Home Loan EMI Calculator

Plan your home loan with confidence. Calculate your monthly EMI, the total interest over the tenure, and a year-by-year repayment schedule — then factor in tax benefits under Sections 24(b) and 80C.

A home loan of ₹50,00,000 at 8.5% for 20 years has a monthly EMI of about ₹43,391 — over the full tenure you repay ₹1.04 Cr, of which ₹54.14 L is interest.

₹
₹5L ₹5Cr
%
6% 15%
Yr
1 30

How the Home Loan EMI Calculator works

A home loan is usually the largest borrowing of your life, so understanding the EMI before you sign matters. Each Equated Monthly Instalment combines interest on the outstanding balance with a repayment of principal. In the first years the interest portion dominates, which is also why early prepayments save so much. This tool builds the complete amortisation schedule so you can see exactly how the balance falls.

Tax benefits you can claim

  • Section 24(b) — up to ₹2,00,000 a year on interest for a self-occupied home.
  • Section 80C — up to ₹1,50,000 a year on principal repayment (shared limit).
  • Section 80EEA — additional interest deduction for eligible first-time buyers.
  • Most of these benefits apply under the old tax regime, not the new one.

The power of prepayment

Because floating-rate home loans carry no prepayment penalty for individuals, putting a bonus or windfall towards your principal can shave years off the tenure and lakhs off the total interest. A prepayment in year 2 saves far more than the same amount in year 18. Always weigh this against the tax deduction on interest and the alternative returns on that money.

Choosing your tenure and down payment

A larger down payment shrinks the loan, the EMI, and the total interest — and often earns you a better rate. On tenure, a shorter term means a higher EMI but a markedly lower interest cost over the life of the loan. Use the sliders to find a combination that keeps your EMI comfortably within about 40% of your monthly income.

Frequently asked questions

What tax benefits can I claim on a home loan?
Under the old tax regime you can claim up to ₹2,00,000 a year on the interest paid for a self-occupied house under Section 24(b), and up to ₹1,50,000 on the principal repayment under Section 80C (this limit is shared with other 80C items like EPF and ELSS). First-time buyers may also qualify for extra interest deduction under Section 80EEA, subject to conditions. These deductions are largely unavailable under the new regime.
Should I make a prepayment on my home loan?
Prepaying early in the tenure saves the most interest, because the interest component of each EMI is highest in the first years. RBI bars prepayment penalties on floating-rate home loans for individuals, so partial or full prepayments are usually free. Weigh the interest saved against the returns you could earn by investing that money elsewhere and the tax break you would lose on the interest.
What is the maximum home loan tenure in India?
Most lenders offer home loan tenures up to 30 years, subject to your retirement age — the loan typically must close by age 60–70. A longer tenure reduces your EMI but increases total interest substantially.
How much down payment do I need?
RBI caps the loan-to-value ratio, so banks generally finance up to 75–90% of the property value depending on the loan size. You fund the rest as a down payment plus stamp duty and registration. A larger down payment lowers your EMI, your total interest, and often your interest rate.
Fixed or floating interest rate?
Most Indian home loans are floating-rate, linked to an external benchmark like the RBI repo rate, so your EMI moves with rate cycles. Fixed-rate loans give certainty but usually start higher. Floating rates also carry no prepayment penalty for individuals, which adds flexibility.
Can a joint home loan increase my tax savings?
Yes. If you take a joint home loan with a co-owner who is also a co-borrower, each of you can separately claim up to ₹2,00,000 on interest under Section 24(b) and up to ₹1,50,000 on principal under Section 80C in the old regime. This effectively doubles the household deduction, provided both contribute to the EMIs and own a share of the property.
What is the difference between a home loan and a top-up loan?
A top-up loan is additional borrowing on an existing home loan, usually at a rate close to the home loan rate and far cheaper than a personal loan. Lenders offer it once you have a clean repayment record and available property value. Interest on a top-up used for house renovation or construction may qualify for Section 24(b) benefits, but funds used for other purposes do not.
How does the RBI repo rate affect my home loan EMI?
Floating-rate home loans are linked to an external benchmark, most commonly the RBI repo rate, under the EBLR system. When the RBI raises or cuts the repo rate, your lender resets your rate — typically adjusting your tenure first and your EMI if needed. So a repo cut can shorten your loan or reduce your EMI without any action from you.
Should I claim HRA and home loan benefits together?
You can claim both in the old regime if your situation genuinely warrants it — for example, you own a house in one city (on which you pay the loan and let it out or keep it vacant) but live in rented accommodation in another city for work. Claiming both for the same self-occupied property you actually live in can invite scrutiny, so ensure the facts support the claim.

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The results shown are estimates for illustration only, based on the inputs and assumptions you provide. Actual returns, interest, and tax depend on market conditions, prevailing rates, and applicable laws, which change over time. This is not investment, tax, or financial advice — please consult a qualified advisor before making decisions.

Monthly EMI
₹43,391
Total interest
₹54.14 L