
Is home loan interest tax deductible?
Yes. Interest up to ₹2 lakh per year is deductible under Section 24(b) for self-occupied property, fully deductible (no cap) for rented property. Principal repayment up to ₹1.5 lakh is deductible under Section 80C. First-time buyers may also claim an extra ₹1.5 lakh on interest under Section 80EEA (subject to property value and sanction date — check current rules).