Calculate home loan EMI, total interest paid, eligibility and tax benefits. Compare rates from 8+ banks. Plan your dream home purchase with accurate calculations.
Monthly EMI
₹46,862
Total Interest
₹58,46,989
Total Payment
₹1,18,46,989
✓Compare 3+ banks before applying
✓Fixed rates safer, floating rates lower
✓Prepay when bonus arrives
✓Keep EMI ratio below 40%
✓Check eligibility criteria first
EMI = P × r × (1+r)ⁿ
÷ [(1+r)ⁿ − 1]
P = Loan amount
r = Monthly rate
n = Months
Indicative rates — EMI per ₹10 lakh for 20 years
| Bank | Rate (p.a.) | EMI/₹10L (20yr) |
|---|---|---|
| SBI | 8.50% | ₹9,646 |
| HDFC Bank | 8.75% | ₹9,850 |
| ICICI Bank | 8.75% | ₹9,850 |
| Axis Bank | 8.75% | ₹9,850 |
| Bank of Baroda | 8.40% | ₹9,558 |
| Kotak Mahindra | 8.75% | ₹9,850 |
| PNB | 8.45% | ₹9,599 |
| IndusInd Bank | 8.50% | ₹9,646 |
Section 80C
₹1.5L/year
Principal repayment
Section 24(b)
₹2L/year
Interest paid
Section 80EEA
₹1.5L extra
First-time buyers
Section 80EEB
₹2L/year
New projects only
⚠️ Tax benefits applicable under old tax regime only. New regime offers limited benefits. Consult a CA for personalized advice.
Age
Minimum 21, Maximum 65 years at repayment
Income
Salaried: ₹2.5L+ p.a. / Self-employed: ₹5L+ p.a.
Credit Score
Minimum 650 CIBIL score (750+ preferred)
Employment
Salaried (2 years) / Self-employed (3 years)
Debt-to-Income
Total EMIs should be < 50% of monthly income
Property Value
Bank typically lends 80-90% of property value
Step 1 — Check eligibility and get pre-approval letter
Step 2 — Compare home loan rates from 3-5 banks
Step 3 — Select property and get property valuation done
Step 4 — Submit application with required documents
Step 5 — Receive loan sanction letter with terms
Step 6 — Complete legal formalities and get disbursement
EMI (Equated Monthly Installment) is the fixed amount you pay monthly to repay your home loan. It includes both principal and interest components.
EMI = P × r × (1+r)ⁿ ÷ [(1+r)ⁿ − 1], where P is principal, r is monthly rate, and n is tenure in months.
Banks typically lend up to 80-90% of property value. Maximum amount also depends on your income, credit score, and debt-to-income ratio.
Fixed rates remain constant throughout the loan tenure, while floating rates vary with RBI repo rate changes. Fixed is safer but typically higher.
Yes. RBI has mandated zero prepayment charges on floating-rate home loans. Fixed-rate loans may have 2-5% prepayment penalties.
Income proof (salary slip, ITR), bank statements, KYC (Aadhaar, PAN), property documents, and credit report.
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Explore related financial calculators to plan your finances better
Use this free home loan calculator to instantly calculate your monthly EMI, total interest payable, and amortization schedule. Enter the loan amount, interest rate, and tenure — the calculator shows your exact EMI, total interest cost, month-by-month payment breakdown, and tax savings under Section 80C (principal repayment) and Section 24(b) (interest on home loans up to ₹2 lakh/year). Works for all major banks: HDFC, ICICI, Axis, SBI, Kotak, Yes Bank, and more.
For a ₹50 lakh home loan at 8% interest over 20 years, your monthly EMI is ₹47,596, and total interest paid is ₹63,43,040 — but you can save ₹75,000–₹1,20,000 in tax annually through Section 24(b) deduction if you opt for the old tax regime. This calculator helps you see the complete picture before applying to your bank.
Home loan EMI is calculated using the Reducing Balance Method, which is the standard for Indian banks. The formula is:
EMI = P × r × (1+r)ⁿ ÷ [(1+r)ⁿ − 1]
Where:
P = Principal loan amount (e.g., ₹50,00,000)
r = Monthly interest rate (annual rate ÷ 12, e.g., 8% ÷ 12 = 0.667%)
n = Total number of months (tenure in years × 12, e.g., 20 × 12 = 240)
| Loan Amount | Interest Rate | Tenure | Monthly EMI | Total Interest | Tax Saving (Old Regime)* |
|---|---|---|---|---|---|
| ₹20 lakh | 7.5% | 20 years | ₹15,881 | ₹18,13,440 | ₹54,403/yr |
| ₹30 lakh | 8% | 20 years | ₹27,948 | ₹36,35,520 | ₹1,09,066/yr |
| ₹50 lakh | 8% | 20 years | ₹47,596 | ₹63,43,040 | ₹1,90,184/yr |
| ₹75 lakh | 8.5% | 25 years | ₹65,980 | ₹1,28,70,000 | ₹2,00,000/yr* |
| ₹1 crore | 8.5% | 25 years | ₹87,973 | ₹1,63,91,900 | ₹2,00,000/yr* |
*Tax savings assume 30% tax bracket and old tax regime. Section 24(b) limit: ₹2,00,000/year (principal + interest combined). Also assumes you don't claim HRA exemption.
Home loan interest up to ₹2 lakh/year is fully deductible under old tax regime. Not available in new regime.
Home loan principal can be part of ₹1.5L 80C limit (along with LIC, PPF, NSC, etc.).
Floating rates are typically 0.5–1% lower but move with RBI repo rate. Fixed rates are stable but higher.
Floating-rate loans allow zero-cost prepayment. Extra payments reduce principal, saving massive interest.
| Factor | Floating Rate | Fixed Rate |
|---|---|---|
| Initial Rate | Lower (7.5–8%) | Higher (8–8.5%) |
| Rate Risk | Changes with RBI repo | Fixed throughout |
| Prepayment Charges | Zero (usually) | 2–5% penalty |
| Best For | Short tenure (5–10 yrs) | Long tenure (20+ yrs) |
| Current Market | Preferred (rates stable) | Declining use |
EMI is the fixed monthly amount you pay to repay your home loan, covering both principal and interest.
EMI = P × r × (1+r)ⁿ ÷ [(1+r)ⁿ − 1], where P is principal, r is monthly rate, and n is tenure in months.
Banks lend up to 80-90% of property value, depending on income, credit score, and debt-to-income ratio.
Fixed rates stay constant; floating rates vary with RBI repo rate. Fixed is safer but typically higher.
Yes. RBI mandates zero prepayment charges on floating-rate home loans. Fixed-rate loans may have 2-5% penalties.
Salary slip, ITR, bank statements, Aadhaar, PAN, property documents, and credit report.
Disclaimer: This calculator provides estimates for informational purposes. Actual EMI may vary based on processing fees, insurance, and bank policies. Consult your bank for exact figures before applying.