Home Loan EMI Calculator

How this is worked out

The EMI is the standard annuity formula, applied monthly on a reducing balance:

EMI = P · r(1+r)ⁿ ÷ ((1+r)ⁿ − 1)

On a ₹60,00,000 property with a ₹12,00,000 down payment — a 20% contribution — the loan is ₹48,00,000. At 8.5% over 20 years the EMI is ₹41,655.52, and the total interest is ₹51,97,324.

Read that second figure again. You borrow ₹48 lakh and pay ₹51.97 lakh in interest — more than the amount borrowed — for a total of ₹99,97,324 on a ₹60,00,000 property. That is not a bad deal or a trick; it is what twenty years of compounding costs, and it is the number lenders do not put on the brochure.

There is no mortgage insurance in India of the PMI, CMHC or LMI kind that the US, Canadian and Australian pages have to model. A lender prices your loan-to-value into the interest rate instead, and separately requires a fire-and-perils policy on the property assigned to them. Leave the mortgage insurance field at zero.

What this calculator adds to the EMI, because they are real monthly money your lender does not collect: municipal property tax, home insurance, and society or apartment-association maintenance. On the figures above those bring ₹41,656 of EMI to ₹46,156 a month all in.

A worked example

Fifty-two lakh of interest on a forty-eight lakh loan

At 8.5% over twenty years, a ₹48,00,000 loan costs ₹51,97,324 in interest. The interest exceeds the principal, and it does so for an unremarkable reason: for the first several years almost the whole EMI is interest, because interest is charged on a balance that has barely moved.

In month one, ₹34,000 of the ₹41,656 EMI is interest and about ₹7,656 reduces the principal. The crossover — the month where more of the EMI goes to principal than to interest — arrives around year nine. Everything before that is mostly rent paid to the bank for the use of its money.

This is the single most useful thing to understand before choosing a tenure, because it explains why a longer tenure is so expensive. Stretching the same loan to thirty years drops the EMI from ₹41,656 to ₹36,908 — a saving of ₹4,748 a month that feels like relief — and raises the total interest from ₹51.97 lakh to ₹84.87 lakh. You pay ₹32.9 lakh more to save ₹4,748 a month.

Prepayment is the lever, and early beats large

Adding ₹5,000 a month to the EMI on these figures clears the loan in 15 years 5 months instead of 20 years — 55 months early — and saves ₹13,73,298 in interest. That is a return no deposit or bond will match, and it is available to anyone with ₹5,000 of monthly headroom.

Timing dominates size. A ₹5,00,000 part-payment in year two removes the interest that sum would have accrued across eighteen remaining years; the same ₹5,00,000 in year eighteen removes a couple of years of interest on a small balance. If you have a choice about when, earlier is worth far more than bigger.

When you prepay, you are normally offered a choice: keep the tenure and reduce the EMI, or keep the EMI and shorten the tenure. Shortening the tenure saves substantially more, and most lenders default to reducing the EMI unless you ask. The Reserve Bank of India has progressively restricted foreclosure and prepayment charges on floating-rate loans to individual borrowers — check your own agreement, because this is one place where two lenders quoting the same rate genuinely differ.

Floating rates, and what an EMI actually promises

Almost every Indian home loan is floating-rate, linked to an external benchmark — most commonly the repo rate — plus a spread. When the benchmark moves, your loan moves. So the EMI this page computes is the EMI at today's rate, not the EMI for twenty years.

What lenders usually adjust when the rate rises is the tenure rather than the EMI, which keeps the monthly figure stable and quietly extends the loan. That is comfortable and expensive, and in some cases a rate rise has extended a tenure past the borrower's retirement. Check your annual statement for the tenure as well as the outstanding balance.

The spread over the benchmark is negotiable at the outset and is the part that stays with you. A loan at repo plus 2.5% and one at repo plus 3.0% diverge for the whole term. Existing borrowers can often have the spread reset for a fee, or transfer the balance to another lender — worth pricing if your spread is materially wider than what is being offered to new borrowers today.

What is not in this figure, and the tax relief that is not either

Stamp duty and registration are paid at purchase, vary by state, and commonly come to 5–8% of the property value together. On a ₹60,00,000 property that is ₹3,00,000 to ₹4,80,000 in cash at the outset, on top of the down payment, and lenders generally will not finance it. It is the cost first-time buyers most often fail to budget for.

An under-construction property attracts GST; a completed one does not. The processing fee, legal and technical valuation charges, and any bundled insurance premium are further additions. None of them is in the EMI.

On the other side: under the old tax regime, interest on a self-occupied home loan is deductible up to ₹2,00,000 a year under section 24(b), and the principal counts towards the ₹1,50,000 section 80C cap. Under the new regime — the default since FY 2023-24 — neither is available for a self-occupied property. Anyone who bought partly for the tax relief should check which regime they are in; the salary calculator on this site will show which one costs them less.

Assumptions and sources

EMI and amortisation

Standard annuity formula applied monthly on a reducing balance. Verified in tools/test/finance.mjs against an independent repayment schedule.

No mortgage insurance

India has no PMI/CMHC/LMI equivalent. Loan-to-value is priced into the interest rate, and lenders separately require a fire-and-perils policy on the property assigned to them. checked 2026-09

Floating rates

Indian home loans are predominantly floating-rate against an external benchmark, most commonly the repo rate, plus a lender spread. The EMI shown is the EMI at the rate you entered. checked 2026-09

Section 24(b) and 80C

Interest on a self-occupied home loan deductible up to ₹2,00,000 under section 24(b), principal within the ₹1,50,000 section 80C cap — both available under the OLD regime only. Held with sources in assets/js/tax/in-2026-27.js. checked 2026-09

Stamp duty and registration

Set by each state, commonly 5–8% of property value in total, payable at purchase and generally not financed. No single national figure exists, so none is stated here — check your state's rate.

Property tax, maintenance and insurance

You enter your own figures. Property tax is set by your municipal corporation or panchayat; maintenance by your society or apartment association.

Not modelled

Stamp duty, registration, GST on under-construction property, processing and legal fees, pre-EMI interest during construction, joint-borrower tax relief, and the effect of a benchmark rate change on tenure.