Home loans in India run up to 30 years, with rates linked to the RBI repo rate (EBLR). Under the old tax regime you can deduct up to ₹2 lakh of interest a year (Section 24b) and ₹1.5 lakh of principal (80C).
How to use the Home Loan EMI Calculator
- Loan amount
- Interest rate (p.a.)
- Loan tenure
- Processing fee
Results update as you type, and every field accepts the units shown in its menu.
How it works
Enter the loan amount, interest rate, tenure (years or months) and processing fee.
Tips
- Figures use the latest published rates; government scheme rates are revised every quarter.
- Choose between the old and new tax regimes carefully – deductions only count in the old regime.
- Keep proofs of investments and rent for your employer and the tax return.
- Use the official portal of each scheme for exact maturity values.
Common mistakes to avoid
- Assuming scheme interest rates are fixed for the whole term.
- Forgetting tax on interest from fixed and recurring deposits.
- Missing the yearly minimum deposit on PPF or Sukanya Samriddhi accounts.
Inputs explained
| Field | What to enter |
|---|---|
| Loan amount | Amount in ₹ |
| Interest rate (p.a.) | In % |
| Loan tenure | Units: years, months |
| Processing fee | In % |
What each result means
- Monthly EMI = pmt([Interest rate (p.a.)]÷1200, [Loan tenure], [Loan amount])
- Total interest payable = [Monthly EMI]×[Loan tenure] – [Loan amount]
- Total payment (principal + interest) = [Monthly EMI]×[Loan tenure]
- Processing fee (+18% GST) = [Loan amount]×[Processing fee]÷100×1.18
- Interest as a share of the total payment = [Total interest payable]÷[Total payment (principal + interest)]×100
- Effective annual rate including the fee = rate([Loan tenure], 0 – [Monthly EMI], [Loan amount] – [Processing fee (+18% GST)])×1200
Example values
How the main result changes when Loan amount changes and everything else stays at the example values above:
| Loan amount | Monthly EMI |
|---|---|
| 2,500,000 | 21,695.58 |
| 3,750,000 | 32,543.37 |
| 5,000,000 | 43,391.16 |
| 6,250,000 | 54,238.95 |
| 7,500,000 | 65,086.74 |
| 10,000,000 | 86,782.32 |
Formula
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), r = annual rate ÷ 12 ÷ 100, n = monthsTotal interest = EMI × n − PWorked example
Inputs — Loan amount: ₹5,000,000; Interest rate (p.a.): 8.5 %; Loan tenure: 20 years; Processing fee: 0.5 %.
Results — Monthly EMI = ₹43,391.16; Total interest payable = ₹5,413,878.80; Total payment (principal + interest) = ₹10,413,878.80; Processing fee (+18% GST) = ₹29,500.00; Interest as a share of the total payment = 51.99 %; Effective annual rate including the fee = 8.58 %.
Frequently asked questions
What is the EMI for a ₹50 lakh home loan?
About ₹43,400 a month at 8.5% for 20 years.
How can I reduce my home loan EMI?
Make part-prepayments, choose a longer tenure or negotiate a lower rate.
What tax benefits do home loans have?
Interest up to ₹2 lakh (24b) and principal up to ₹1.5 lakh (80C) under the old regime.
What formula does the Home Loan EMI Calculator use?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), r = annual rate ÷ 12 ÷ 100, n = months.