Home Loan EMI Calculator

How to use this home loan EMI calculator

1. Enter the property price and your down payment, the part you pay yourself. The difference is your loan amount.
2. Set the interest rate and tenure your bank has offered. Home loans in India are repaid by monthly EMI on a reducing balance.
3. Add part-prepayments under "More options" if you plan to pay extra each month, and see the interest and years you save.
4. Add running costs such as municipal property tax, home insurance and society maintenance to see your full monthly outgo.

The result shows your EMI, the total interest and EMIs over the tenure, the month your loan ends and a year-by-year EMI schedule you can download. It also warns you if your loan is above the share of the property value banks usually lend.

The home loan EMI formula

Each EMI is the same amount, but its split changes over time. Early EMIs are mostly interest, because interest is charged on a large outstanding balance. As the balance falls, more of each EMI goes to principal. That is why part-prepayments in the early years save the most.

EMI by loan amount and tenure

EMIs at 8.5% a year over 20 years:

For any amount from ₹10 lakh to ₹1 crore, the home loan EMI by amount pages give the full table by rate and tenure, the salary needed and your own contribution under RBI rules.

And a ₹60 lakh loan at 8.5% over different tenures:

Stretching the tenure from 20 to 30 years lowers the EMI by about ₹5,900 a month but adds more than ₹41 lakh of interest.

How much will a bank lend?

Under RBI rules, banks commonly lend up to 90% of the property value for home loans up to ₹30 lakh, 80% for loans of ₹30–75 lakh and 75% above ₹75 lakh. You fund the rest yourself, sometimes called margin money. The calculator shows your loan-to-value ratio and warns you if it is above the usual cap for your loan size.

Lenders also check your income through FOIR: your EMIs, including the new home loan, are usually capped at about 40–50% of your net monthly income. To see the largest loan you could get, use the home loan eligibility calculator, and check your ratio with the FOIR calculator.

Budget for stamp duty and registration on top of your down payment. Each state sets them, typically about 5–7% stamp duty plus about 1% registration, and some states offer concessions for women buyers. On a ₹75 lakh flat, that is roughly ₹4.5–6 lakh.

Part-prepayment: the cheapest way to cut interest

Under RBI rules, lenders cannot charge prepayment or foreclosure fees on floating-rate loans taken by individuals for non-business purposes. Fixed-rate loans may carry a charge. Prepaying reduces your principal, so every later EMI carries less interest.

In the example above, paying an extra ₹5,210 a month, about 10% of the EMI, would save about ₹15 lakh in interest and finish the loan about 4 years sooner. A yearly bonus put towards the loan has a similar effect. Model it in detail with the home loan prepayment calculator, and if another lender offers a lower rate, check whether moving pays off with the balance transfer calculator.

The full cost of owning a home

Your bank only collects the EMI, but owning a flat also means society maintenance each month, property tax to your municipality each year, and usually home insurance. There is no PMI in India. Add these under "More options" and the result shows your total monthly outgo alongside the EMI.

Under the old tax regime, interest on a self-occupied home loan may be deductible up to ₹2 lakh a year, and principal repayment counts towards the ₹1.5 lakh yearly deduction limit. The rules differ under the new regime, so this calculator doesn't estimate tax savings.

This calculator gives estimates for education and planning. It is not financial advice, and your lender's figures may differ. See how we calculate.