EMI Calculator
Calculate your monthly EMI for home loans, car loans, or personal loans. See the complete interest breakdown and total repayment amount.
Frequently Asked Questions
How is EMI calculated?
EMI = [P × R × (1+R)^N] / [(1+R)^N - 1], where P = Principal loan amount, R = Monthly interest rate (annual rate ÷ 12 ÷ 100), N = Total number of monthly installments (years × 12).
What is the EMI for a ₹50 lakh home loan?
For ₹50 lakh at 8.5% for 20 years, monthly EMI is approximately ₹43,391. Total interest paid: ~₹54.1 lakhs over the full tenure.
Does prepayment reduce EMI or tenure?
You can choose either. Reducing tenure saves more interest overall. Most banks allow prepayment without penalty on floating-rate home loans (per RBI guidelines).
What are current home loan rates in India?
Home loan rates in 2026 range from 8.25% to 9.5%. SBI, HDFC, and ICICI offer competitive rates for borrowers with CIBIL scores above 750.
Longer or shorter loan tenure — which is better?
Shorter tenure = higher EMI but much less total interest. A ₹50L loan costs ₹19.3L interest over 15 years vs ₹38L over 30 years. Ideal EMI should be 30-40% of monthly income.
Understanding EMI in India (2026)
Equated Monthly Installment (EMI) is the fixed amount you repay each month on a home loan, car loan, personal loan, or education loan. Indian lenders use a reducing-balance method: interest is charged on the outstanding principal, so early EMIs contain more interest and later EMIs contain more principal. RBI-regulated banks and NBFCs must disclose the annual percentage rate (APR) including processing fees — always compare APR, not just the headline interest rate.
Home loan rates in 2026 typically range from 8.25% to 9.5% for salaried borrowers with CIBIL scores above 750. Car loans run 8.5–11% and personal loans 10–18% depending on credit profile. A ₹50 lakh home loan at 8.5% for 20 years produces an EMI of roughly ₹43,400 and total interest of about ₹54 lakhs — use this calculator to model your exact numbers before applying.
EMI formula explained
EMI = [P × R × (1+R)^N] / [(1+R)^N − 1], where P = principal, R = monthly interest rate (annual ÷ 12 ÷ 100), N = tenure in months. This is the same formula used by SBI, HDFC, ICICI, and other major lenders. Our calculator runs entirely in your browser — no data is stored or transmitted.
15-year vs 20-year vs 30-year tenure
Longer tenure lowers EMI but increases total interest dramatically. On a ₹50L loan at 8.5%: 15-year EMI ≈ ₹49,200 (total interest ₹38.5L), 20-year ≈ ₹43,400 (₹54.1L interest), 30-year ≈ ₹38,400 (₹88.2L interest). Financial planners recommend keeping total EMI obligations within 40–50% of net monthly income. If you expect salary growth, a 20-year loan with annual prepayments often beats a 30-year loan on total interest saved.
Prepayment and floating vs fixed rate
Most floating-rate home loans allow partial prepayment without penalty (RBI guidelines). You can choose to reduce tenure (saves more interest) or reduce EMI. Fixed-rate loans may carry prepayment charges — check your loan agreement. Pair this tool with our SIP calculator if you are balancing loan repayment with mutual fund investing.
Tax benefits on home loan EMI
Section 24(b) allows up to ₹2 lakh deduction on home loan interest for self-occupied property (old regime). Section 80C covers principal repayment up to ₹1.5 lakh. First-time buyers may claim additional ₹50,000 under Section 80EEA for affordable housing (conditions apply). Use our income tax calculator to see net benefit after deductions.