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Home Loan EMI Calculator

Find out what your home loan will cost every month. Enter the loan amount, interest rate and tenure to see your EMI, the total interest over the loan and how much each year's EMIs pay off.

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  • Updated 1 Oct 2026

Calculate your home loan EMI

Results update as you change the numbers.

₹
₹5,00,000₹5,00,00,000
5% p.a.20% p.a.
Tenure in
Tenure unit
1 year30 years

Your monthly EMI

₹34,713

  • Principal amount₹40,00,000
  • Total interest₹43,31,103
  • Total amount payable₹83,31,103

Interest makes up 52% of everything you repay.

Paying one extra EMI of ₹34,713 each year could close the loan 3 years 3 months early and save about ₹8.23 L in interest.

What each year's EMIs pay forPrincipalInterest
Repayment scheduleHow much principal and interest you pay each year
YearPrincipal paidInterest paidTotal paidBalance at year end
Year 1₹79,609₹3,36,946₹4,16,555₹39,20,391
Year 2₹86,646₹3,29,909₹4,16,555₹38,33,745
Year 3₹94,305₹3,22,251₹4,16,555₹37,39,440
Year 4₹1,02,640₹3,13,915₹4,16,555₹36,36,800
Year 5₹1,11,713₹3,04,842₹4,16,555₹35,25,087
Year 6₹1,21,587₹2,94,968₹4,16,555₹34,03,500
Year 7₹1,32,334₹2,84,221₹4,16,555₹32,71,166
Year 8₹1,44,031₹2,72,524₹4,16,555₹31,27,134
Year 9₹1,56,763₹2,59,793₹4,16,555₹29,70,372
Year 10₹1,70,619₹2,45,936₹4,16,555₹27,99,753
Year 11₹1,85,700₹2,30,855₹4,16,555₹26,14,053
Year 12₹2,02,114₹2,14,441₹4,16,555₹24,11,939
Year 13₹2,19,979₹1,96,576₹4,16,555₹21,91,959
Year 14₹2,39,424₹1,77,132₹4,16,555₹19,52,536
Year 15₹2,60,586₹1,55,969₹4,16,555₹16,91,949
Year 16₹2,83,620₹1,32,935₹4,16,555₹14,08,329
Year 17₹3,08,689₹1,07,866₹4,16,555₹10,99,640
Year 18₹3,35,975₹80,581₹4,16,555₹7,63,665
Year 19₹3,65,672₹50,883₹4,16,555₹3,97,994
Year 20₹3,97,994₹18,561₹4,16,555₹0

What is a home loan EMI?

Your home loan EMI is the fixed amount you pay the lender every month until the loan is cleared. Each EMI covers the interest due on what you still owe, and the rest goes towards repaying the loan itself.

Because home loans are large and run for 15 to 30 years, the EMI shapes your budget for a long time. Working it out before you choose a property helps you settle on a price and a loan you can carry comfortably.

How is a home loan EMI calculated?

EMI formula

EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)

  • P is the loan amount.
  • r is the monthly interest rate: the yearly rate divided by 12, written as a decimal.
  • n is the number of monthly instalments, so a 20-year loan has 240.

For example, a home loan of ₹40,00,000 at 8.5% a year for 20 years has an EMI of about ₹34,713. Over 20 years you pay about ₹43,31,103 in interest on top of the ₹40 lakh you borrowed.

How tenure and interest rate change your EMI

A longer tenure lowers the EMI but adds a lot of interest. For a ₹40 lakh loan at 8.5% a year:

TenureMonthly EMITotal interest
15 years₹39,390₹30,90,125
20 years₹34,713₹43,31,103
25 years₹32,209₹56,62,725
30 years₹30,757₹70,72,354

Even half a percent on the rate matters over 20 years. For the same ₹40 lakh loan:

Interest rateMonthly EMITotal interest
8%₹33,458₹40,29,825
8.5%₹34,713₹43,31,103
9%₹35,989₹46,37,369
9.5%₹37,285₹49,48,459

How much can you borrow?

RBI limits how much of a home's value a bank can lend, called the loan-to-value ratio. For most homes it is up to 90% for loans up to ₹30 lakh, 80% for loans above ₹30 lakh and up to ₹75 lakh, and 75% for larger loans. You pay the rest, plus registration and stamp duty, as the down payment.

Lenders also look at your income. Many keep all your EMIs together to around 40% to 50% of your monthly take-home pay. Adding an earning co-applicant can raise the amount you qualify for.

Prepaying your home loan

Extra payments go straight to the principal, so the interest on every later EMI falls. Below your result, the calculator shows how much interest and time one extra EMI a year would save on your loan.

Banks cannot charge a prepayment or foreclosure penalty on floating-rate home loans taken by individuals. Check your agreement if your loan has a fixed rate.

Tax benefits on a home loan

  • Under the old tax regime, interest on a loan for a home you live in can be deducted up to ₹2 lakh a year.
  • Under the old tax regime, the principal you repay counts towards the ₹1.5 lakh yearly limit for tax-saving payments, along with items such as PPF and life insurance premiums.
  • The new tax regime does not allow these deductions for a home you live in.

Tax rules change with each Budget and depend on your situation, so check the current rules before you count on a deduction. Our income tax calculator lets you compare the two regimes.

Protecting your home and your family

If something happened to you, your family would still owe the lender. A term insurance plan with cover at least equal to the outstanding loan gives them the money to clear it and keep the home.

Lenders often offer a loan protection policy with the loan. You are not required to buy insurance from your lender, so compare it with a separate term plan, which stays with you even if you switch lenders or repay early.

Frequently asked questions

1.What is the EMI on a ₹40 lakh home loan?

At 8.5% a year for 20 years, the EMI on ₹40 lakh is about ₹34,713. Change the rate or tenure in the calculator to see your own figure.

2.Is the home loan EMI fixed for the whole tenure?

On a fixed-rate loan, yes. Most home loans have a floating rate linked to an external benchmark such as the RBI repo rate, so the rate moves over time. Lenders usually change the tenure first and keep the EMI the same, but may raise the EMI if the tenure would stretch too far.

3.When does my first home loan EMI start?

Usually the month after the full loan is paid out. For a home still under construction, the bank pays the builder in stages and you may pay only interest on the amount released, called pre-EMI, until the full loan is disbursed.

4.Should I choose a shorter or longer home loan tenure?

A shorter tenure saves a lot of interest but needs a higher EMI. A common approach is to take a tenure whose EMI fits easily, then prepay whenever you have surplus money.

5.Does the calculator include processing fees and other charges?

No. It shows the EMI and interest only. Processing fees, legal and valuation charges, stamp duty and registration are extra.

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