Your loan
Add prepayment (optional)
Add lender charges (optional)
Your sanction letter lists the fees and any taxes on them. Leave these at 0 to ignore them.
- Principal -
- Interest -
Year-wise repayment schedule
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How to use this EMI calculator
- Enter the loan amount you plan to borrow.
- Enter the interest rate your bank has offered (or your best estimate).
- Choose the loan tenure in years.
- Optionally open "Add prepayment" to see how extra payments reduce your interest and tenure.
How the EMI is calculated
The EMI (equated monthly instalment) is a fixed monthly payment that covers interest and part of the principal. It uses this standard formula:
Here P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments. For example, a loan of ₹50,00,000 at 8.5% for 20 years has an EMI of about ₹43,391.
Fees, charges and taxes
The EMI formula covers principal and interest only. Lenders may also charge processing fees, insurance, valuation, legal or documentation fees and other charges, and taxes can apply on some of these. Your sanction letter lists them. Open "Add lender charges" in the calculator to include whatever your lender quotes and see the total cost of the loan.
Monthly EMI for a 20-year home loan
| Loan amount | 8% | 8.5% | 9% |
|---|---|---|---|
| ₹25,00,000 | ₹20,911 | ₹21,696 | ₹22,493 |
| ₹50,00,000 | ₹41,822 | ₹43,391 | ₹44,986 |
| ₹75,00,000 | ₹62,733 | ₹65,087 | ₹67,479 |
| ₹1,00,00,000 | ₹83,644 | ₹86,782 | ₹89,973 |
Ways to reduce the interest you pay
- Choose the shortest tenure your monthly budget can comfortably handle.
- Make part-prepayments early, when most of each EMI is still interest.
- Compare interest rates, processing fees and other charges across lenders.
- Keep your total EMIs at a level that leaves room for other expenses and rate changes.
Frequently asked questions
Does the EMI include fees, insurance or taxes?
No. The EMI covers principal and interest only. Processing and other fees, insurance and any taxes on them are separate, and your lender lists them in the sanction letter. Use "Add lender charges" in the calculator to see the total cost.
What is an EMI?
EMI stands for equated monthly instalment. It is the fixed amount you pay your lender every month, made up of interest and a part of the principal. In the early years most of each EMI goes towards interest, and the principal share grows over time.
How can I reduce the total interest on my home loan?
Choose a shorter tenure if your budget allows, make part-prepayments (especially in the early years) and compare rates and fees across lenders. Even a modest extra payment each month can shorten the loan noticeably. Try it in the calculator above.
Does prepayment reduce my EMI or my tenure?
It depends on the lender and the option you choose. Keeping the EMI the same and reducing the tenure usually saves more interest. Prepayment terms differ between lenders and loan types, so please check your loan agreement.
What happens to my EMI if interest rates change?
On a floating-rate loan the lender may change your EMI or your tenure when its benchmark rate changes. Ask your lender how they handle this and what options you have.
How much EMI is comfortable?
There is no single rule. Lenders set their own limits, and a lower EMI share leaves a cushion for other expenses and rate changes.