Home Loan Calculator (2026)
Calculate your home loan EMI with amortization schedule, prepayment analysis, and complete repayment timeline.
Loan Details
📋 Quick Info
- 🏦Compare rates across banks
- 💡Prepay early to save lakhs
- 🛡️Tax benefit up to ₹3.5L/yr
Payment Breakdown
Principal vs Interest distribution
Home Loan Amortization Schedule
Month-wise payment breakdown for 20 years (240 months) — Showing Year 1
| Month | Date | EMI | Principal | Interest | Balance |
|---|---|---|---|---|---|
| 1 | Jun 2026 | ₹21,696 | ₹3,988 | ₹17,708 | ₹24,96,012 |
| 2 | Jul 2026 | ₹21,696 | ₹4,016 | ₹17,680 | ₹24,91,996 |
| 3 | Aug 2026 | ₹21,696 | ₹4,044 | ₹17,652 | ₹24,87,952 |
| 4 | Sep 2026 | ₹21,696 | ₹4,073 | ₹17,623 | ₹24,83,879 |
| 5 | Oct 2026 | ₹21,696 | ₹4,102 | ₹17,594 | ₹24,79,777 |
| 6 | Nov 2026 | ₹21,696 | ₹4,131 | ₹17,565 | ₹24,75,646 |
| 7 | Dec 2026 | ₹21,696 | ₹4,160 | ₹17,536 | ₹24,71,486 |
| 8 | Jan 2027 | ₹21,696 | ₹4,190 | ₹17,506 | ₹24,67,296 |
| 9 | Feb 2027 | ₹21,696 | ₹4,219 | ₹17,477 | ₹24,63,077 |
| 10 | Mar 2027 | ₹21,696 | ₹4,249 | ₹17,447 | ₹24,58,828 |
| 11 | Apr 2027 | ₹21,696 | ₹4,279 | ₹17,417 | ₹24,54,549 |
| 12 | May 2027 | ₹21,696 | ₹4,310 | ₹17,386 | ₹24,50,239 |
Bank-wise Home Loan Calculators
How is Home Loan EMI Calculated?
The standard EMI formula used by all banks in India
EMI = [P × R × (1+R)N] / [(1+R)N − 1]Your Calculation
In simple words: EMI (Equated Monthly Installment) is the fixed amount you pay every month to the bank. It includes both the principal repayment and the interest charged on your outstanding loan balance. In the early years, most of your EMI goes towards paying interest. As the loan matures, more of your EMI goes towards reducing the principal amount.
📋 Quick Info
- 🏦Compare rates across banks for best deal
- 💡Prepay early to save lakhs in interest
- 🛡️Tax benefit up to ₹3.5L/yr (80C + 24b)
Important Disclaimer
EMI calculations assume a fixed interest rate throughout the tenure. Actual EMI may vary based on floating rate changes, processing fees, and lender terms. This tool is for educational purposes only.
Home Loan EMI Per Lakh (₹)
Monthly EMI for every ₹1,00,000 borrowed at different rates and tenures
| Interest Rate | 10 Years | 15 Years | 20 Years | 25 Years | 30 Years |
|---|---|---|---|---|---|
| 7.50% | ₹1,187 | ₹927 | ₹806 | ₹739 | ₹699 |
| 8.00% | ₹1,213 | ₹956 | ₹836 | ₹772 | ₹734 |
| 8.50% | ₹1,240 | ₹985 | ₹868 | ₹805 | ₹769 |
| 9.00% | ₹1,267 | ₹1,014 | ₹900 | ₹840 | ₹805 |
| 9.50% | ₹1,294 | ₹1,044 | ₹932 | ₹874 | ₹841 |
Example: At 8.5% for 20 years, you pay ₹868/month for every ₹1 lakh borrowed. For a ₹50L loan, EMI = 50 × ₹868 = ₹43,400.
Current Home Loan Interest Rates — May 2026
Compare rates and EMI across top Indian banks
| Bank | Min Rate | Max Rate | EMI per ₹1L (20yr) |
|---|---|---|---|
| SBI | 7.50% | 8.70% | ₹806 – ₹873 |
| HDFC Bank | 7.20% | 13.20% | ₹789 – ₹1,026 |
| ICICI Bank | 7.65% | 9.80% | ₹818 – ₹940 |
| Axis Bank | 8.35% | 11.90% | ₹857 – ₹1,011 |
| Kotak Mahindra | 7.70% | 9.40% | ₹822 – ₹914 |
| PNB | 7.30% | 9.30% | ₹793 – ₹906 |
| Bank of Baroda | 7.20% | 9.00% | ₹789 – ₹900 |
Rates sourced from Paisabazaar and official bank websites, May 2026. Actual rate depends on your CIBIL score, loan amount, income type, and property location. Verify current rates directly with the bank before applying.
How to Reduce Your Home Loan EMI
1. Make a Higher Down Payment
Increasing your down payment from 20% to 30% on a ₹75 lakh property reduces your loan from ₹60L to ₹52.5L. At 8.5% for 20 years, this lowers your EMI from ₹52,080 to ₹45,570 — saving ₹6,510 every month and ₹15.6 lakh in total interest.
2. Improve Your CIBIL Score
Improving your CIBIL score from 700 to 750+ can reduce your interest rate by 0.25–0.50%. On a ₹50 lakh loan for 20 years, dropping from 9.0% to 8.5% saves ₹1,600/month and ₹3.84 lakh in total interest. Pay credit card bills on time and keep utilization below 30%.
3. Balance Transfer to a Lower-Rate Bank
If your current rate is 9.5% and another bank offers 8.5%, transferring a ₹40 lakh outstanding balance (15 years remaining) reduces your EMI from ₹41,760 to ₹39,400 — saving ₹2,360/month. Factor in the processing fee (0.5–1%) before switching.
4. Make Lump-Sum Prepayments
A one-time prepayment of ₹5 lakh in the 3rd year of a ₹50 lakh loan (8.5%, 20 years) can reduce your tenure by 2.5 years and save over ₹7 lakh in interest. RBI rules prohibit prepayment charges on floating-rate home loans, so there's no penalty.
Tax Benefits on Home Loan in India (2026)
Section 80C — Principal Repayment
Claim up to ₹1.5 lakh per year on principal repaid. On a ₹50L loan at 8.5% for 20 years (EMI ₹43,391), the principal component in Year 1 is approximately ₹90,000 — fully deductible under 80C. This includes stamp duty and registration charges in the year of purchase.
Section 24(b) — Interest Deduction
Claim up to ₹2 lakh per year on interest paid for a self-occupied property. In Year 1 of a ₹50L loan at 8.5%, the interest component is approximately ₹4.2 lakh — but the deduction is capped at ₹2 lakh. For let-out properties, the entire interest is deductible with no upper limit.
Combined tax saving example: If you're in the 30% tax bracket, claiming ₹1.5L (80C) + ₹2L (24b) = ₹3.5L total deduction saves you up to ₹1,09,200/year in taxes (including cess). First-time home buyers may also claim an additional deduction of ₹1.5 lakh under Section 80EEA for affordable housing (stamp value up to ₹45 lakh).
Frequently Asked Questions
What is the home loan EMI for ₹30 lakh?
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At 8.5% interest rate for 20 years, the monthly EMI for a ₹30 lakh home loan is approximately ₹26,030. The total interest payable over the tenure would be around ₹32.47 lakh, making the total repayment ₹62.47 lakh. You can reduce this by choosing a shorter tenure or making prepayments.
What CIBIL score is needed for a home loan?
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Most banks require a minimum CIBIL score of 650–700 to approve a home loan. However, a score of 750 or above qualifies you for the lowest interest rates — typically 0.25% to 0.50% lower than standard rates. For example, SBI offers preferential rates starting at 7.50% for applicants with a CIBIL score above 750.
Can I get a home loan on ₹25,000 monthly salary?
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Yes. Banks typically allow an EMI-to-income ratio of 40–50%. On a ₹25,000 salary, your maximum EMI would be ₹10,000–₹12,500. At 8.5% interest for 20 years (EMI per lakh = ₹868), this qualifies you for a home loan of approximately ₹11.5–₹14.4 lakh. A co-applicant's income can increase your eligibility significantly.
Home Loan EMI Guide (2026)
A home loan EMI depends on three factors: loan amount, interest rate, and loan tenure. Understanding how these factors interact helps you make better financial decisions and save lakhs in interest.
Loan Amount
Higher loan = higher EMI. Try to maximize your down payment (20-30% of property value) to keep the loan amount — and EMI — lower.
Interest Rate
Even a 0.5% difference in rate can save ₹2-5 lakh over 20 years. Always compare rates across banks and negotiate for the best deal.
Loan Tenure
Shorter tenure = higher EMI but much less total interest. Longer tenure = lower EMI but significantly more interest paid over time.
Short vs Long Tenure: What's Better?
| For ₹30L @ 8.5% | 10 Years | 20 Years | 30 Years |
|---|---|---|---|
| Monthly EMI | ₹37,196 | ₹26,035 | ₹23,068 |
| Total Interest | ₹14.6L | ₹32.5L | ₹53.0L |
| Total Payment | ₹44.6L | ₹62.5L | ₹83.0L |
💡 Key takeaway: A 30-year tenure costs you ₹38.4 lakh MORE in interest compared to 10-year tenure, even though the monthly EMI is only ₹14,128 less.
Fixed vs Floating Interest Rate
🔒 Fixed Rate
- • Rate stays constant for initial period (2-3 yrs)
- • Predictable EMI, easier budgeting
- • Usually 0.5-1% higher than floating
- • Prepayment penalties may apply
📈 Floating Rate
- • Linked to RBI repo rate, changes periodically
- • Generally lower rates
- • EMI may increase or decrease
- • No prepayment charges (by RBI rule)
Recommendation: Most financial experts recommend floating rate home loans for long tenures because rates tend to decrease over time and you get the flexibility to prepay without penalties.
Benefits of Home Loan Prepayment
Save Lakhs in Interest
A ₹5L prepayment in year 3 on a ₹50L/20yr loan can save ₹8-10 lakh in interest.
Reduce Loan Tenure
Even small regular prepayments can cut your tenure by 3-5 years.
Financial Freedom
Becoming debt-free sooner gives you flexibility to invest elsewhere.
Lower EMI Option
Choose to reduce your monthly EMI instead, improving cash flow.
Home Loan Tax Benefits
Section 80C — Principal
Deduction up to ₹1.5 lakh/year on principal repayment (including stamp duty and registration in the year of purchase).
Section 24(b) — Interest
Deduction up to ₹2 lakh/year on interest paid for self-occupied property. No limit for rented property.
Section 80EEA — Additional
First-time buyers can claim additional ₹1.5 lakh deduction on interest for affordable housing (stamp value up to ₹45 lakh).
Joint Home Loan
Both co-borrowers can claim individual deductions, effectively doubling the tax benefit to ₹3 lakh (80C) + ₹4 lakh (24b).
Frequently Asked Questions
Common questions about home loans and EMI
How much EMI do I need to pay for ₹50 lakh home loan?
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For a ₹50 lakh home loan at 8.5% interest for 20 years, your monthly EMI would be approximately ₹43,391. The exact EMI depends on the interest rate and tenure you choose. Use the calculator above to get the precise EMI for your loan parameters.
What are the current home loan interest rates in India?
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Home loan interest rates in India currently range from 7.20% to 9.80% across major banks (May 2026). SBI offers rates from 7.50%, HDFC Bank from 7.20%, ICICI Bank from 7.65%, and Bank of Baroda from 7.20%. Your actual rate depends on your CIBIL score, loan amount, employment type, and property location.
Can I prepay my home loan without penalty?
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Yes. As per RBI guidelines, banks cannot charge any prepayment or foreclosure penalty on floating rate home loans. This applies to all banks in India — SBI, HDFC, ICICI, Axis, and others. For fixed rate loans, a prepayment penalty of up to 2% may apply. Prepaying even small amounts early in the loan tenure can significantly reduce your total interest.
Does increasing tenure reduce EMI?
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Yes, increasing the loan tenure reduces your monthly EMI. However, it increases the total interest you pay over the life of the loan. For example, a ₹30L loan at 8.5%: 15 years = ₹29,542/month (₹23.2L interest) vs 25 years = ₹24,157/month (₹42.5L interest). Choose a tenure that balances affordable EMI with total cost.
How is EMI different from total interest?
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EMI (Equated Monthly Installment) is the fixed amount you pay every month — it includes both principal repayment and interest. Total interest is the cumulative interest paid over the entire loan tenure. In the early years, a larger portion of EMI goes towards interest, and over time, more goes towards principal.
Is a home loan interest rate fixed or floating?
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Most home loans in India are floating rate loans, linked to an external benchmark like the RBI repo rate. This means your EMI can change when the repo rate changes. Some banks offer fixed rate loans at a slightly higher rate for the first 2-3 years, then convert to floating. Most borrowers prefer floating rates as they are generally lower and allow penalty-free prepayment.
What documents are needed for a home loan?
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Key documents include: Identity proof (Aadhaar, PAN), address proof, income proof (salary slips for 3 months, bank statements for 6 months, Form 16), property documents (sale agreement, title deed, approved plan), and passport-size photographs. Self-employed applicants need ITR for 3 years and business proof.
What is the maximum home loan amount I can get?
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Banks typically offer home loans up to 80-90% of the property value (LTV ratio). The actual amount depends on your income, existing EMIs, credit score, age, and property value. As a rule of thumb, banks approve loans where EMI does not exceed 50-60% of your net monthly income.
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Last Updated: May 2026