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CalcHub Blog
March 28, 20265 min read

Home Loan EMI Calculator — Monthly Payment for House Loan (India)

Calculate home loan EMI for any loan amount, interest rate, and tenure. See amortisation schedule, prepayment impact, and tax benefits under Section 24 and 80C.

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Buying a home is likely the biggest financial decision of your life. Getting the EMI right before you commit matters enormously — a small difference in interest rate or tenure translates to lakhs of rupees over 20 years. The CalcHub Home Loan EMI Calculator does the math so you know exactly what you're signing up for.

EMI Formula

EMI = P × r × (1+r)^n / [(1+r)^n – 1]

Where: P = principal (loan amount), r = monthly interest rate (annual rate ÷ 12), n = tenure in months.

A ₹50 lakh loan at 8.5% for 20 years:


  • r = 8.5% ÷ 12 = 0.7083% monthly

  • n = 240 months

  • EMI = ₹43,391/month

  • Total amount paid = ₹1,04,13,840

  • Total interest = ₹54,13,840


That's more than the loan itself — which is why prepayment and shorter tenure save so much.

EMI Table — ₹50 Lakh Home Loan

Interest Rate15 Years20 Years25 Years30 Years
7.5%₹46,351₹40,280₹36,905₹34,971
8.0%₹47,782₹41,822₹38,591₹36,688
8.5%₹49,237₹43,391₹40,306₹38,446
9.0%₹50,713₹44,986₹42,047₹40,231
9.5%₹52,210₹46,607₹43,815₹42,043
For other loan amounts, the EMI scales linearly — ₹1 crore loan = 2× the above.

Floating vs Fixed Rate

Floating rate: Linked to the bank's benchmark (Repo Rate-linked lending rate or MCLR). Changes when RBI changes repo rate. Currently most banks offer home loans at 8.5–9.5% floating. Fixed rate: Locked for the full tenure or a fixed period (5–10 years). Usually 0.5–1% higher than floating. After the fixed period, it may revert to floating.

In a falling interest rate environment (like when RBI cuts rates), floating rate wins. In rising rate cycles, fixed rate protects you. Most borrowers in India go with floating — it's been beneficial over the long term.

Tax Benefits

This is what makes home loans uniquely attractive compared to other loans:

SectionBenefitAnnual Limit
Section 24(b)Deduction on home loan interest₹2,00,000 (self-occupied)
Section 80CDeduction on principal repayment₹1,50,000 (within 80C limit)
Section 80EEAAdditional interest deduction (first-time buyers, affordable housing)₹1,50,000
Section 80EEFirst-time buyer (loan sanctioned by 31 Mar 2017)₹50,000
Combined benefit for eligible first-time buyers: Up to ₹3.5 lakh in annual deductions — reducing effective interest rate significantly for those in the 30% bracket. Note: 80C and 80EEA apply only under the old tax regime. Under the new regime, these deductions are not available.

Power of Prepayment

Making even one extra EMI per year can cut your loan tenure substantially.

₹50L at 8.5%, 20-year tenure:
  • Regular: 240 EMIs, total interest ₹54.1 lakh
  • Prepay ₹50,000 every year additionally: tenure drops to ~16 years, saves ~₹9–10 lakh in interest
Banks are required by RBI to allow prepayment on floating rate home loans without penalty. Fixed rate loans may have 2% prepayment charges.

Current Home Loan Rates (Early 2026)

LenderStarting RateType
SBI8.50%Floating (RLLR-linked)
HDFC Bank8.75%Floating
ICICI Bank8.75%Floating
LIC Housing Finance8.50%Floating
Kotak Bank8.70%Floating
Actual rate depends on credit score, income, loan amount, and property type.

How to Use the Calculator

  1. Open CalcHub Home Loan EMI Calculator
  2. Enter loan amount (₹)
  3. Enter interest rate (annual %)
  4. Set tenure (years)
  5. View monthly EMI, total interest, total payment, and year-wise amortisation

How does my credit score affect home loan interest?

A CIBIL score above 750 typically gets you the best rates. Between 700–750, banks may charge 0.15–0.25% more. Below 700, some banks may reject the application or charge significantly more. Check your score before applying — and clean up any errors in your credit report first.

Should I take a longer tenure to reduce EMI?

Longer tenure = lower EMI but massively more interest. Use the calculator to see the difference: ₹50L at 8.5%, 20 years vs 30 years saves ₹5,347/month but costs you ₹18 lakh extra in interest. Opt for the shortest tenure your monthly cash flow can comfortably support — and prepay whenever you have surplus.

What's the maximum home loan I can get?

Typically banks lend 75–90% of the property value (LTV ratio), and the EMI should not exceed 40–50% of your monthly income. Use the reverse-EMI approach: enter your comfortable monthly EMI in the calculator, and work backwards to find the maximum loan amount that fits.

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