Monthly EMI
₹6,199/month
Total Interest
₹2,43,914
Total Payment
₹7,43,914
Principal
₹5,00,000
₹5 Lakh Home Loan EMI Calculator (10 Years)
A ₹5 lakh home loan at 8.5% for 10 years has a monthly EMI of ₹6,199, with total interest of ₹2.44 lakh.
Monthly EMI
₹8,678
Total Interest
₹10,82,776
Total Payment
₹20,82,776
Amortization Schedule (Yearly)
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | ₹19,902 | ₹84,236 | ₹9,80,098 |
| 2 | ₹21,661 | ₹82,477 | ₹9,58,436 |
| 3 | ₹23,576 | ₹80,563 | ₹9,34,860 |
| 4 | ₹25,660 | ₹78,479 | ₹9,09,200 |
| 5 | ₹27,928 | ₹76,211 | ₹8,81,272 |
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What is the EMI Calculator?
An EMI (Equated Monthly Instalment) is the fixed amount you pay your lender every month until your loan is repaid. Each EMI is split into a principal and an interest component — in the early years most of your EMI is interest, and in the later years most of it is principal. Indian banks use reducing-balance interest, which is what this calculator computes.
Formula
EMI = P × r × (1+r)^n / ((1+r)^n − 1)- P
- = Loan principal (₹)
- r
- = Monthly interest rate (annual ÷ 12 ÷ 100)
- n
- = Loan tenure in months
How to use the EMI Calculator
- 1
Enter your loan amount
Type the principal you plan to borrow. For a home loan, this is usually 75-90% of the property value after your down payment.
- 2
Enter the interest rate
Use the current rate from your bank or a benchmark rate like SBI (8.5%). Floating rates change with RBI repo rate movements.
- 3
Enter the loan tenure
Enter tenure in years (typical Indian home loans are 15-30 years). Shorter tenures mean higher EMIs but significantly less total interest paid.
- 4
Review your EMI and amortization
The calculator instantly shows your monthly EMI, total interest, and total amount payable. The amortization table shows how each EMI splits between principal and interest month by month.
- 5
Compare scenarios
Change the interest rate by 0.5% or the tenure by 5 years to see how sensitive your EMI and total cost are. Small rate differences compound to huge amounts over 20 years.
Reviewed by
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Frequently asked questions
How is EMI calculated on a home loan in India?
Indian home loans use reducing-balance interest. The formula is EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is principal, r is the monthly rate (annual ÷ 12 ÷ 100), and n is tenure in months. For a ₹30 lakh loan at 8.5% for 20 years, that works out to ₹26,035 per month.
What is the current home loan interest rate in India?
As of 2026-04-01, home loan rates in India range from 8.4% to 8.85% depending on the bank, your credit score, and whether you opt for a fixed or floating rate. SBI, HDFC, and ICICI are the most competitive for salaried borrowers with a CIBIL score above 750. Source: Bank published MCLR + spread, aggregated.
Is it better to take a home loan for 20 years or 30 years?
A shorter tenure means a higher EMI but much less total interest paid. For example, a ₹50 lakh loan at 8.5% costs ₹43.4 lakh in interest over 20 years vs ₹76.8 lakh over 30 years — a saving of ₹33 lakh. If your monthly cash flow allows it, 15-20 years is almost always the financially optimal choice. Use this calculator to compare both scenarios.
Does this EMI calculator include processing fees?
No. This calculator shows the pure EMI and interest math. Processing fees (typically 0.25-1% of the loan amount), stamp duty, and insurance are one-time costs that add to your total acquisition cost but do not change your monthly EMI. Ask your lender for the Annual Percentage Rate (APR) to see the true all-in cost.
Can I prepay my home loan and reduce EMI?
Yes, for floating-rate loans Indian banks cannot charge prepayment penalties under RBI guidelines. You have two options when you prepay: reduce the EMI (keep tenure the same) or reduce the tenure (keep EMI the same). Reducing tenure saves more interest. Use our prepayment calculator to see the exact savings for your situation.
What happens if I miss an EMI payment?
Missing an EMI results in a late payment fee (typically ₹500-2,000), a penal interest charge (2-3% per month on the overdue amount), and a negative mark on your CIBIL score that can drop it by 50-100 points. Three consecutive missed EMIs classify the loan as an NPA, which has severe long-term credit consequences.
Sources
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