Home Loan EMI Calculator: Monthly EMI, Total Interest & Schedule
A home loan is the biggest EMI most families ever take on. See exactly what you will pay every month, how much of it is interest, and how tenure changes the total cost.
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How Home Loan EMI Is Calculated
Banks and housing finance companies in India use the reducing-balance method: each EMI pays the month's interest on the outstanding balance, and the rest reduces the principal.
P = loan amount · r = annual rate ÷ 12 ÷ 100 · n = tenure in months
Example: ₹50 lakh at 8.5% for 20 years gives an EMI of ₹43,391. Over 240 months you repay ₹1,04,13,879 — that is ₹54,13,879 of interest on top of the ₹50 lakh borrowed.
EMI for Common Home Loan Amounts
EMI per month at 8.5% interest:
| Loan amount | 15 years | 20 years | 25 years | 30 years |
|---|---|---|---|---|
| ₹20,00,000 | ₹19,695 | ₹17,356 | ₹16,105 | ₹15,378 |
| ₹30,00,000 | ₹29,542 | ₹26,035 | ₹24,157 | ₹23,067 |
| ₹50,00,000 | ₹49,237 | ₹43,391 | ₹40,261 | ₹38,446 |
| ₹75,00,000 | ₹73,855 | ₹65,087 | ₹60,392 | ₹57,669 |
| ₹1,00,00,000 | ₹98,474 | ₹86,782 | ₹80,523 | ₹76,891 |
Stretching ₹50 lakh from 20 to 30 years cuts the EMI by about ₹4,945 a month, but adds roughly ₹34,26,564 in extra interest.
Ways to Pay Less Interest
- Prepay early. Interest is front-loaded — in the first years most of the EMI is interest. A part-prepayment in years 1–5 saves far more than the same amount in year 15. Floating-rate home loans to individuals carry no prepayment penalty.
- Choose shorter tenure if the EMI fits. Keep the EMI under about 40% of take-home pay, and pick the shortest tenure within that.
- Increase the EMI with each raise. Raising the EMI by 5% a year can close a 20-year loan in roughly 12–13 years.
- Watch the repo rate. Most new home loans are linked to the RBI repo rate. When it falls, ask your lender to reduce the rate rather than the EMI to save more interest.
Tax Benefits on a Home Loan
Under the old tax regime, interest up to ₹2 lakh a year on a self-occupied house is deductible under Section 24(b), and principal repayment counts towards the ₹1.5 lakh Section 80C limit. The new regime does not allow these deductions for a self-occupied home. Use our income tax calculator to compare both regimes.
Popular Variations
Frequently Asked Questions
What is the EMI for a ₹30 lakh home loan for 20 years?
At 8.5% the EMI is about ₹26,035 a month. At 9% it rises to about ₹26,992.
Is it better to reduce EMI or tenure after a prepayment?
Reducing the tenure saves much more interest, because the loan ends sooner. Reduce the EMI only if you need the monthly cash flow.
How much home loan can I get on my salary?
Most lenders cap total EMIs at 40–50% of your net monthly income. At 8.5% for 20 years, every ₹10,000 of EMI supports roughly ₹11.5 lakh of loan.
Does the EMI change when the repo rate changes?
For floating-rate loans linked to the repo rate, the interest rate resets at your reset date. Lenders usually keep the EMI the same and change the tenure unless you ask otherwise.