Home Loan EMI Calculator
Calculate your home loan EMI, total interest payable, and monthly installment. Plan your home loan with India's most accurate EMI calculator.
Loan Details
EMI Breakdown
Monthly Home Loan EMI
₹0
Loan Breakdown
Home Loan Benefits
Tax Benefits
Get tax deduction up to ₹2 lakh on interest payment under Section 24(b) and ₹1.5 lakh on principal repayment under Section 80C.
Long Tenure
Flexible repayment tenure up to 30 years allows you to manage EMIs comfortably while owning your dream home.
Lower Interest Rates
Home loans offer competitive interest rates starting from 6.5% to 9% compared to other loans.
How to Use Home Loan EMI Calculator?
Our Home Loan EMI Calculator is designed to help you calculate your monthly installments instantly. Simply adjust the three parameters: loan amount, tenure, and interest rate to get accurate EMI calculations.
Steps to Calculate Home Loan EMI:
- Enter Loan Amount: Set the home loan amount you wish to borrow (₹1 Lakh to ₹5 Crore)
- Set Tenure: Choose the loan repayment period (1 to 30 years)
- Adjust Interest Rate: Input the annual interest rate offered by your bank (6.5% to 15%)
- View Results: Instantly see your monthly EMI, total interest, and total amount payable
Home Loan EMI Formula
The EMI is calculated using the following formula:
Where:
- P = Principal loan amount
- R = Monthly interest rate (Annual Rate / 12 / 100)
- N = Loan tenure in months (Years x 12)
Factors Affecting Home Loan EMI
- Loan Amount: Higher loan amount increases EMI
- Interest Rate: Lower rates reduce monthly payments
- Tenure: Longer tenure reduces EMI but increases total interest
- Credit Score: Better credit score may fetch lower interest rates
- Down Payment: Higher down payment reduces loan amount and EMI
Current Home Loan Interest Rates in India (2024)
| Bank Name | Interest Rate | Processing Fee |
|---|---|---|
| SBI Home Loan | 8.50% - 9.65% | 0.35% of loan amount |
| HDFC Home Loan | 8.60% - 9.50% | Up to 0.50% |
| ICICI Home Loan | 8.75% - 9.50% | 0.50% of loan amount |
| Axis Bank | 8.75% - 9.65% | Up to 1% |
| Bank of Baroda | 8.40% - 10.45% | 0.25% - 0.50% |
Frequently Asked Questions
What is Home Loan EMI?
EMI (Equated Monthly Installment) is the fixed monthly payment you make to the bank to repay your home loan. It includes both principal amount and interest component.
How is home loan interest calculated?
Home loan interest is calculated using the reducing balance method, where interest is charged on the outstanding principal amount. As you repay, the principal reduces, thus reducing the interest component over time.
What is the maximum home loan tenure?
Most banks in India offer home loan tenure up to 30 years. However, the maximum tenure depends on your age at the time of application and retirement age. Generally, the loan should be repaid by the time you turn 60-70 years.
Can I prepay my home loan?
Yes, you can prepay your home loan partially or fully. For floating rate loans, there are usually no prepayment charges. However, fixed-rate loans may attract prepayment penalties.
What is the minimum down payment required?
Banks typically finance up to 80-90% of the property value. This means you need to arrange for at least 10-20% as down payment. Higher down payment can help you get better interest rates.
How much home loan can I get on my salary?
Generally, banks consider your EMI to be around 40-50% of your monthly income. Your loan eligibility depends on your income, age, credit score, existing liabilities, and employment stability.