Calculate monthly EMI for any loan — home loan, car loan, personal loan. Includes a full amortization schedule.
| Loan Amount | — |
| Total Interest Payable | — |
| Total Amount Payable | — |
| Monthly EMI | — |
Home loan rates differ by bank, loan size, your credit score and whether the rate is floating or fixed, and they change whenever the lender revises its benchmark. Get the current rate and processing fee in writing from each lender, then enter that rate above to see the exact EMI and total interest for every offer side by side.
EMI = P × r × (1+r)^n / [(1+r)^n – 1], where P = principal loan amount, r = monthly interest rate (annual rate ÷ 12 ÷ 100), n = loan tenure in months.
Monthly EMI = ₹26,035 | Total Interest = ₹32,48,327 | Total Payable = ₹62,48,327. You pay more than double the principal in interest over 20 years!
Choose a longer tenure (reduces EMI but increases total interest). Make part-prepayments when you get a bonus. Negotiate a lower interest rate. Transfer to a bank offering lower rates (balance transfer).
Q: Does EMI change when RBI changes repo rate?
A: Yes, for floating rate loans. When RBI increases repo rate, banks raise the benchmark rate, increasing your EMI. Fixed rate loans are not affected.
Q: What is the maximum home loan tenure in India?
A: Most banks offer up to 30 years. SBI offers up to 30 years for home loans.
Q: Is there a tax benefit on home loan EMI?
A: Yes. Under Section 24(b), interest up to ₹2 lakh/year is deductible. Under Section 80C, principal repayment up to ₹1.5 lakh/year is deductible (old tax regime only).
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