₹30 lakh at 8% for 20 years.
Home Loan EMI Calculator
Enter the loan, the rate your bank offers and the tenure. The calculator works the EMI the way banks charge it, on the balance still owed each month, and lays out every year: what goes to interest, what repays the loan and what is left. Below it: what moves the EMI, the tax relief and what a prepayment saves.
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Monthly EMI
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Principal Interest —
Year by year
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Home loan EMI formula, worked
The same formula the calculator above runs, on its starting figures.
and ₹5,093 principal: early EMIs are mostly interest.
50% of everything paid to the bank over 20 years.
From 8% to 8.5% on the same loan.
What moves your home loan EMI
- The rate
SBI’s home loans start at 7.50% from 15 October 2026, linked to its external benchmark rate of 8.15%.
In detail
Most home loans are floating: they move with the lender’s external benchmark, which follows the RBI repo rate (5.50% from 7 October 2026). SBI’s home loan rates start at 7.50% from 15 October 2026; what you are offered depends on your credit score and the loan. - The tenure
Up to 30 years at SBI, with the loan closed by the time you are 70.
In detail
A longer tenure lowers the EMI and raises the total interest. SBI lends for up to 30 years, with the loan to be repaid by the age of 70. When rates rise, lenders often stretch the tenure rather than raise the EMI: ask which they have done. - Prepayment
No charge for prepaying a floating-rate home loan taken by an individual.
In detail
The RBI does not let banks charge prepayment or foreclosure penalties on floating-rate loans to individuals for non-business purposes. Prepaying ₹1,00,000 after the first year of this loan, keeping the EMI unchanged, ends it 17 months early and saves about ₹3.31 lakh of interest. - How much a bank lends
At most 90% of the cost up to ₹30 lakh, 80% up to ₹75 lakh and 75% above.
In detail
The RBI’s housing finance rules cap the loan at 90% of the property’s cost for loans up to ₹30 lakh, 80% up to ₹75 lakh and 75% above, with stamp duty and registration left out of the cost. The rest is your down payment. The loan eligibility calculator works out what your income supports.
Home loan tax benefit
Tax year 2026-27, Income-tax Act, 2025. The relief is on a home you live in, and only in the old regime.
On a self-occupied home, under section 22(2) of the Income-tax Act, 2025 (formerly 24(b)).
Under section 123 (formerly 80C), sharing the ₹1.5 lakh limit with PF, insurance and the rest.
Neither the interest nor the principal on a self-occupied home is deductible.
Home loan EMI: the questions people ask
How is home loan EMI calculated?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan, r the annual rate divided by 12 and by 100, and n the number of months. On ₹30 lakh at 8% for 20 years that is ₹25,093 a month, and ₹30,22,368 of interest over the life of the loan.
Is this home loan EMI calculator free?
Yes. It is a free home loan EMI calculator: no sign-up, and the figures you type stay in your browser. It gives the EMI, the total interest and the year-by-year split of principal and interest, and you can share the result as a link or a PDF.
How much tax can I save on a home loan?
Only in the old regime, on a home you live in: interest up to ₹2 lakh a year under section 22(2) of the Income-tax Act, 2025 (formerly 24(b)), and the principal within the ₹1.5 lakh limit of section 123 (formerly 80C), which it shares with PF, insurance and the rest. The new regime allows neither on a self-occupied home.
Should I prepay my home loan or reduce the EMI?
To pay less interest, keep the EMI and let the prepayment shorten the loan. On ₹30 lakh at 8% for 20 years, prepaying ₹1,00,000 after the first year, with the EMI unchanged, ends the loan 17 months early and saves about ₹3.31 lakh of interest. Banks may not charge for prepaying a floating-rate home loan taken by an individual.
How much does a 0.5% rate rise change my home loan EMI?
On ₹30 lakh over 20 years, a move from 8% to 8.5% raises the EMI by ₹941 a month. On a floating-rate loan the lender may extend the tenure instead, which keeps the EMI but adds months of payments.
What is the longest tenure for a home loan?
SBI lends for up to 30 years, with the loan to be closed by the time you are 70. A longer tenure lowers the EMI but raises the total interest, often by more than the loan itself.
How much of the house price will a bank lend?
Under the RBI’s housing finance rules, at most 90% of the cost for loans up to ₹30 lakh, 80% up to ₹75 lakh and 75% above. Stamp duty and registration are left out of the cost, so you pay those and the rest of the price yourself.
See also the loan eligibility calculator for how much your income can borrow, the rent vs buy calculator, the article on whether to raise the EMI or the tenure when rates rise, the home loan on a ₹50,000 to ₹1 lakh salary, or all calculators.
Quoting this calculator?
You are welcome to use these figures in an article, a forum answer or a client note. A link back is all I ask — here it is, ready to paste.