How is EMI calculated?

EMI uses principal, interest rate and tenure with the reducing balance formula. This page also shows total interest and amortization schedule.

Does prepayment reduce EMI or tenure?

In most cases prepayment reduces total interest and can reduce tenure, depending on amount and timing.

Can this be used for other loan types?

Yes. The EMI formula is similar for most reducing-balance loans. Update inputs to match your product details.

Home Loan EMI Calculator India

Loan Details

Loan Amount

₹1L ₹10Cr

Interest Rate (p.a.)

1% 20%

Loan Tenure

Yrs

1 30

Prepayment Amount (Optional)

One-time partial prepayment after 1st year

Monthly EMI

₹43,391

for 20 years

₹50L

Principal Amount

₹54.1L

Total Interest

₹1.04Cr

Total Payment

Payment Breakdown

Compare Loan Scenarios

Current Scenario

Base

Principal ₹50,00,000

Interest Rate 8.5%

Tenure 20 Years

EMI ₹43,391

Total Interest ₹54,13,840

Total Payment ₹1,04,13,840

Shorter Tenure

15 Years

Principal ₹50,00,000

Interest Rate 8.5%

Tenure 15 Years

EMI ₹49,237

Total Interest ₹38,62,640

Total Payment ₹88,62,640

Popular Home Loan Interest Rates (2026)

SBI Home LoanLowest

Starting from

8.40%

HDFC Bank

Starting from

8.50%

ICICI Bank

Starting from

8.50%

Axis Bank

Starting from

8.55%

Kotak Mahindra

Starting from

8.50%

Bank of Baroda

Starting from

8.35%

PNB Housing

Starting from

8.55%

LIC HFL

Starting from

8.65%

Smart Home Loan Tips

Increase EMI annually: Increase your EMI by 5-10% every year to significantly reduce interest burden and loan tenure.
Make partial prepayments: Use bonuses, tax refunds, or windfalls to make partial prepayments. Every rupee helps reduce interest.
Compare processing fees: Don't just look at interest rates. Processing fees (0.5% - 2%) can add up for large loans.
Check for prepayment charges: Most banks don't charge for floating rate home loan prepayments, but verify before signing.
Tax benefits: Claim up to ₹2 lakh deduction on home loan interest (Section 24) and ₹1.5 lakh on principal (Section 80C).

Frequently Asked Questions

How accurate is this EMI estimate?

The estimate is mathematically accurate for entered values. Final lender schedules may vary due to fees, reset clauses, and policy-specific rounding.

Is shorter tenure always better?

Usually yes for total interest saved, if your cash flow supports higher EMI. Compare scenarios to balance affordability and interest cost.

Can I use this for personal or vehicle loans?

Yes, as long as your loan follows reducing-balance EMI math. Enter product-specific principal, rate and tenure.

Home Loan EMI Calculator

Loan Details

Prepayment Savings

Payment Breakdown

Amortization Schedule

Compare Loan Scenarios

Current Scenario

Shorter Tenure

Popular Home Loan Interest Rates (2026)

Smart Home Loan Tips

Frequently Asked Questions

How accurate is this EMI estimate?

Is shorter tenure always better?

Can I use this for personal or vehicle loans?