Home Loan / Mortgage Calculator India
Calculate your EMI, total interest, and full amortization schedule instantly.
Enter your loan amount, interest rate, and tenure to get your monthly EMI plus a year-by-year repayment breakdown. Works for SBI, HDFC, ICICI, LIC Housing Finance, and all Indian banks.
Home Loan EMI Calculator
Amortization Schedule (Year-wise)
| Year | Principal Paid | Interest Paid | Balance |
|---|
What is a Mortgage / Home Loan?
A home loan (also called a mortgage) is a secured loan taken from a bank or housing finance company to buy, construct, or renovate a residential property. The property itself serves as collateral. In India, home loans are governed by RBI guidelines and are offered by banks like SBI, HDFC Bank, ICICI Bank, Axis Bank, and housing finance companies like LIC HFL and PNB Housing.
The borrower repays the loan through equated monthly instalments (EMIs) over a tenure of up to 30 years. Each EMI has two components — principal repayment and interest. In the early years of the loan, a larger share of the EMI goes toward interest; over time, the principal component increases. This is known as amortization.
How to Use This Calculator
- Loan Amount: Enter the total loan amount you need in rupees (e.g. 5000000 for ₹50 lakh).
- Annual Interest Rate: Enter the rate your bank has offered (e.g. 8.75%). Check your sanction letter or bank website for the current rate.
- Loan Tenure: Enter the repayment period in years (1–30). A longer tenure lowers your EMI but increases total interest paid.
- Property Value: Enter the property's market value. The calculator will automatically compute your LTV ratio and required down payment.
- Results appear instantly — EMI, total interest, amortization table, and an LTV summary.
EMI Formula
The standard EMI formula used by all Indian banks is:
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 instalments = Tenure in years × 12
For example, for a ₹50 lakh loan at 8.75% p.a. for 20 years: r = 8.75/12/100 = 0.007292, n = 240, EMI ≈ ₹44,089.
Common EMI Reference Table
Monthly EMI for popular loan amounts at 8.75% p.a.:
| Loan Amount | 10 Years | 15 Years | 20 Years | 30 Years |
|---|---|---|---|---|
| ₹20 lakh | ₹24,868 | ₹20,016 | ₹17,636 | ₹15,726 |
| ₹30 lakh | ₹37,302 | ₹30,024 | ₹26,453 | ₹23,589 |
| ₹50 lakh | ₹62,170 | ₹50,040 | ₹44,089 | ₹39,315 |
| ₹75 lakh | ₹93,255 | ₹75,060 | ₹66,134 | ₹58,972 |
| ₹1 crore | ₹1,24,340 | ₹1,00,080 | ₹88,179 | ₹78,630 |
Worked Examples
Example 1: First-time buyer — ₹40 lakh at 9% for 20 years
Monthly interest rate r = 9/12/100 = 0.0075. Months n = 240. EMI = 40,00,000 × 0.0075 × (1.0075)^240 / [(1.0075)^240 − 1] ≈ ₹35,989. Total payment = ₹86.37 lakh. Total interest = ₹46.37 lakh (115.9% of principal).
Example 2: Upgrading home — ₹80 lakh at 8.5% for 15 years
r = 0.007083, n = 180. EMI ≈ ₹78,738. Total payment = ₹1,41.73 lakh. Total interest = ₹61.73 lakh. Shortening the tenure to 15 years saves 5 years of interest versus a 20-year loan.
Example 3: Impact of prepayment
On a ₹50 lakh, 20-year loan at 8.75%, paying one extra EMI (₹44,089) each year reduces the total tenure by about 3.5 years and saves approximately ₹8–10 lakh in interest.
Tips to Reduce Your Home Loan Cost
- Improve your CIBIL score: A score above 750 typically qualifies you for the lowest available interest rates.
- Make a larger down payment: Paying more upfront reduces your principal, which reduces both your EMI and total interest.
- Choose a shorter tenure: A 15-year loan costs significantly less total interest than a 20-year loan, even though the EMI is higher.
- Prepay whenever possible: Use bonuses, tax refunds, or any windfall to make lump-sum prepayments early in the loan — this saves the most interest.
- Compare lenders: Even a 0.25% rate difference can save lakhs over 20 years. Always compare SBI, HDFC, ICICI, and LIC HFL before choosing.
- Consider balance transfer: If rates drop significantly after you take the loan, refinancing to a cheaper lender can save money despite the processing fee.
Frequently Asked Questions
The EMI for a ₹50 lakh home loan at 8.75% annual interest for 20 years is approximately ₹44,089 per month. Total payment over 20 years = ₹1,05,81,360, of which ₹55,81,360 is interest.
LTV (Loan-to-Value) is the ratio of loan amount to property value. RBI guidelines allow maximum 90% LTV for loans up to ₹30 lakh, 80% for ₹30–75 lakh, and 75% for loans above ₹75 lakh. A higher down payment means a lower LTV and often better loan terms.
Yes — you can make prepayments to reduce principal faster, request a longer tenure (reduces EMI but increases total interest), or refinance to a lower interest rate. Even annual prepayment of one extra EMI can reduce your loan tenure by 3–4 years.
Home loan rates vary by lender and your credit profile. As of 2025-26, major lenders like SBI, HDFC, and LIC Housing Finance typically offer rates starting around 8.5%–9% p.a. for salaried borrowers with a good CIBIL score. Always compare multiple lenders before choosing.
Most banks in India offer home loans for up to 30 years. The actual tenure approved depends on your age (loan must end before retirement, typically 60–65 years), income, and the lender's policy.
Yes. Under Section 24(b) of the Income Tax Act, you can claim a deduction of up to ₹2 lakh per year on home loan interest for a self-occupied property under the old tax regime. Under the new tax regime, this deduction is not available.
Prepayment reduces your outstanding principal, which reduces the total interest payable. Making even one extra EMI per year can reduce your loan tenure by 2–4 years and save lakhs in interest. Most banks allow prepayment without penalty on floating-rate home loans as per RBI guidelines.