Home Loan EMI Calculator
Work out your monthly home loan instalment, total interest over the loan term, and see a note on the tax benefits typically available.
Why home loan EMIs look different from other loans
The underlying EMI formula is the same reducing-balance calculation used for any loan, but home loans typically run much longer (15–30 years) at lower interest rates than personal loans, since the property itself secures the loan. Over a long tenure, even a small rate difference has a large effect on total interest paid — it's worth comparing offers carefully.
Important note
This calculator gives an estimate for planning purposes using standard formulas. Actual figures from your bank or scheme provider may differ slightly due to processing fees, exact compounding conventions, rate changes over the term, or scheme-specific rules — always confirm final numbers with the institution before making a decision. This is not financial advice.
Frequently asked questions
How is home loan EMI calculated?
EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly instalments. The same formula applies regardless of loan type — home loans just typically use longer tenures and lower rates.
What tax benefits are available on a home loan in India?
Interest paid can typically be deducted up to ₹2,00,000 per year under Section 24(b), and principal repaid up to ₹1,50,000 per year under Section 80C — both subject to conditions and the tax regime you choose. Confirm current rules with a tax advisor since these limits and eligibility can change.
Should I choose a longer or shorter home loan tenure?
A longer tenure lowers your monthly EMI but increases total interest paid over the life of the loan; a shorter tenure raises the EMI but reduces total interest. Choose the longest tenure you're comfortable prepaying against if you want flexibility, or the shortest your budget allows to minimize total cost.
Can I prepay a home loan to reduce interest?
Most lenders allow prepayment, which reduces the outstanding principal and therefore future interest — check whether your lender charges a prepayment penalty, which is more common on fixed-rate loans than floating-rate ones.