Home Loan EMI Calculator
Calculate your monthly home loan EMI, total interest payable, and get a full amortization schedule instantly.
Home Loan Parameters
Home loans are India's most popular long-term financial commitment. With the RBI's repo rate currently at around 6.5%, most banks price home loans between 8-10% annually. Unlike personal or car loans, home loans are secured against the property, making them lower-risk for banks and cheaper for borrowers. Home loan borrowers enjoy significant tax benefits: principal repayment up to ₹1.5 lakh is deductible under Section 80C, and interest payment up to ₹2 lakh is deductible under Section 24(b) for a self-occupied property. Most banks offer both fixed-rate and floating-rate options — floating rates are linked to the external benchmark rate (repo rate) and change with RBI policy decisions. Also see: Check your home loan eligibility and use the Prepayment Calculator to plan part-payments.
Calculation Summary
| Month / Year | Principal Paid | Interest Paid | Remaining Balance |
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How to Calculate Home Loan EMI
To calculate your home loan EMI, you need three key inputs: the loan principal amount, the annual interest rate, and the loan tenure in years. Enter these values in the calculator above using the sliders or input boxes — your EMI updates instantly. The calculator also provides a full month-by-month and year-by-year amortization schedule, showing exactly how much of each payment goes toward principal and interest.
For quick reference, a ₹50 lakh home loan at 8.5% for 20 years results in an EMI of approximately ₹43,391 per month, with a total interest outgo of about ₹54.1 lakh. See the general EMI Calculator for other loan types.
Current Home Loan Interest Rates in India
As of 2024-25, leading banks offer the following home loan interest rates:
- State Bank of India (SBI): 8.50% – 9.85% p.a.
- HDFC Bank: 8.70% – 9.95% p.a.
- ICICI Bank: 8.75% – 9.80% p.a.
- Kotak Mahindra Bank: 8.70% – 9.50% p.a.
- Bank of Baroda: 8.40% – 10.60% p.a.
Rates are indicative and subject to credit score, income, and property location. Use the Loan Comparison tool (if considering multiple lenders) or the Home Loan Eligibility Calculator to check your qualifying amount.
Tax Benefits on Home Loan
Home loans are one of the most tax-efficient financial instruments available to Indian taxpayers:
- Section 80C: Deduction up to ₹1,50,000 per year on principal repayment
- Section 24(b): Deduction up to ₹2,00,000 per year on interest paid (self-occupied)
- Section 80EEA: Additional ₹1,50,000 for first-time buyers (affordable housing, stamp duty value ≤ ₹45L)
- Joint loan benefit: Both co-borrowers can claim deductions independently, effectively doubling the tax benefit
On a ₹50 lakh home loan in the 30% tax bracket, annual tax savings can be ₹1.05–1.5 lakh, significantly reducing the effective cost of borrowing. Use the Prepayment Calculator to model whether prepaying or investing your surplus makes more sense after tax savings.
Home Loan EMI Formula
The standard EMI formula used by all banks and our calculator:
For example, for a ₹50,00,000 loan at 8.5% for 20 years: r = 8.5/12/100 = 0.007083, n = 240. EMI = 50,00,000 × 0.007083 × (1.007083)²⁴⁰ / ((1.007083)²⁴⁰ − 1) ≈ ₹43,391.
Amortization Schedule
An amortization schedule breaks down each EMI payment into its principal and interest components across the full loan tenure. In the early years of a home loan, a larger share of each EMI goes toward interest, with the principal component increasing gradually over time. This is called front-loading of interest.
For a 20-year home loan, approximately 50-60% of total payments in the first 5 years go toward interest. This is why early prepayments have a disproportionately large impact on total interest savings. Toggle between Monthly and Yearly views above, and download the full schedule as a CSV for your records.