Mortgage Loan EMI Calculator (2026) – Loan Against Property
🏢 Mortgage Loan Rates Starting from 9.20% p.a. (2026)
Mortgage Loan / LAP EMI Calculator
Loan Amount (₹) ₹30,00,000
Interest Rate (% p.a.) 10%
Loan Tenure (Years) 15 Years
Your Monthly EMI
₹32,238
Principal Amount₹30,00,000
Total Interest Payable₹28,02,840
Total Amount Payable₹58,02,840
You pay ₹93 interest per ₹100 borrowed. Consider shorter tenure to reduce total interest.
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 |
|---|
What is Mortgage Loan / Loan Against Property (LAP)?
A Mortgage Loan in India, commonly known as Loan Against Property (LAP), is a secured loan where you pledge your existing residential or commercial property as collateral to obtain funds. Unlike a home loan which is used only for buying property, a mortgage loan can be used for any purpose — business expansion, education, medical emergency, debt consolidation, or working capital.
Banks typically offer 60% to 75% of the property’s current market value as loan amount. Since the loan is secured against property, interest rates are lower than personal loans but higher than home loans. The property remains in your possession — you cannot sell it until the loan is fully repaid.
Types of Mortgage Loans in India
- Simple Mortgage — borrower binds to repay; property transferred only on default
- English Mortgage — property transferred to lender; returned on full repayment
- Equitable Mortgage (Most Common) — title documents deposited with lender; no formal transfer
- Usufructuary Mortgage — lender takes possession and uses property income for repayment
- Reverse Mortgage — for senior citizens; bank pays monthly amount against property
Who Should Take Mortgage Loan?
- Business owners needing working capital or business expansion funds
- Individuals needing funds for medical emergencies without selling property
- Parents funding children’s higher education abroad
- People wanting to consolidate high-interest debts at lower rate
- Those needing large funds but wanting to avoid personal loan’s high interest
How to Use Mortgage Loan EMI Calculator
The Mortgage Loan EMI Calculator helps you calculate your exact monthly EMI for any loan against property. Enter 3 values for instant results:
- Loan Amount — typically 60-75% of your property value
- Interest Rate — mortgage loan rates start from 9.20% p.a. in 2026
- Tenure — up to 15-20 years depending on the bank
Mortgage Loan EMI Formula
EMI = [P x R x (1+R)^N] / [(1+R)^N – 1]
P = Principal Loan Amount | R = Monthly Rate (Annual ÷ 12 ÷ 100) | N = Tenure in Months
Example: ₹30,00,000 at 10% for 15 years:
R = 10/12/100 = 0.00833, N = 180
EMI = ₹32,238/month
P = Principal Loan Amount | R = Monthly Rate (Annual ÷ 12 ÷ 100) | N = Tenure in Months
Example: ₹30,00,000 at 10% for 15 years:
R = 10/12/100 = 0.00833, N = 180
EMI = ₹32,238/month
Mortgage Loan / LAP Interest Rates – All Banks 2026
Compare current mortgage loan and Loan Against Property (LAP) rates from major banks in India:
| Bank | Interest Rate (p.a.) | Max LTV | Max Tenure | EMI Calculator |
|---|---|---|---|---|
| SBI Bank | 9.20% – 11.30% | 75% | 15 Years | SBI EMI |
| HDFC Bank | 9.50% – 11.00% | 70% | 15 Years | HDFC EMI |
| ICICI Bank | 9.75% – 11.50% | 70% | 15 Years | ICICI EMI |
| Axis Bank | 10.50% – 12.00% | 65% | 20 Years | Axis EMI |
| Kotak Bank | 9.50% – 11.00% | 70% | 15 Years | Kotak EMI |
| PNB Bank | 9.25% – 11.75% | 75% | 15 Years | PNB EMI |
| Bank of Baroda | 9.15% – 11.50% | 75% | 15 Years | BOB EMI |
| Canara Bank | 9.25% – 11.00% | 70% | 15 Years | Canara EMI |
| Union Bank | 9.20% – 11.50% | 70% | 15 Years | Union EMI |
| IDFC First Bank | 10.00% – 14.00% | 65% | 20 Years | IDFC EMI |
| Federal Bank | 10.00% – 13.00% | 65% | 15 Years | Federal EMI |
| IndusInd Bank | 10.50% – 14.50% | 65% | 15 Years | IndusInd EMI |
*LTV = Loan to Value ratio. Rates are indicative for April 2026. Contact bank for exact applicable rates.
Mortgage Loan EMI Examples 2026
Ready reference EMI table at 10% interest rate for common mortgage loan amounts:
| Loan Amount | 10 Years EMI | 15 Years EMI | 20 Years EMI | Total Interest (15yr) |
|---|---|---|---|---|
| ₹10,00,000 | ₹13,215 | ₹10,746 | ₹9,650 | ₹9,34,280 |
| ₹20,00,000 | ₹26,430 | ₹21,492 | ₹19,300 | ₹18,68,560 |
| ₹30,00,000 | ₹39,645 | ₹32,238 | ₹28,950 | ₹28,02,840 |
| ₹50,00,000 | ₹66,075 | ₹53,730 | ₹48,251 | ₹46,71,400 |
| ₹75,00,000 | ₹99,113 | ₹80,595 | ₹72,376 | ₹70,07,100 |
| ₹1,00,00,000 | ₹1,32,151 | ₹1,07,460 | ₹96,502 | ₹93,42,800 |
*EMI calculated at 10% p.a. Use calculator above for your exact rate.
Home Loan vs Mortgage Loan – Key Differences
| Feature | Home Loan | Mortgage Loan (LAP) |
|---|---|---|
| Purpose | Buy/construct new property | Any purpose (business, education, medical) |
| Interest Rate | 8.40% – 10.65% | 9.20% – 14.50% |
| LTV Ratio | Up to 80-90% | 60-75% of property value |
| Max Tenure | Up to 30 years | 15-20 years |
| Property | New property being purchased | Existing property you own |
| Tax Benefit | Section 80C + Section 24(b) | Only if used for business |
| Processing | Faster | Slower (property valuation needed) |
| Loan Amount | Based on purchase price | Based on existing property value |
For home purchase, always choose Home Loan as it offers lower rates and longer tenure. Choose Mortgage Loan only when you need large funds for non-property purposes.
Mortgage Loan Eligibility & Documents Required
Eligibility Criteria
- Age: 21 to 65 years (salaried), up to 70 (self-employed)
- Minimum income: ₹25,000/month (salaried)
- Credit score: 700+ preferred
- Property: Clear title, legally approved
- Property age: Typically less than 30-40 years
- LTV: Up to 60-75% of property value
Documents Required
- PAN Card & Aadhaar Card
- Last 6 months bank statements
- Last 3 months salary slips (salaried)
- ITR last 3 years (self-employed)
- Property documents (title deed, encumbrance)
- Approved building plan & NOC
- Property valuation report
How Loan Amount is Decided
- Bank gets property valued by their approved valuer
- Loan = 60-75% of lower of market value or registered value
- Also subject to repayment capacity (EMI should not exceed 50-60% of monthly income)
- Existing loan obligations reduce eligible loan amount
Frequently Asked Questions – Mortgage Loan EMI
What is a mortgage loan in India?
A mortgage loan (Loan Against Property / LAP) is a secured loan where you pledge your existing property to get funds. Banks offer 60-75% of property value as loan at 9-14% interest rate. The property stays in your possession but cannot be sold until loan is repaid.
What is the interest rate for mortgage loan in 2026?
Mortgage loan rates in 2026: SBI from 9.20%, HDFC from 9.50%, Bank of Baroda from 9.15%, Kotak from 9.50%. Private banks typically charge 10-14%. Rates depend on your CIBIL score, property type, and income. Compare all banks using the table above.
What is difference between home loan and mortgage loan?
Home loan is for buying new property at 8.4%+ rate with 30-year tenure. Mortgage loan uses existing property as collateral for any purpose at 9.2%+ rate with 15-20 year tenure. Home loan has tax benefits under Section 80C and 24(b). Mortgage loan generally does not (except for business use).
What is maximum loan I can get against my property?
Maximum mortgage loan = 60-75% of property’s current market value. For a property worth ₹1 crore: maximum loan = ₹60-75 lakhs. The actual loan also depends on your income (EMI should be max 50-60% of monthly income) and existing loan obligations.
Can I get mortgage loan on commercial property?
Yes. Banks offer mortgage loans against commercial property but at lower LTV (55-65% vs 70-75% for residential) and sometimes higher interest rates. Tenure may be restricted to 10-15 years. The property must have clear legal title and approved municipal plans.
Is mortgage loan interest tax deductible?
Mortgage loan interest is tax deductible only if the loan proceeds are used for business purposes — deductible under Section 37 as business expense. For personal use (medical, education, marriage), there is no tax deduction. Under Section 24(b), only home loan interest (not mortgage loan) is deductible.