Home Loan EMI Calculator 2026
Monthly EMI, total interest, amortization schedule & tax benefits under 80C and 24(b)
Loan Details
Monthly EMI
₹43,391
Total Interest
₹54.14 L
Total Payment
₹1.04 Cr
Processing Fee (0.5%)
₹25,000
52%
interest
EMI of ₹43,391/month for 20 years
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📋 Amortization Schedule
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Home Loan EMI Calculator India 2026
Calculate your home loan EMI instantly. This calculator uses the standard EMI formula used by all Indian banks — SBI Home Loan, HDFC Home Loan, ICICI, Axis, Kotak, LIC Housing Finance.
Current Home Loan Rates (2026)
SBI Home Loan: 8.5-9.65% floating. HDFC Ltd: 8.7-9.9%. Kotak Mahindra: 8.75-9.5%. Bank of Baroda: 8.4-9.65% (lowest). These are linked to RBI repo rate (currently 6.5%).
Tax Benefits on Home Loan
A ₹50L home loan at 8.5% for 20 years gives annual tax savings of ₹1.5L (80C on principal) + ₹2L (24b on interest) = ₹3.5L × your tax slab. At 30% slab = ₹1.05L saved every year!
Frequently Asked Questions
How is home loan EMI calculated?
EMI = [P × r × (1+r)^n] / [(1+r)^n - 1], where P = principal, r = monthly rate, n = tenure in months. For ₹50L at 8.5% for 20 years, EMI ≈ ₹43,391.
What tax benefits are available on home loans?
Section 80C: Up to ₹1.5 lakh deduction on principal repayment. Section 24(b): Up to ₹2 lakh deduction on interest paid for self-occupied property. These can save ₹1-3 lakhs in tax annually.
Should I prepay my home loan?
If your loan rate > expected investment returns, prepay. Home loan at 8.5% is effectively 6-7% post-tax (due to 24b benefit). If FD/debt funds return 7%+, consider prepaying. Equity can return 12%+, so balance is key.
What is the processing fee for home loans?
Banks charge 0.25%-2% of loan amount as processing fee. SBI: 0.35%, HDFC: 0.5%, ICICI: up to 1%. This is a one-time charge and not refundable.
Fixed vs floating interest rate — which is better?
Floating rates (linked to RBI repo rate) are currently 8-9.5% and adjust with RBI policy. Fixed rates are 1-3% higher but stable. With falling rate cycle expected, floating rates are generally better.
How does prepayment save money?
A ₹5L prepayment in year 5 on a ₹50L/8.5%/20yr loan saves ~₹15-20L in total interest and reduces tenure by 3-4 years. Earlier prepayments save more.