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Home Loan EMI Calculator

Calculate your monthly home loan EMI based on property value, down payment, and interest rate.

₹75,00,000
₹5,00,000₹10Cr
20%
0%50%
8.5%
1%15%
20 years
1yr30yr

Loan Amount

₹60,00,000

Monthly EMI

₹52,069

Down Payment

₹15,00,000

Total Interest

₹64,96,560

Total Payment

₹1,24,96,560

Principal-to-interest ratio: 48.0% of your total payment goes towards principal repayment.

Yearly Repayment Breakdown

₹1,24,96,560

Yearly Repayment Breakdown data
YearPrincipalInterest
1₹1,19,409₹5,05,419
2₹1,29,963₹4,94,865
3₹1,41,451₹4,83,377
4₹1,53,954₹4,70,874
5₹1,67,562₹4,57,266
6₹1,82,373₹4,42,455
7₹1,98,493₹4,26,335
8₹2,16,038₹4,08,790
9₹2,35,134₹3,89,694
10₹2,55,918₹3,68,910
11₹2,78,539₹3,46,289
12₹3,03,159₹3,21,669
13₹3,29,955₹2,94,873
14₹3,59,121₹2,65,707
15₹3,90,864₹2,33,964
16₹4,25,412₹1,99,416
17₹4,63,015₹1,61,813
18₹5,03,941₹1,20,887
19₹5,48,485₹76,343
20₹5,96,966₹27,862
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How Home Loan EMI Works

Home loan EMI is calculated on the loan amount after subtracting your down payment from the property value. Banks typically require a minimum down payment of 10-20% of the property value. The EMI is calculated using the reducing balance method, where interest is charged on the outstanding principal — which decreases with each monthly payment.

Current Home Loan Interest Rates (2026)

  • SBI — 8.50% onwards
  • HDFC Bank — 8.70% onwards
  • ICICI Bank — 8.75% onwards
  • Axis Bank — 8.75% onwards
  • Kotak Mahindra — 8.85% onwards

Rates vary by loan amount, credit score, and employment type. Women borrowers typically get 0.05% concession.

Tax Benefits on Home Loan

Section 80C: Principal repayment up to ₹1.5 lakh per year qualifies for deduction.

Section 24(b): Interest paid up to ₹2 lakh per year for self-occupied property. No upper limit for let-out property.

Section 80EEA: Additional ₹1.5 lakh deduction on interest for first-time homebuyers (for properties up to ₹45 lakh stamp duty value).

Tips to Reduce Home Loan EMI

  • Make a higher down payment — 20-25% significantly reduces your loan and total interest
  • Opt for a longer tenure to lower EMI, but be aware this increases total interest
  • Compare rates from multiple banks — even 0.25% difference saves lakhs over 20 years
  • Consider balance transfer if your current rate is significantly higher than market rates
  • Make prepayments whenever possible — no penalty on floating rate loans (RBI mandate)

Popular Home Loan Scenarios

Frequently Asked Questions

What is the ideal down payment for a home loan?
A down payment of 20% is recommended. It reduces your loan amount, lowers EMI, and most banks offer better interest rates for higher down payments. RBI requires a minimum of 10-25% depending on the loan amount.
How is home loan EMI calculated?
Home loan EMI is calculated using the reducing balance formula: EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is the loan amount (property value minus down payment), r is the monthly interest rate, and n is the total number of months.
Can I prepay my home loan without penalty?
Yes, RBI mandates that banks cannot charge prepayment penalties on floating rate home loans. For fixed rate loans, banks may charge up to 2% of the prepaid amount. Prepaying even small amounts early in the tenure can save significant interest.
What is PMAY benefit on home loans?
Pradhan Mantri Awas Yojana (PMAY) provides interest subsidy of 3-6.5% on home loans for EWS, LIG, and MIG categories. This can reduce your effective interest rate significantly, saving ₹2-6 lakh over the loan tenure.
How does tenure affect total interest paid?
Longer tenure means lower EMI but significantly higher total interest. For example, a ₹50 lakh loan at 8.5% costs ₹39 lakh in interest over 20 years, but ₹56 lakh over 30 years. Choose the shortest tenure you can comfortably afford.

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