Use this home loan EMI calculator to work out your monthly EMI, the total interest you will pay and the total amount payable over the loan. Enter the loan amount, the yearly interest rate and the tenure in years or months. The calculator updates as you type and gives a year-wise repayment schedule showing how much of each year’s payments goes to principal and to interest.
| Monthly EMI | – |
|---|---|
| Principal (loan amount) | – |
| Total interest | – |
| Total amount payable | – |
Principal Interest
Year-wise repayment schedule
| Year | Principal paid | Interest paid | Balance left |
|---|
Estimate only, using a fixed rate for the whole tenure. Your bank’s final EMI can differ because of floating-rate changes, processing fees and insurance.
How the EMI is calculated
Banks and housing finance companies use the same standard formula for a fixed EMI:
EMI = P × r × (1 + r)n ÷ [(1 + r)n − 1]
- P is the loan amount (principal).
- r is the monthly interest rate, which is the yearly rate divided by 12 and by 100. For 8.5% a year, r = 8.5 ÷ 1,200 = 0.00708.
- n is the number of monthly instalments. A 20-year loan has 240.
Example: a loan of ₹50,00,000 at 8.5% for 20 years has an EMI of ₹43,391. Over 240 months you pay ₹1,04,13,879, of which ₹54,13,879 is interest.
EMI per ₹1 lakh of loan
Multiply the figure below by your loan amount in lakh. For a ₹40 lakh loan at 9% for 20 years: 900 × 40 = ₹36,000 a month.
| Interest rate | 10 years | 15 years | 20 years | 25 years | 30 years |
|---|---|---|---|---|---|
| 8% | ₹1,213 | ₹956 | ₹836 | ₹772 | ₹734 |
| 8.5% | ₹1,240 | ₹985 | ₹868 | ₹805 | ₹769 |
| 9% | ₹1,267 | ₹1,014 | ₹900 | ₹839 | ₹805 |
| 9.5% | ₹1,294 | ₹1,044 | ₹932 | ₹874 | ₹841 |
| 10% | ₹1,322 | ₹1,075 | ₹965 | ₹909 | ₹878 |
How tenure changes your EMI and total interest
A longer tenure lowers the EMI but raises the total interest sharply. For a ₹50,00,000 loan at 8.5%:
| Tenure | Monthly EMI | Total interest |
|---|---|---|
| 15 years | ₹49,237 | ₹38,62,656 |
| 20 years | ₹43,391 | ₹54,13,879 |
| 25 years | ₹40,261 | ₹70,78,406 |
| 30 years | ₹38,446 | ₹88,40,443 |
Going from 20 to 30 years cuts the EMI by about ₹4,900 a month but adds more than ₹34 lakh in interest.
Ways to reduce your home loan EMI or interest
- Pay a bigger down payment. Every lakh you borrow less reduces both the EMI and the interest.
- Compare lenders. A rate that is 0.5% lower can save several lakh over 20 years. See current home loan interest rates in India.
- Prepay when you can. Part-payments reduce the principal, so later interest falls. Under RBI rules, banks cannot charge a prepayment penalty on floating-rate home loans taken by individuals.
- Keep your credit score strong. Lenders usually offer their lowest rates to borrowers with a high score.
- Review your rate after repo rate changes. If your loan is linked to an external benchmark, ask your lender how and when the new rate applies.
Plan the full cost of buying
The EMI is only one part of the cost. Banks usually lend up to 75–90% of the property value, depending on the loan size, so you also need the down payment, stamp duty and registration fee. Work these out with the stamp duty calculator, read the full home loan guide, and find more free tools on the property tools page.
Frequently asked questions
What is a home loan EMI?
EMI stands for equated monthly instalment. It is the fixed amount you pay your lender every month. Each EMI has two parts: interest on the balance left and a repayment of the principal.
Why is most of my early EMI going to interest?
Interest is charged on the outstanding balance, which is highest at the start. As you repay, the balance falls, so the interest part shrinks and the principal part grows. The year-wise schedule in the calculator shows this.
What is the EMI for a ₹30 lakh home loan?
At 8.5% for 20 years, the EMI on ₹30,00,000 is about ₹26,035. At 9% it is about ₹26,992. Enter your own rate and tenure above for an exact figure.
Is it better to choose a shorter or longer tenure?
A shorter tenure means a higher EMI but much less total interest. A longer tenure keeps the EMI affordable but costs more overall. Many borrowers pick a longer tenure for comfort and prepay when they have spare money.
Does the EMI change if the interest rate changes?
On a floating-rate loan, yes. When the rate changes, lenders either change the EMI or keep it the same and change the tenure. Ask your lender which option applies to you.
Does this calculator include processing fees and insurance?
No. It shows the EMI on the loan amount only. Processing fees, legal and valuation charges and any loan insurance are extra and differ by lender.
Can I claim tax benefits on my home loan?
Under the old tax regime, interest on a loan for a self-occupied house can be claimed up to ₹2,00,000 a year under Section 24(b), and principal repayment counts towards the Section 80C limit of ₹1,50,000. The new tax regime does not allow these deductions for a self-occupied house.
The calculator gives an estimate using a fixed interest rate for the full tenure. Actual EMIs depend on your lender’s rate, fees, rate resets and payment dates. Tax rules are summarised for general information and can change; check with a tax professional for your case. This is general information, not financial advice.
