Home Loan EMI Calculator
Calculate your home loan EMI, total interest, and amortization schedule. Plan prepayments to save on interest.
Extra amount paid every year to reduce principal
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Enter loan details and click Calculate
Current Home Loan Rates (Approx.)
SBI
8.50%
HDFC
8.75%
ICICI
8.75%
Kotak
8.75%
* Rates are indicative. Check with your bank for current rates.
How to Use Home Loan Calculator
Enter your loan amount, interest rate, and tenure in years. Click Calculate to see your monthly EMI, total interest payable, and year-wise amortization schedule. Add an annual prepayment amount to see how much interest you can save.
Frequently Asked Questions
What is the EMI for a ₹50 lakh home loan at 8.5% for 20 years?
At 8.5% for 20 years, the EMI for ₹50 lakh is approximately ₹43,391 per month. Total interest paid would be around ₹54.1 lakh.
How does prepayment reduce home loan interest?
Prepayment directly reduces the outstanding principal. Since interest is calculated on the remaining balance, a lower principal means less interest every month, significantly reducing total interest over the loan tenure.
What is the maximum home loan tenure in India?
Most banks offer home loans up to 30 years. Longer tenure means lower EMI but higher total interest. SBI, HDFC, and ICICI all offer 30-year home loans.
Is home loan interest tax deductible in India?
Yes. Under Section 24(b), you can claim up to ₹2 lakh deduction on home loan interest per year for a self-occupied property. Principal repayment up to ₹1.5 lakh is deductible under Section 80C.
Fixed vs floating rate — which is better?
Floating rates are currently lower and benefit from RBI rate cuts. Fixed rates offer certainty. For long-tenure loans (15-20 years), floating rates have historically been cheaper in India.