Home Loan EMI Calculator
Calculate your home loan EMI with current bank rates and get a full amortization schedule.
Monthly EMI
₹42,603.28
Total Payment
₹1.02 Cr
Total Interest
₹52.25 L
Principal
48.9%
Interest
51.1%
Total EMIs
240
Loan closes
Apr 2046
Break-even
N/A
Interest : Principal
51.1% : 48.9%
Outstanding balance at any month
About Home Loan EMI Calculator
Home loans in India range from 8.25%–10% depending on your credit score, income, and lender. Banks use RLLR (Repo Linked Lending Rate) to price floating rate home loans - when RBI cuts the repo rate, your EMI or tenure adjusts within 1–3 months. Borrowers with a CIBIL score of 750+ and stable salaried income consistently get the best rates. Comparing just 2–3 lenders before finalizing can save you 5–10 lakh over a 20-year loan.
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Frequently Asked Questions
What is the current home loan interest rate in India?▾
Most banks offer home loans between 8.25%–9.5% for salaried borrowers with a 750+ CIBIL score. Rates vary based on loan amount, tenure, and credit profile. Always compare at least 3 lenders - a 0.25% rate difference on a 50L loan saves over 2 lakh in total interest.
How much home loan can I get on a 1 lakh monthly salary?▾
With 1 lakh net take-home salary and no existing EMIs, most banks will approve 45–55 lakh for a 20-year tenure (keeping EMI within 45–50% of income). Adding a co-applicant's income can increase eligibility significantly.
Is it better to take a shorter or longer home loan tenure?▾
Shorter tenure means higher EMI but far less interest paid overall. A 50L loan at 8.5% for 15 years costs 36L in interest vs 65L for 25 years. Choose the shortest tenure your budget can support while keeping EMI within 35–40% of take-home salary.
What is the effect of RBI rate cuts on my home loan EMI?▾
If you have a floating rate loan linked to the repo rate (RLLR), a 0.25% rate cut reduces your EMI by roughly 200–400 per lakh borrowed depending on tenure. Most banks reduce tenure first; ask your bank to reduce the EMI instead if that suits you better.
What documents are needed for a home loan?▾
Identity proof (Aadhaar, PAN), address proof, last 3 months salary slips, Form 16 or 2 years ITR, last 6 months bank statements, and property documents (sale agreement, title deed, approved building plan). Self-employed borrowers need 2–3 years audited financials.
Can I claim tax benefit on home loan EMI?▾
Yes, under the old tax regime: principal repayment up to 1.5L/year under Section 80C, and interest up to 2L/year under Section 24(b). For a first home, additional 1.5L interest deduction is available under Section 80EEA if loan was sanctioned before March 2022. These deductions are not available under the new tax regime.