Home Loan EMI Calculator

EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly instalments. For example, a ₹50 lakh loan at 8.5% for 20 years works out to an EMI of about ₹43,391 and total interest of about ₹54.14 lakh.

Keeping the EMI and reducing the tenure usually saves more interest, because the loan closes sooner. Reducing the EMI eases your monthly budget instead. The Prepayment tab shows both outcomes side by side.

RBI rules do not allow lenders to levy prepayment or foreclosure charges on floating-rate loans taken by individuals for non-business purposes, which covers most home loans. Fixed-rate loans can carry charges, so check your sanction letter or Key Facts Statement.

On a floating-rate loan your rate moves with the lender's benchmark — for banks, an external benchmark such as the RBI repo rate. At a reset, RBI requires lenders to let you choose a higher EMI, a longer tenure or a mix of both. The “What if rates change” tab shows each option.

A plan in which you raise your EMI by a fixed percentage each year, usually in line with salary increases. The extra amount reduces principal, so the loan closes earlier and total interest falls. Check with your lender how a higher EMI is processed.

It is an illustration. Your lender's figure can differ slightly because of the disbursement date, interest for the broken period before the first EMI, rounding and the lender's own method. Your sanction letter and repayment schedule are the final reference.