Home Loan EMI Calculator
Calculate your monthly home loan EMI, total interest payable, and total repayment amount for any home loan amount, interest rate, and tenure.
- Free to use
- No registration required
- Works on all devices
- Last updated
- 12-09-2026
Your result
₹26,034.70
Monthly EMI
AI explanation
Formula
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1)Worked example
₹30,00,000 home loan at 8.5% for 20 years
| Field | Value |
|---|---|
| Home loan amount | ₹30,00,000 |
| Interest rate (per annum) | 8.5 |
| Loan tenure (months) | 240 |
| Monthly EMI | ₹26,034.70 |
| Total interest payable | ₹32,48,328 |
| Total payment (principal + interest) | ₹62,48,328 |
Assumptions
- Uses the standard reducing-balance (amortizing) EMI formula.
- Assumes a fixed interest rate for the full tenure (does not model floating-rate resets).
- Does not include processing fees, loan insurance, or other lender charges.
Frequently asked questions
How is home loan EMI different from a regular loan EMI?
The formula is identical — the difference is scale and tenure. Home loans typically run 15-30 years and are usually the largest EMI a borrower pays.
Does the interest rate on a home loan change over time?
Many Indian home loans use a floating interest rate linked to an external benchmark (like the repo rate), which can change your EMI or tenure. This calculator assumes a fixed rate for the tenure you enter.
Can I reduce my home loan EMI later?
Yes — part-prepayment, a balance transfer to a lower-rate lender, or extending the tenure can each reduce your EMI, though prepayment and transfer may involve lender charges.
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Sources
- Reserve Bank of India — Fair Practices Code for Lenders — Reserve Bank of India. Effective 01-05-2015, checked 12-09-2026.
This calculator provides an estimate based on the standard reducing-balance formula and does not include processing fees, insurance, or other lender-specific charges. Actual home loan EMI offered by a bank or NBFC may differ.
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