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Home Loan EMI Calculator – Free Housing Loan EMI Calculator 2026

Calculate your exact home loan EMI in seconds. See your full amortization schedule, compare rates across all major banks, discover prepayment savings, and understand tax benefits. Free, no signup required.

🏠 Home Loan Specific📊 Amortization Schedule🏦 8 Banks Compared💰 Prepayment Calculator🧾 Tax Benefits Guide
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Home loan tip: Set interest rate between 8.35% – 9.65% and tenure to 15–30 years. Banks finance up to 90% for loans under ₹30L, 80% for ₹30–75L, and 75% for above ₹75L. Enter your loan amount — not the property price.
₹
₹1L₹1Cr
%
1%30%
1 yr30 yrs
Monthly EMI
₹8,678
per month for 240 months
Principal
₹10,00,000
48%
Total Interest
₹10,82,776
52%
Total Payment
₹20,82,776
100%
● Principal 48%● Interest 52%

Amortization Schedule

MonthEMIPrincipalInterestBalance
1₹8,678₹1,595₹7,083₹9,98,405
2₹8,678₹1,606₹7,072₹9,96,799
3₹8,678₹1,618₹7,061₹9,95,181
· · · 234 more months · · ·
238₹8,678₹8,496₹182₹17,174
239₹8,678₹8,557₹122₹8,617
240₹8,678₹8,617₹61₹0
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Home Loan EMI — What Every Borrower Must Know Before Applying

A home loan is the largest financial commitment most Indian families make — and a single percentage point difference in interest rate can mean paying ₹8–15 lakh more over the loan lifetime. Using a home loan EMI calculator before applying lets you compare offers objectively, negotiate from a position of knowledge, and choose the right combination of loan amount, tenure, and lender.

Our calculator uses the standard reducing balance method — the same formula used by every RBI-regulated bank and NBFC in India. Each EMI consists of a principal component and an interest component. In the early months, 70–80% of your EMI goes toward interest. By the final years, 80–90% goes toward principal. This is why prepayment in the first 5 years has dramatically more impact than prepayment in the last 5 years.

Use our percentage calculator to determine the right down payment percentage, or the age calculator to ensure your loan tenure ends comfortably before retirement.

How to Calculate Home Loan EMI — Step by Step

01
🏠

Enter Loan Amount

Enter the loan amount — typically 75–90% of property value depending on property cost. Not the property price.

02
📊

Enter Interest Rate

Enter the annual rate from your bank offer. Use the comparison table below for current rates across all major banks.

03
📅

Set Tenure

15–25 years offers the best balance. Longer tenure = lower EMI but much higher total interest paid over the loan life.

04
✅

View EMI + Amortization

Your monthly EMI, total interest, and complete month-by-month schedule showing principal, interest, and balance appear instantly.

Home Loan Interest Rates — All Major Banks (March 2026)

Rates shown are starting rates for applicants with CIBIL score 750+. Enter these directly in the calculator above to compare your EMI across lenders.

Bank / LenderInterest RateMax TenureMax AmountProcessing Fee
Bank of Baroda8.40%30 yrs₹15 Cr0.25–0.50%
SBI8.50%30 yrs₹3 Cr0–0.35%
PNB8.45%30 yrs₹3 Cr0.35%
LIC HFL8.50%30 yrs₹15 Cr0.25%
HDFC Bank8.70%30 yrs₹10 Cr0.50%
ICICI Bank8.75%30 yrs₹5 Cr0.50%
Axis Bank8.75%30 yrs₹5 Cr1%
Kotak Bank8.75%20 yrs₹5 Cr0.50%

* Indicative rates as of March 2026. Verify with your bank. Rates change with RBI repo rate revisions.

Home Loan EMI Table — Common Loan Amounts at 8.5% p.a.

Loan Amount10 Yr EMI15 Yr EMI20 Yr EMI30 Yr EMI
₹20 Lakh₹24,797₹19,696₹17,356₹15,378
₹30 Lakh₹37,195₹29,543₹26,035₹23,067
₹50 Lakh₹61,992₹49,239₹43,391₹38,446
₹75 Lakh₹92,988₹73,858₹65,087₹57,669
₹1 Crore₹1,23,984₹98,477₹86,782₹76,892

Prepayment Impact — How Much Can You Save on a ₹50 Lakh Loan?

Annual PrepaymentTenure Reduced ToInterest SavedYears Saved
₹25,000/yr18 yrs 4 mo₹4.2 lakh1 yr 8 mo
₹50,000/yr17 yrs₹7.8 lakh3 yrs
₹1,00,000/yr14 yrs 8 mo₹14.6 lakh5 yrs 4 mo
₹2,00,000/yr11 yrs 6 mo₹24.1 lakh8 yrs 6 mo
Key insight: Even ₹50,000/year extra cuts a 20-year loan by 3 years and saves ₹7.8 lakh. RBI mandates zero prepayment penalty on floating-rate home loans — use every surplus to prepay.

Home Loan Tax Benefits in India (2026)

Section 24(b)
Interest DeductionUp to ₹2,00,000/yr

Deduction on home loan interest for self-occupied property. For let-out property, entire interest is deductible with no upper limit.

Section 80C
Principal DeductionUp to ₹1,50,000/yr

Deduction on principal repayment, stamp duty, and registration charges. Shared with PPF, ELSS, EPF under the ₹1.5L limit.

Section 80EEA
Affordable HousingUp to ₹1,50,000/yr

Additional deduction for affordable housing loans. Stamp duty value ≤ ₹45L. Loan sanctioned between April 2019–March 2022.

Frequently Asked Questions — Home Loan EMI

What is the current home loan interest rate in 2026?
Home loan interest rates in India range from 8.35% to 9.65% per annum in 2026. SBI offers rates starting at 8.50%, HDFC Bank at 8.70%, ICICI Bank at 8.75%, and Bank of Baroda at 8.40%. Your actual rate depends on your CIBIL score — a score above 750 typically qualifies for the lowest available rate.
How much home loan can I get on my salary?
Banks typically approve home loans where the EMI does not exceed 40–50% of your monthly take-home salary. For a monthly salary of ₹1 lakh, you can typically borrow ₹40–55 lakh at current rates for a 20-year tenure. Banks use the FOIR (Fixed Obligation to Income Ratio) to determine eligibility.
What is the maximum home loan tenure?
Most banks offer home loan tenure up to 30 years. The maximum tenure is limited to your age at loan maturity — banks typically require the loan to be repaid by age 60 or 65. Longer tenures reduce monthly EMI but dramatically increase total interest paid.
Can I prepay my home loan without penalty?
Yes — RBI mandates that banks cannot charge prepayment penalties on floating-rate home loans. Most home loans today are on floating rates, so you can make partial or full prepayments at any time without charges. Even ₹50,000 per year in prepayments can reduce a 20-year loan by 3 years and save ₹7–8 lakh in interest.
What documents are required for a home loan?
Standard documents: Identity proof (Aadhaar, PAN), Address proof, Income proof (salary slips, Form 16, ITR for 2–3 years), Bank statements (6 months), Property documents (sale agreement, approved plan, NOC from builder), Employment proof. Self-employed applicants need GST returns and CA-certified financials.
Is it better to take a home loan from a bank or NBFC?
Banks offer lower rates (8.35–9.65%) but stricter eligibility. NBFCs like LIC Housing Finance approve loans for lower CIBIL scores and informal income but charge higher rates. If you have strong credit, go with a bank. If self-employed or moderate credit score, an NBFC may be more accessible.
What is the difference between fixed and floating home loan rates?
Fixed-rate loans lock your rate for the entire tenure — EMI never changes. Floating-rate loans change with the RBI repo rate. Fixed rates are typically 1–2% higher. Most financial advisors recommend floating-rate loans since rates tend to fall over long periods, and there is no prepayment penalty.

More EMI Calculators

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EMI Calculator — All Loans
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HDFC Home Loan EMI Calculator
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EMI Calculator for ₹50 Lakh Loan

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