Emiro

Home Loan EMI Calculator India

Calculate your monthly EMI, total interest paid, and prepayment savings for any Indian home loan. Works with SBI, HDFC, ICICI, Axis, Kotak, LIC HFL and all major lenders.

Your details

Monthly repayment
₹43,391
Total interest
₹54,13,879
Total repaid
₹1,04,13,879
8.50% over 20 years · Property: ₹60.00 L

Balance over time

Watch how each repayment reduces your balance and shifts more money from interest to principal.

0y5y10y15y20y₹1.04 Cr
Principal paidInterest paidRemaining balance

What if rates rise?

Your repayments at the current rate vs. a 1% and 2% rate rise.

At 8.50%
₹43,391
monthly
+1% (9.50%)
₹46,607
monthly
+₹3,215 more
+2% (10.50%)
₹49,919
monthly
+₹6,528 more

Amortization schedule

Year-by-year (or month-by-month) balance, principal paid, and interest paid for the entire loan term. Download as PDF below.

20 years

YearPrincipalInterestBalance
1₹99,511₹4,21,182₹49,00,489
2₹1,08,307₹4,12,387₹47,92,181
3₹1,17,881₹4,02,813₹46,74,300
4₹1,28,300₹3,92,394₹45,46,000
5₹1,39,641₹3,81,053₹44,06,359
6₹1,51,984₹3,68,710₹42,54,375
7₹1,65,418₹3,55,276₹40,88,957
8₹1,80,039₹3,40,655₹39,08,918
9₹1,95,953₹3,24,741₹37,12,965
10₹2,13,274₹3,07,420₹34,99,691
11₹2,32,125₹2,88,569₹32,67,566
12₹2,52,643₹2,68,051₹30,14,923
13₹2,74,974₹2,45,720₹27,39,949
14₹2,99,279₹2,21,415₹24,40,670
15₹3,25,733₹1,94,961₹21,14,937
16₹3,54,525₹1,66,169₹17,60,412
17₹3,85,862₹1,34,832₹13,74,550
18₹4,19,968₹1,00,726₹9,54,582
19₹4,57,090₹63,604₹4,97,492
20₹4,97,492₹23,202₹0

Monthly view is approximated from yearly totals. Actual schedule depends on day-count and payment timing conventions used by your lender.

How EMI is calculated

Every Indian bank uses the same EMI formula. Given your loan amount (P), monthly interest rate (r = annual rate ÷ 12), and tenure in months (n):

EMI = P × r × (1+r)^n / [(1+r)^n - 1]

Worked example

A typical home buyer taking a ₹50 Lakh loan at 8.5% p.a. over 20 years:

By prepaying an extra ₹10,000 per month, you'd shave ~5 years off the loan and save ~₹14 Lakh in interest.

Tax benefits on home loans in India

Most home loan tax benefits apply under the Old Tax Regime. Compare with our India Tax Calculator.

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Frequently Asked Questions

What is EMI and how is it calculated?▾
EMI (Equated Monthly Installment) is the fixed amount you pay each month towards your home loan. It's calculated using: EMI = P × r × (1+r)^n / [(1+r)^n - 1], where P is the loan principal, r is the monthly interest rate, and n is the loan tenure in months. Every Indian bank — SBI, HDFC, ICICI, Axis, Kotak — uses this same formula.
What home loan interest rate should I expect in 2026?▾
Home loan rates in India typically range from 8.35% to 9.5% in 2026, depending on the bank, your credit score, and loan amount. Public sector banks like SBI usually offer slightly lower rates than private banks. Salaried borrowers with CIBIL scores above 750 generally get the best rates.
Can I claim home loan interest under income tax?▾
Yes. Under Section 24(b), you can claim up to ₹2 lakh per year as deduction on interest paid for a self-occupied property. Principal repayment up to ₹1.5 lakh is deductible under Section 80C. First-time buyers may also be eligible for additional deductions under Section 80EE or 80EEA. These benefits apply mostly under the Old Tax Regime.
How much can I save by prepaying my home loan?▾
Prepayment goes directly against the principal, dramatically cutting future interest. A ₹50 lakh loan at 8.5% over 20 years has an EMI of ~₹43,400 and ~₹54 lakh total interest. Prepaying ₹10,000 extra every month can save ~5 years and ~₹14 lakh in interest. Floating-rate loans in India have no prepayment penalty.
What's the difference between fixed and floating interest rates?▾
Floating rates (linked to RBI repo rate or bank MCLR) can change quarterly — most Indian borrowers prefer these for prepayment flexibility and lower starting rates. Fixed rates are locked for 2–5 years and give EMI predictability but are usually 1–2% higher and may carry prepayment penalties.
What loan tenure should I choose — 15, 20, or 30 years?▾
Longer tenure = lower EMI but more total interest. A ₹50 lakh loan at 8.5%: 15 yr → ~₹49,200 EMI, ~₹38 lakh interest; 20 yr → ~₹43,400 EMI, ~₹54 lakh interest; 30 yr → ~₹38,500 EMI, ~₹88 lakh interest. Most Indian borrowers pick 20 years and then prepay aggressively.