🏠 Home Loan EMI Calculator India — Amortisation Schedule

Monthly EMI, total interest paid, and year-by-year amortisation schedule with optional prepayment impact.

Loan amount (₹)

₹

Interest rate (%)

Loan tenure

yrs

Monthly prepayment (₹) (optional)

₹

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Projection table

What is a Home Loan EMI Calculator?

A home loan EMI calculator helps you determine the exact monthly instalment you need to pay on your home loan. In India, home loans are typically taken for 15-30 years, and even a small difference in interest rate or tenure can mean lakhs of rupees in total interest paid.

Understanding your EMI before taking a home loan is critical. Our calculator not only shows your monthly EMI but also the complete amortisation schedule — how much of each EMI goes to principal and how much to interest — and the impact of prepayments on total interest saved.

How is it calculated?

Home loan EMI is calculated using the reducing balance method:

EMI = P × r × (1+r)^n / [(1+r)^n – 1]

Where:
• P = Principal loan amount
• r = Monthly interest rate (annual rate ÷ 12)
• n = Total number of months (years × 12)

Example: ₹50 lakh loan at 8.5% for 20 years:
• Monthly rate = 8.5% ÷ 12 = 0.708%
• EMI = ₹43,391/month
• Total payment = ₹1.04 crore
• Total interest = ₹54 lakh (more than the principal itself!)

How to use this calculator

1. Enter loan amount — the amount you are borrowing (not the property value)
2. Enter interest rate — current home loan rates are 8.5-9.5% for most banks
3. Enter tenure — longer tenure = lower EMI but higher total interest
4. Enter monthly prepayment (optional) — even ₹5,000 extra/month saves lakhs in interest
5. Calculate to see EMI, total interest paid, and year-by-year amortisation schedule

Benefits

• Plan before you borrow: Know your EMI before approaching the bank so you negotiate better
• Compare tenures: See exactly how much extra interest you pay for 25 years vs 20 years
• Prepayment impact: See how even a small monthly prepayment dramatically reduces total interest
• Tax benefit: Home loan interest up to ₹2 lakh/year is deductible under Section 24(b)
• Amortisation schedule: Full year-by-year breakdown of principal and interest components

Frequently asked questions

What is the best home loan tenure in India?▾

A 20-year tenure balances affordable EMI with reasonable total interest. Going to 30 years reduces EMI by only ₹3,000-5,000/month but adds ₹15-20 lakh in total interest. If you can afford the EMI, choose a shorter tenure and prepay regularly.

Which bank offers the best home loan rate in India?▾

SBI, Bank of Baroda, and HDFC Bank typically offer competitive rates. Government banks often have slightly lower rates. Compare offers from at least 3 banks before choosing. Even 0.1% difference on ₹50L loan over 20 years saves ₹1.5-2 lakh.

Does prepayment really save that much?▾

Yes — dramatically. On a ₹50L loan at 8.5% for 20 years, paying ₹5,000 extra per month reduces total interest by ₹12-15 lakh and closes the loan 5 years early. Our calculator shows your specific prepayment savings.

Should I choose floating or fixed home loan rate?▾

In India, 95%+ home loans are floating rate linked to REPO rate. Fixed rates are available at 0.5-1% higher and only for 2-3 years. Most financial advisors recommend floating rate as historically REPO rate trends downward over long periods.

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