Home Loan EMI Calculator India 2026
The formula, the lender rate comparison, the tricks to pay off your loan 5 years early — and a free calculator to crunch every scenario instantly.
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The EMI Formula Explained Simply
Every Indian bank — SBI, HDFC, ICICI — uses the same mathematical formula to calculate your monthly instalment. There is no secret. Here it is:
EMI = P × r × (1+r)n / ((1+r)n − 1)
P
Principal amount (loan)
r
Monthly rate = annual% ÷ 12 ÷ 100
n
Tenure in months
Example: ₹50 lakh loan, 9% p.a., 20-year tenure. Monthly rate r = 9 ÷ 12 ÷ 100 = 0.0075. n = 240 months. EMI = 5,000,000 × 0.0075 × (1.0075)^240 / ((1.0075)^240 − 1) = ₹44,986/month. Total payment over 20 years = ₹1,07,96,640 — meaning you pay ₹57.97 lakh as interest on a ₹50L loan.
EMI Per ₹1 Lakh — Quick Reference Table
This table shows your EMI for a ₹1 lakh loan at different rates and tenures. To find your EMI, simply multiply the value by your loan amount in lakhs.
| Rate (p.a.) | 5 Yr | 10 Yr | 15 Yr | 20 Yr | 30 Yr |
|---|---|---|---|---|---|
| 8.0% | ₹2,028 | ₹1,213 | ₹956 | ₹836 | ₹734 |
| 8.5% | ₹2,052 | ₹1,239 | ₹985 | ₹868 | ₹769 |
| 9.0% | ₹2,076 | ₹1,267 | ₹1,014 | ₹900 | ₹805 |
| 9.5% | ₹2,100 | ₹1,294 | ₹1,044 | ₹932 | ₹841 |
| 10.0% | ₹2,125 | ₹1,322 | ₹1,075 | ₹965 | ₹878 |
| 12.0% | ₹2,225 | ₹1,435 | ₹1,200 | ₹1,101 | ₹1,029 |
| 14.0% | ₹2,327 | ₹1,553 | ₹1,332 | ₹1,243 | ₹1,185 |
All values are EMI per ₹1 lakh of loan. Multiply by your loan amount in lakhs.
Home Loan Interest Rate Comparison 2026
These are indicative floating rates as of April 2026. Actual rates depend on your credit score (CIBIL 750+ gets the best rates), loan-to-value ratio, and employment type.
SBI (Regular)
EBLR-linked, credit score dependent
HDFC Bank
Based on MCLR + spread
ICICI Bank
Floating rate, REPO-linked
Axis Bank
For salaried professionals
LIC Housing Finance
Govt-backed, lower spread
Kotak Mahindra Bank
Special rates for women applicants
Always check the lender's official website for current rates. These are indicative and change with RBI repo rate decisions.
How Tenure Affects Total Interest on a ₹50 Lakh Loan
At 9% interest rate on ₹50 lakh, here is how your total outgo and EMI change with different tenures:
| Tenure | Monthly EMI | Total Payment | Total Interest | Interest % |
|---|---|---|---|---|
| 10 years | ₹63,338 | ₹76,00,560 | ₹26,00,560 | 52% |
| 15 years | ₹50,713 | ₹91,28,340 | ₹41,28,340 | 83% |
| 20 years | ₹44,986 | ₹1,07,96,640 | ₹57,96,640 | 116% |
| 25 years | ₹41,960 | ₹1,25,88,000 | ₹75,88,000 | 152% |
| 30 years | ₹40,231 | ₹1,44,83,160 | ₹94,83,160 | 190% |
A 30-year tenure vs. 10-year tenure on ₹50L @ 9% means paying ₹68.83 lakh more in interest.
5 Proven Ways to Save Lakhs on Your Home Loan
A home loan is the biggest financial commitment of most Indian families. These strategies can save you ₹10–20 lakh over the loan lifetime.
Make one extra EMI per year
On a ₹50L loan at 9% for 20 years, paying one extra EMI annually can cut 2–3 years off your tenure and save over ₹5–7 lakh in total interest.
Use year-end bonuses for lump sum prepayment
Even a single ₹1–2 lakh prepayment in the first 5 years dramatically reduces your outstanding principal and total interest.
Negotiate your spread after 3 years
If your credit score has improved, ask your bank to reduce the spread on your REPO/EBLR-linked rate. A 0.25% reduction on ₹50L saves ~₹1.5L over 20 years.
Balance transfer to a lower-rate lender
If another bank offers 0.5%+ lower rate, a balance transfer can save significant money. Weigh processing fees (typically 0.5–1% of outstanding) against savings.
Choose floating over fixed rate
Fixed rates are typically 1–2% higher than floating. In a falling rate cycle (like 2024–26), floating rates naturally decrease, reducing your EMI or tenure.
Frequently Asked Questions
What is the EMI for a ₹30 lakh home loan for 20 years?
At 9% p.a., the EMI is approximately ₹26,992/month. Total payment over 20 years = ₹64.78 lakh, with ₹34.78 lakh going as interest. Use the calculator above for your exact rate.
Can I get a home loan at 8.5%?
Yes, SBI and LIC HFL offer rates starting around 8.50% for applicants with CIBIL score 750+ and LTV ratio below 75%. Women applicants get a 0.05% concession at most PSU banks.
Is EMI tax deductible?
Under the Old Tax Regime, the interest component of your EMI is deductible up to ₹2 lakh per year under Section 24(b). The principal component is deductible up to ₹1.5 lakh under Section 80C. These deductions are not available in the New Tax Regime.
What happens to EMI when RBI changes the repo rate?
For floating-rate (REPO-linked) loans, a 0.25% repo rate cut typically reduces your EMI by roughly ₹100–₹200 per ₹50L, depending on outstanding principal. Banks are required to pass on rate cuts within 3 months.
Is it better to reduce tenure or EMI after prepayment?
Reducing tenure saves significantly more total interest. For example, on a ₹50L loan at 9% with 15 years remaining, a ₹5L prepayment cuts about 2–3 years off tenure vs. just ₹2,000–3,000/month EMI reduction.
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