EMI calculator for home loan
EMI calculator for home loans in India. Shows monthly EMI, interest paid, and amortisation year-by-year. Works for any bank: SBI, HDFC, ICICI, Axis, PNB.
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Show year-by-year amortisation
| Year | Principal paid | Interest paid | Balance |
|---|---|---|---|
| 1 | Rs 99,511 | Rs 4,21,182 | Rs 49,00,489 |
| 2 | Rs 1,08,307 | Rs 4,12,387 | Rs 47,92,181 |
| 3 | Rs 1,17,881 | Rs 4,02,813 | Rs 46,74,300 |
| 4 | Rs 1,28,300 | Rs 3,92,394 | Rs 45,46,000 |
| 5 | Rs 1,39,641 | Rs 3,81,053 | Rs 44,06,359 |
| 6 | Rs 1,51,984 | Rs 3,68,710 | Rs 42,54,375 |
| 7 | Rs 1,65,418 | Rs 3,55,276 | Rs 40,88,957 |
| 8 | Rs 1,80,039 | Rs 3,40,655 | Rs 39,08,918 |
| 9 | Rs 1,95,953 | Rs 3,24,741 | Rs 37,12,965 |
| 10 | Rs 2,13,274 | Rs 3,07,420 | Rs 34,99,691 |
| 11 | Rs 2,32,125 | Rs 2,88,569 | Rs 32,67,566 |
| 12 | Rs 2,52,643 | Rs 2,68,051 | Rs 30,14,923 |
| 13 | Rs 2,74,974 | Rs 2,45,720 | Rs 27,39,949 |
| 14 | Rs 2,99,279 | Rs 2,21,415 | Rs 24,40,670 |
| 15 | Rs 3,25,733 | Rs 1,94,961 | Rs 21,14,937 |
| 16 | Rs 3,54,525 | Rs 1,66,169 | Rs 17,60,412 |
| 17 | Rs 3,85,862 | Rs 1,34,832 | Rs 13,74,550 |
| 18 | Rs 4,19,968 | Rs 1,00,726 | Rs 9,54,582 |
| 19 | Rs 4,57,090 | Rs 63,604 | Rs 4,97,492 |
| 20 | Rs 4,97,492 | Rs 23,202 | Rs 0 |
What EMI actually is
Equated Monthly Instalment is the fixed cheque that leaves your account every month toward a loan. On day one of the loan it is almost entirely interest and a sliver of principal. By the final year it is almost entirely principal and a sliver of interest. The sum stays the same; the split changes month by month.
Why bank-published EMI calculators show the same number as ours
SBI, HDFC, ICICI, Axis, PNB, Kotak - every Indian lender uses the identical EMI formula. The only reason their published EMI differs from a competitor is a different rate quote or a different tenure assumption. Try our calculator against your bank sanction letter: they will match to the rupee if the three inputs (principal, rate, months) are the same.
The three EMI levers you control at origination
- Rate - the biggest lever. 50 basis points saves roughly Rs 3,000 per month on a Rs 50 lakh 20-year loan. Shop at least 3 banks and use the best quote to negotiate.
- Tenure - longer tenure cuts EMI but balloons total interest. 20 to 25 years on Rs 50 lakh at 8.5% drops EMI by Rs 3,500 but adds Rs 11.5 lakh of interest.
- Principal - bigger down payment means smaller loan and smaller EMI. For every Rs 1 lakh extra down payment, EMI drops by about Rs 870 on a 20-year 8.5% loan.
Prepayment: the one lever available during the loan
Floating-rate home loans in India cannot carry prepayment penalty (RBI 2014). Partial prepayment of year-end bonus into principal is the fastest way to cut total interest paid. Prepayment in years 1 to 7 of the loan has 3 to 4 times the impact of prepayment in years 15 to 20, because early-year EMIs are mostly interest and reducing principal early kills compounding future interest.
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Use the eligibility calculator to see how much loan your salary supports, the down payment calculator for the cash you need on day one in Gurgaon, and the stamp duty calculator for Haryana registration costs.
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EMI calculator for home loan · frequently asked
EMI stands for Equated Monthly Instalment. It is the fixed amount you pay the bank every month, covering both interest and principal, until the loan is fully repaid. Over the tenure the split between interest and principal shifts: early years are interest-heavy, later years are principal-heavy.
EMI = [P x R x (1+R)^N] / [(1+R)^N - 1]. P is principal, R is monthly interest rate (annual / 12 / 100), N is tenure in months. Every bank uses this exact formula; if a bank quote differs, the rate or tenure is different.
Three levers: a lower interest rate (switch to a cheaper bank via balance transfer, usually possible every 3 years), a longer tenure (reduces monthly EMI but costs more in total interest), or a bigger down payment at origination to reduce the principal.
For a floating-rate loan, yes. When the RBI repo rate changes, your bank repasses the change to your home loan rate, which changes either the EMI or the tenure (your bank will ask which you prefer). For a fixed-rate loan EMI stays constant throughout.
Financial planners recommend keeping total EMI commitments (home + car + personal + credit card) under 40% of monthly take-home. Banks allow up to 60%, but that leaves no cushion for emergencies or saving.
For a ready-to-move property, EMI starts the month after full loan disbursal. For under-construction, banks allow pre-EMI (interest-only on the disbursed portion) until possession, after which full EMI starts.
Yes. Any amount above the EMI goes directly to principal. On a floating-rate loan this is free (no penalty). Making one extra EMI every year cuts a 20-year loan by roughly 3-4 years.
A late payment charge (typically 2% per month on the overdue amount) applies. More than 90 days late and the loan is reported as NPA, which hits your CIBIL score badly and may trigger foreclosure proceedings. Most banks will restructure once if you proactively call them.