A home loan is usually the biggest and longest loan you will ever take, often for 20 to 30 years. Small differences in the rate or tenure change the total cost by lakhs. This calculator shows your monthly EMI, the total interest, and how your loan balance falls year by year.
How to use the home loan EMI calculator
- Enter the loan amount, not the property price. Banks usually lend 75–90% of the property value.
- Enter the interest rate offered by your bank.
- Choose the tenure in years.
Example
A ₹30,00,000 home loan at 8.5% for 20 years:
- Monthly EMI = ₹26,035
- Total interest = ₹32,48,327
- Total payment = ₹62,48,327
How tenure changes your home loan
₹30 lakh at 8.5%:
| Tenure | Monthly EMI | Total interest |
|---|---|---|
| 15 years | ₹29,542 | ₹23,17,594 |
| 20 years | ₹26,035 | ₹32,48,327 |
| 25 years | ₹24,157 | ₹42,47,044 |
| 30 years | ₹23,067 | ₹53,04,266 |
Going from 20 to 30 years cuts the EMI by about ₹3,000 but adds over ₹20 lakh in interest. A good middle path is to take a longer tenure for a comfortable EMI, and then prepay whenever you can. See the loan prepayment calculator.
Home loan tax benefits
Under the old tax regime, you can claim:
- Up to ₹2 lakh a year for interest on a self-occupied home.
- Up to ₹1.5 lakh a year for principal repayment, within the 80C limit.
The new regime does not allow these deductions for a self-occupied home. Compare both with the income tax calculator.
Before you apply
- Check how much you can borrow with the home loan eligibility calculator.
- Keep money for the down payment, stamp duty, registration and furnishing, which banks don't finance.
- Most home loans are floating-rate, linked to the RBI repo rate. Your EMI or tenure changes when the rate changes, and there is no prepayment penalty on them.
- Compare the full cost, including processing fees and any insurance the bank adds.
FAQ
What is the EMI for a ₹30 lakh home loan?
At 8.5% for 20 years, the EMI is ₹26,035. For 30 years it drops to ₹23,067, but the total interest rises sharply.
How much home loan can I get on my salary?
Banks usually allow your total EMIs to be about 50% of your take-home pay. The home loan eligibility calculator estimates the amount.
Is a longer home loan tenure better?
It lowers the EMI but increases the total interest. Choose a tenure with an EMI you can manage comfortably, and prepay when you have extra money.
Can I get tax benefits on a home loan in the new regime?
Not for a self-occupied home. The interest and principal deductions are available only in the old regime.