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Tip Paying one extra EMI every year saves ₹19.6K in interest and closes the loan 8 months earlier.
Monthly EMI
₹ 1,16,625
Total interest
₹ 39,94,943
Total payment
₹ 1,39,94,943
Tip Paying one extra EMI every year saves ₹4.19L in interest and closes the loan 12 months earlier.
Reducing-balance method. Final EMI may differ slightly due to rounding.
Your EMI explained in simple language.
Monthly EMI
₹ 1,16,625
Total Interest
₹ 39,94,943
Total Repayment
₹ 1,39,94,943
Interest Share
28.5%
A home loan EMI calculator helps you estimate how much you need to pay every month towards your home loan. You just need to enter the loan amount, interest rate and repayment period. Each EMI includes both principal and interest, with a larger share going towards interest in the initial years and more towards the principal as you continue repaying the loan.
The calculator also gives you an estimate of the total interest you’ll pay and a breakdown of your monthly repayments. This can help you:
Home loan EMI is calculated using this formula:
EMI = P × r × (1 + r)ⁿ ÷ [(1 + r)ⁿ – 1]
Where:
Example: Suppose you borrow Rs. 30 lakh at an annual interest rate of 7.50% for 20 years.
Using the formula, your monthly EMI would be approximately Rs. 24,168.
Monthly EMI at 7.50% p.a.:
| Loan amount | 10 years | 15 years | 20 years | 25 years | 30 years |
|---|---|---|---|---|---|
| Rs. 10 lakh | Rs. 11,870 | Rs. 9,270 | Rs. 8,056 | Rs. 7,390 | Rs. 6,992 |
| Rs. 20 lakh | Rs. 23,740 | Rs. 18,540 | Rs. 16,112 | Rs. 14,780 | Rs. 13,984 |
| Rs. 25 lakh | Rs. 29,675 | Rs. 23,175 | Rs. 20,140 | Rs. 18,475 | Rs. 17,480 |
| Rs. 30 lakh | Rs. 35,611 | Rs. 27,810 | Rs. 24,168 | Rs. 22,170 | Rs. 20,976 |
| Rs. 40 lakh | Rs. 47,481 | Rs. 37,080 | Rs. 32,224 | Rs. 29,560 | Rs. 27,969 |
| Rs. 50 lakh | Rs. 59,351 | Rs. 46,351 | Rs. 40,280 | Rs. 36,950 | Rs. 34,961 |
| Rs. 60 lakh | Rs. 71,221 | Rs. 55,621 | Rs. 48,336 | Rs. 44,339 | Rs. 41,953 |
| Rs. 75 lakh | Rs. 89,026 | Rs. 69,526 | Rs. 60,419 | Rs. 55,424 | Rs. 52,441 |
| Rs. 1 crore | Rs. 1,18,702 | Rs. 92,701 | Rs. 80,559 | Rs. 73,899 | Rs. 69,921 |
A longer repayment period reduces your monthly EMI but increases the total interest you pay. For example, consider a Rs. 30 lakh home loan at an annual interest rate of 7.50%:
| Tenure | Monthly EMI | Total interest | Total payment |
|---|---|---|---|
| 10 years | Rs. 35,611 | Rs. 12,73,264 | Rs. 42,73,264 |
| 15 years | Rs. 27,810 | Rs. 20,05,867 | Rs. 50,05,867 |
| 20 years | Rs. 24,168 | Rs. 28,00,271 | Rs. 58,00,271 |
| 25 years | Rs. 22,170 | Rs. 36,50,921 | Rs. 66,50,921 |
| 30 years | Rs. 20,976 | Rs. 45,51,517 | Rs. 75,51,571 |
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Making a part-prepayment on your home loan reduces the outstanding principal, which can lower the total interest you pay over time. RBI rules generally prohibit prepayment charges on floating-rate home loans taken by individuals.
Example: Suppose you take a Rs. 50 lakh home loan at 7.50% interest for 20 years, with a monthly EMI of around Rs. 40,280. After three years, your outstanding loan balance would be approximately Rs. 46.4 lakh. If you make an extra payment of Rs. 5 lakh, your outstanding principal will reduce further. This can help you save on interest and potentially repay the loan sooner.
| Option | Result |
|---|---|
| Keep the EMI, reduce the tenure | Loan closes about 3 years 3 months earlier; total interest saved about Rs. 10.8 lakh |
| Keep the tenure, reduce the EMI | EMI falls from Rs. 40,280 to about Rs. 35,936 (–Rs. 4,344 a month) |
A home loan repayment schedule shows how each monthly EMI is divided between principal and interest, along with the remaining loan balance after every payment.
For example, on a Rs. 50 lakh home loan at 7.50% interest for 20 years, the first EMI of around Rs. 40,280 includes Rs. 31,250 in interest and Rs. 9,030 towards the principal. Over time, the interest portion decreases while the principal portion increases. This is why making extra repayments in the early years can help reduce the total interest you pay.
The repayment schedule also helps you:
Lenders generally prefer that your total monthly loan payments do not exceed around 50% of your take-home income. This is known as the Fixed Obligations to Income Ratio (FOIR).
In addition, they also check if the loan amount fits within their limit of 50 to 60 times the monthly take-home salary.
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You can calculate your home loan EMI using the formula EMI = P × r × (1 + r)ⁿ ÷ [(1 + r)ⁿ – 1]. Here, P is the loan amount, r is the monthly interest rate, and n is the loan tenure in months.
At an annual interest rate of 7.50%, the EMI for a Rs. 30 lakh home loan is approximately Rs. 35,611 for 10 years, Rs. 24,168 for 20 years and Rs. 20,976 for 30 years.
At 7.50% annual interest, a Rs. 50 lakh home loan has an EMI of approximately Rs. 46,351 for 15 years, Rs. 40,280 for 20 years and Rs. 34,961 for 30 years.
At an annual interest rate of 7.50%, the EMI for a Rs. 1 crore home loan is approximately Rs. 80,559 for 20 years and Rs. 69,921 for 30 years.
At 7.50% annual interest, the EMI for a Rs. 20 lakh home loan is approximately Rs. 40,076 for 5 years, Rs. 23,740 for 10 years and Rs. 16,112 for 20 years.
At 7.50% annual interest, the EMI for every Rs. 1 lakh borrowed is approximately Rs. 806 over 20 years, Rs. 1,187 over 10 years.
For a Rs. 30 lakh home loan at 7.50% interest over 20 years, the monthly EMI is approximately Rs. 24,168. If the lender allows total EMIs of up to 50% of your net monthly income, you would need a take-home salary of around Rs. 48,500 per month, assuming you have no other EMIs. The actual eligibility depends on the lender's criteria and your financial profile.
Regular EMIs generally begin after the loan is fully disbursed, usually from the following month. For under-construction properties where the loan is released in stages, you may pay pre-EMI, which covers interest on the amount disbursed so far, until the remaining loan is released. Some lenders may allow you to start paying full EMIs earlier.
A regular EMI includes both principal and interest, helping you repay the loan over time. Pre-EMI covers only the interest on the amount disbursed by the lender and is commonly paid during the construction phase. Since pre-EMI does not repay the principal, your outstanding loan balance does not decrease through these payments.
You can reduce your EMI by comparing lenders for lower interest rates, maintaining a good credit score, making a larger down payment or making part-prepayments. Transferring your outstanding loan to a lender offering better terms may also help. Choosing a longer tenure lowers your monthly EMI but increases the total interest paid.
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