Home Loan EMI Calculator (2026) – All Banks, Free & Instant
Home Loan Rates Starting from 8.40% p.a. (2026)
Home Loan EMI Calculator
Loan Amount ₹30,00,000
Interest Rate (% p.a.) 8.75%
Loan Tenure (Years) 20 Years
Your Monthly EMI
₹26,337
Principal Amount
₹30,00,000
Total Interest Payable
₹33,20,880
Total Amount Payable
₹63,20,880
You pay ₹111 interest per ₹100 borrowed over 20 years. A higher down payment reduces total interest significantly.
Principal vs Interest Breakdown
Principal
Interest
Year-wise EMI Breakdown – Amortization Schedule
| Year | Opening Balance | Principal Paid | Interest Paid | Closing Balance | P vs I Split |
|---|
How to Use Home Loan EMI Calculator
The Home Loan EMI Calculator on CalculatorHubSite helps you calculate your exact monthly housing loan EMI for any bank — SBI, HDFC, ICICI, Axis, Kotak, PNB, Bank of Baroda, Canara Bank or any other lender. Enter 3 values and get instant results:
- Loan Amount — amount you want to borrow (₹1 lakh to ₹1 crore)
- Interest Rate — home loan rates start from 8.40% p.a. in 2026
- Loan Tenure — choose 1 to 30 years based on your budget
Home Loan EMI Formula
EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]
P = Principal Loan Amount
R = Monthly Interest Rate = Annual Rate ÷ 12 ÷ 100
N = Loan Tenure in Months
Example: ₹30,00,000 at 8.75% for 20 years:
R = 8.75 ÷ 12 ÷ 100 = 0.007292, N = 240
EMI = [30,00,000 × 0.007292 × (1.007292)^240] / [(1.007292)^240 – 1] = ₹26,337/month
P = Principal Loan Amount
R = Monthly Interest Rate = Annual Rate ÷ 12 ÷ 100
N = Loan Tenure in Months
Example: ₹30,00,000 at 8.75% for 20 years:
R = 8.75 ÷ 12 ÷ 100 = 0.007292, N = 240
EMI = [30,00,000 × 0.007292 × (1.007292)^240] / [(1.007292)^240 – 1] = ₹26,337/month
Understanding Your Results
- Monthly EMI — fixed amount paid every month throughout tenure
- Total Interest — total interest cost over entire loan period
- Amortization Table — year-by-year breakdown showing how much principal vs interest you pay each year
- Donut Chart — visual split of principal vs interest in total payment
Home Loan Interest Rates – All Banks Comparison 2026
Compare current home loan interest rates from all major banks in India. All banks below have their personal loan EMI calculators on CalculatorHubSite:
| Bank Name | Interest Rate (p.a.) | Processing Fee | Max Tenure | EMI Calculator |
|---|---|---|---|---|
| Bank of Baroda | 8.40% – 10.65% | 0.25% – 0.50% | 30 Years | BOB EMI |
| SBI Bank | 8.50% – 10.05% | 0.35% (min ₹2,000) | 30 Years | SBI EMI |
| PNB Bank | 8.50% – 10.25% | 0.35% | 30 Years | PNB EMI |
| Canara Bank | 8.50% – 11.25% | 0.50% | 30 Years | Canara EMI |
| Union Bank | 8.50% – 10.75% | 0.50% | 30 Years | Union EMI |
| HDFC Bank | 8.75% – 9.65% | 0.50% – 1% | 30 Years | HDFC EMI |
| ICICI Bank | 8.75% – 9.80% | 0.50% – 1% | 30 Years | ICICI EMI |
| Axis Bank | 8.75% – 9.65% | 1% | 30 Years | Axis EMI |
| Kotak Bank | 8.75% – 9.50% | 0.50% | 25 Years | Kotak EMI |
| IndusInd Bank | 8.75% – 10.50% | 1% – 2% | 30 Years | IndusInd EMI |
| Federal Bank | 8.80% – 10.20% | 0.50% | 30 Years | Federal EMI |
| Yes Bank | 9.00% – 10.50% | 1% – 2% | 30 Years | Yes Bank EMI |
*Rates are indicative for April 2026. Actual rates depend on credit score, income, property type, and lender policies.
Home Loan EMI Examples – Quick Reference 2026
Use this ready reference table to instantly check EMI for common home loan amounts at 8.75% interest rate:
| Loan Amount | 10 Years EMI | 15 Years EMI | 20 Years EMI | 25 Years EMI | 30 Years EMI |
|---|---|---|---|---|---|
| ₹10,00,000 | ₹12,539 | ₹9,928 | ₹8,779 | ₹8,179 | ₹7,869 |
| ₹20,00,000 | ₹25,077 | ₹19,856 | ₹17,558 | ₹16,358 | ₹15,738 |
| ₹30,00,000 | ₹37,616 | ₹29,784 | ₹26,337 | ₹24,537 | ₹23,606 |
| ₹50,00,000 | ₹62,693 | ₹49,640 | ₹43,895 | ₹40,895 | ₹39,344 |
| ₹75,00,000 | ₹94,040 | ₹74,460 | ₹65,843 | ₹61,342 | ₹59,016 |
| ₹1,00,00,000 | ₹1,25,386 | ₹99,280 | ₹87,791 | ₹81,790 | ₹78,688 |
*EMI calculated at 8.75% p.a. Adjust rate in calculator above for your bank’s actual rate.
Home Loan Eligibility Criteria & Documents Required
For Salaried Employees
- Age: 21 to 65 years
- Minimum salary: ₹25,000/month
- Employment: Minimum 2 years
- Credit score: 700+ (750+ for best rates)
- LTV: Up to 80-90% of property value
For Self-Employed
- Age: 21 to 70 years
- Business vintage: Min 3 years
- ITR: Last 3 years required
- Credit score: 720+ preferred
- Stable income proof required
Documents Required for Home Loan
| Category | Documents |
|---|---|
| Identity Proof | PAN Card, Aadhaar Card, Passport, Voter ID |
| Address Proof | Aadhaar, Utility bills, Rent agreement |
| Income Proof | Salary slips (3 months), Form 16, ITR (2 years) |
| Bank Statements | Last 6-12 months bank statements |
| Property Documents | Sale deed, approved building plan, NOC from builder |
| Other | 2 passport photos, processing fee cheque |
Home Loan Tax Benefits in India 2026
Home loan borrowers can save significantly on income tax. Here are all applicable tax benefits under the old tax regime:
| Section | Benefit Type | Max Deduction | Applicable For |
|---|---|---|---|
| Section 80C | Principal repayment deduction | ₹1,50,000/year | Self-occupied & let-out property |
| Section 24(b) | Interest paid deduction | ₹2,00,000/year | Self-occupied property only |
| Section 80EE | First-time buyer extra benefit | ₹50,000/year | Loan ≤₹35L, Property ≤₹50L |
| Section 80EEA | Affordable housing benefit | ₹1,50,000/year | Stamp duty value ≤₹45 lakhs |
Total maximum tax benefit possible: ₹5,50,000/year for eligible first-time buyers under old tax regime.
*These benefits are available under old tax regime only. Under new tax regime, home loan tax deductions are not available. Consult a tax advisor for your specific situation.
Tips to Reduce Your Home Loan EMI
- Higher down payment — pay 30-40% down instead of minimum to reduce loan amount and EMI
- Improve credit score — CIBIL score 750+ gets best interest rates, reducing EMI significantly
- Compare all banks — even 0.25% rate difference saves lakhs over 20 years; use our EMI calculator to compare
- Choose floating rate — floating rate loans benefit when RBI reduces repo rate
- Balance transfer — if rates drop, transfer your loan to a lower rate bank after 12 months
- Part prepayment — even small yearly prepayments reduce principal and total interest significantly
- Joint home loan — adding co-applicant (spouse) increases eligibility and both can claim tax benefits
Frequently Asked Questions – Home Loan EMI
How to calculate home loan EMI?
Use the formula: EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]. Or use our free home loan EMI calculator above — enter loan amount, interest rate, and tenure to get your monthly EMI with complete amortization schedule instantly.
What is the current home loan interest rate in 2026?
Home loan rates in 2026 start from 8.40% p.a. Bank of Baroda offers the lowest starting rate at 8.40%. SBI, PNB, and Canara Bank offer from 8.50%. Private banks like HDFC, ICICI, and Axis Bank start from 8.75%. Your actual rate depends on your CIBIL score and income.
What is EMI for ₹20 lakh home loan for 20 years?
For ₹20 lakh home loan at 8.75% for 20 years: monthly EMI = ₹17,558. Total interest paid = ₹22,14,000. Total amount payable = ₹42,14,000. Use calculator above to check with your exact rate.
What is EMI for ₹50 lakh home loan for 20 years?
For ₹50 lakh home loan at 8.75% for 20 years: monthly EMI = ₹43,895. Total interest paid = ₹55,34,800. Total amount payable = ₹1,05,34,800 over 20 years.
Should I choose 20 or 30 years home loan tenure?
20 years: higher EMI (₹26,337 for ₹30L) but lower total interest (₹33.2 lakhs). 30 years: lower EMI (₹23,606) but much higher total interest (₹54.98 lakhs). Choose shortest tenure your budget can comfortably handle. Use our amortization table to compare both options.
Can I claim tax benefit on home loan?
Yes under old tax regime. Section 80C: principal repayment up to ₹1.5 lakhs/year. Section 24(b): interest paid up to ₹2 lakhs/year for self-occupied property. First-time buyers get extra ₹50,000 under Section 80EE. Total potential saving: up to ₹5.5 lakhs/year.
Which bank gives the lowest home loan interest rate in 2026?
Bank of Baroda offers the lowest starting rate at 8.40% p.a. in 2026, followed by SBI at 8.50%. However, your actual rate depends on credit score — a CIBIL score of 750+ gets best rates from any bank. Compare using the table above.