Home Loan EMI Calculator (2026) – Free Housing Loan Calculator
🏠 Home Loan Rates Starting from 8.50% 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. Consider higher down payment to reduce loan amount.
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 instantly for any bank — SBI, HDFC, ICICI, Axis, Kotak or any other lender. Simply enter 3 values:
- Loan Amount — the amount you want to borrow (₹1 lakh to ₹1 crore)
- Interest Rate — home loan rates start from 8.50% p.a. in 2026
- Loan Tenure — 1 year to 30 years
Home Loan EMI Formula
EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]
P = Principal Loan Amount | R = Monthly Rate (Annual Rate ÷ 12 ÷ 100) | N = Tenure in Months
Example: ₹30,00,000 at 8.75% for 20 years:
R = 8.75 ÷ 12 ÷ 100 = 0.007292, N = 240
EMI = ₹26,337/month
P = Principal Loan Amount | R = Monthly Rate (Annual Rate ÷ 12 ÷ 100) | N = Tenure in Months
Example: ₹30,00,000 at 8.75% for 20 years:
R = 8.75 ÷ 12 ÷ 100 = 0.007292, N = 240
EMI = ₹26,337/month
What Does the Result Show?
- Monthly EMI — amount you pay every month
- Principal Amount — actual loan amount borrowed
- Total Interest — total interest paid over entire tenure
- Total Payment — principal + interest combined
- Amortization Table — year-by-year breakdown of payments
Home Loan Interest Rates – All Banks 2026
Compare home loan interest rates from all major banks in India for 2026. Click on any bank name to use their specific EMI calculator:
| Bank | Interest Rate (p.a.) | Max Tenure | Max Loan Amount |
|---|---|---|---|
| SBI Bank | 8.50% – 10.05% | 30 Years | No upper limit |
| HDFC Bank | 8.75% – 9.65% | 30 Years | No upper limit |
| ICICI Bank | 8.75% – 9.80% | 30 Years | No upper limit |
| Axis Bank | 8.75% – 9.65% | 30 Years | No upper limit |
| Kotak Bank | 8.75% – 9.50% | 25 Years | No upper limit |
| PNB Bank | 8.50% – 10.25% | 30 Years | No upper limit |
| Canara Bank | 8.50% – 11.25% | 30 Years | No upper limit |
| Bank of Baroda | 8.40% – 10.65% | 30 Years | No upper limit |
*Rates are indicative. Actual rates depend on credit score, income, and property type.
Home Loan EMI Examples – 2026
Quick reference EMI table for common home loan amounts at different interest rates and tenures:
| Loan Amount | Rate | 10 Years EMI | 20 Years EMI | 30 Years EMI |
|---|---|---|---|---|
| ₹10,00,000 | 8.75% | ₹12,539 | ₹8,779 | ₹7,869 |
| ₹20,00,000 | 8.75% | ₹25,077 | ₹17,558 | ₹15,738 |
| ₹30,00,000 | 8.75% | ₹37,616 | ₹26,337 | ₹23,606 |
| ₹50,00,000 | 8.75% | ₹62,693 | ₹43,895 | ₹39,344 |
| ₹75,00,000 | 9.00% | ₹94,955 | ₹67,484 | ₹60,347 |
| ₹1,00,00,000 | 9.00% | ₹1,26,607 | ₹89,978 | ₹80,462 |
Home Loan Eligibility & Documents Required
Eligibility Criteria
- Age: 21 to 65 years
- Minimum income: ₹25,000/month
- Employment: Salaried or self-employed
- Credit score: 700+ preferred (750+ for best rates)
- Property: Should be legally approved
- LTV ratio: Up to 80-90% of property value
Documents Required
- PAN Card & Aadhaar Card
- Last 3 months salary slips
- Last 6 months bank statements
- Form 16 / ITR (2 years)
- Property documents
- NOC from builder/society
Home Loan Tax Benefits in India (2026)
Home loan borrowers in India can claim significant tax deductions under the Income Tax Act:
| Section | Benefit | Max Deduction | Condition |
|---|---|---|---|
| Section 80C | Principal repayment deduction | ₹1.5 Lakhs/year | Old tax regime only |
| Section 24(b) | Interest paid deduction | ₹2 Lakhs/year | Self-occupied property |
| Section 80EE | First-time buyer extra benefit | ₹50,000/year | Loan up to ₹35 lakhs, property up to ₹50 lakhs |
| Section 80EEA | Affordable housing benefit | ₹1.5 Lakhs/year | Stamp duty value up to ₹45 lakhs |
*Tax benefits are available under old tax regime. Consult a tax advisor for your specific situation.
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 simply use our free home loan EMI calculator above — enter loan amount, interest rate, and tenure to get instant monthly EMI with complete breakdown.
What is current home loan interest rate in 2026?
Home loan rates in 2026 start from 8.50% p.a. SBI and Bank of Baroda offer among the lowest rates. HDFC, ICICI, and Axis Bank start from 8.75%. Your exact rate depends on your CIBIL score, income, and property type.
What is EMI for ₹20 lakh home loan for 20 years?
For a ₹20 lakh home loan at 8.75% for 20 years, the monthly EMI is ₹17,558. Total interest payable over 20 years would be approximately ₹22,14,000. Use our calculator above to check EMI for your exact loan amount and rate.
Should I choose 20 years or 30 years home loan tenure?
20 years tenure means higher EMI but lower total interest. 30 years means lower EMI but significantly higher total interest paid. As a rule, choose the shortest tenure your monthly budget can comfortably afford. Use our amortization table above to compare both options.
Can I get home loan tax benefit?
Yes! Under Section 80C, principal repayment up to ₹1.5 lakhs is deductible per year. Under Section 24(b), interest paid up to ₹2 lakhs per year is deductible for self-occupied property. First-time buyers get additional ₹50,000 under Section 80EE.
What is minimum down payment for home loan in India?
As per RBI guidelines: for loans up to ₹30 lakhs, minimum down payment is 10%. For ₹30–75 lakhs, minimum is 20%. For above ₹75 lakhs, minimum is 25%. Higher down payment means lower EMI and lower total interest.
Which bank gives lowest home loan interest rate in 2026?
SBI and Bank of Baroda offer among the lowest home loan rates starting from 8.40%–8.50% p.a. in 2026. However, your actual rate depends on credit score, income, and property type. Compare all banks using our calculator above.