About the Home Loan EMI Calculator
This home loan EMI calculator works out the equated monthly instalment (EMI) on a housing loan from any Indian bank or housing finance company — SBI, HDFC, ICICI, LIC Housing and others all use the same reducing-balance formula. Enter the loan amount in rupees, the annual interest rate and the tenure in years to see your EMI, the total interest you will pay and the total amount repaid.
A year-wise breakup shows how much of each year’s EMIs goes to principal and interest and what is left outstanding, which is useful for claiming tax deductions and for planning part-prepayments. You can also add a yearly prepayment to see how many years it cuts from the tenure and how much interest it saves; RBI rules do not allow banks to charge foreclosure or part-prepayment penalties on floating-rate home loans to individual borrowers.
The processing fee is shown separately (GST is charged on top). Figures assume a constant rate; floating-rate loans linked to the repo rate will change EMI or tenure when rates move. Tax notes reflect tax year 2026-27 (FY 2026-27), the first year under the Income-tax Act, 2025, which kept the old-regime home loan deduction limits but renumbered the former Sections 24(b) and 80C.
With the default inputs, the monthly emi is ₹43,391.16. Change any value above to recalculate instantly.
How to use the home loan emi calculator
- 1Enter the home loan amount in rupees.
- 2Enter the annual interest rate offered by your bank or HFC.
- 3Choose the tenure in years (up to 30).
- 4Optionally add the processing fee and a yearly part-prepayment.
- 5Read your EMI, total interest and the year-wise breakup table.
Formula and method
Indian lenders calculate home loan EMIs on a monthly reducing balance. P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the tenure in months. Each month interest is charged on the outstanding balance and the rest of the EMI reduces the principal, so the interest share falls over time.
Total interest is EMI × n − P. When you add a yearly part-prepayment, the amount is applied to principal at the end of each loan year while the EMI stays the same, so the tenure shortens; interest saved is the difference between the two schedules. The processing fee is the fee percentage × loan amount, before 18% GST.
- P
- Loan amount (principal) in ₹
- r
- Monthly interest rate (annual % ÷ 12 ÷ 100)
- n
- Tenure in months (years × 12)
Worked examples
₹50 lakh at 8.5% for 20 years
A ₹50,00,000 loan at 8.5% for 20 years has an EMI of ₹43,391. Over 240 EMIs you pay about ₹54.14 lakh in interest, so the total repaid is about ₹1.04 crore. A 0.5% processing fee is ₹25,000 plus GST.
₹30 lakh at 8.75% for 15 years
Borrowing ₹30 lakh at 8.75% over 15 years gives an EMI of about ₹29,983 and total interest of roughly ₹23.97 lakh (₹23,97,023).
₹50 lakh with ₹1 lakh prepaid every year
Paying an extra ₹1,00,000 at the end of every year on the ₹50 lakh, 8.5% loan closes it in 14 years instead of 20 and saves about ₹18.55 lakh of interest, while the EMI stays at ₹43,391.
Frequently asked questions
How is home loan EMI calculated?+
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r the monthly rate (annual rate ÷ 12 ÷ 100) and n the number of months. All major Indian banks, including SBI and HDFC, use this reducing-balance method.
What is the EMI for a ₹50 lakh home loan?+
At 8.5% for 20 years the EMI is about ₹43,391. At the same rate it is about ₹49,237 for 15 years and about ₹38,446 for 30 years. Enter your own rate and tenure above for exact figures.
Is it better to reduce EMI or tenure after a prepayment?+
Reducing tenure saves more interest because the same EMI keeps repaying principal faster. Reducing EMI eases monthly cash flow. Most borrowers who can afford the current EMI choose to cut the tenure.
Are there charges for prepaying a home loan?+
RBI rules bar banks and NBFCs from levying foreclosure or part-prepayment charges on floating-rate loans to individuals for non-business purposes; the Pre-payment Charges on Loans Directions, 2025 restate this for loans sanctioned or renewed from 1 January 2026. Fixed-rate loans may carry a prepayment charge, so check your sanction letter.
What tax benefits are available on a home loan?+
For tax year 2026-27 under the old tax regime you can deduct up to ₹2 lakh of interest a year on a self-occupied house (the deduction formerly under Section 24(b)), and principal repayment counts toward the ₹1.5 lakh limit formerly under Section 80C; the Income-tax Act, 2025 renumbered these sections but kept the limits. The new regime does not allow either deduction for a self-occupied home.
Results are estimates for educational purposes and are not financial advice. Rates, fees and terms vary — confirm with your lender or a licensed advisor before making decisions.