Home Loan EMI Calculator — How to Use It
Enter your home loan amount, down payment, interest rate, and loan tenure in the calculator above. Add your monthly take-home salary and existing EMIs. Click Calculate My Home Loan EMI to get the exact monthly payment, total interest cost, and an honest affordability verdict.
SmartEMI uses the reducing balance method — the same method used by SBI, HDFC Bank, ICICI Bank, Axis Bank, and every other RBI-regulated lender in India. Results are accurate to the rupee.
Key Takeaway
Your total home loan EMI (including all existing EMIs) should not exceed 40% of your net monthly take-home salary. This is the FOIR (Fixed Obligation to Income Ratio) benchmark used by Indian banks for loan approval.
Home Loan Interest Rates in India — 2026
Interest rates on home loans vary by bank, your credit score, loan amount, and whether you are a salaried or self-employed borrower. Here are the indicative rates from major Indian banks in 2026:
| Bank | Rate Starting From | Best For |
|---|
| SBI | 8.50% p.a. | Salaried, CIBIL 750+ |
| HDFC Bank | 8.75% p.a. | Salaried & self-employed |
| Axis Bank | 8.75% p.a. | Women borrowers (5 bps lower) |
| ICICI Bank | 8.90% p.a. | Balance transfer offers |
| Bank of Baroda | 8.60% p.a. | Government employees |
| Kotak Mahindra | 8.99% p.a. | High loan amounts |
* Rates are indicative and subject to change. Always confirm the current rate and processing fees directly with your lender before signing.
Home Loan EMI for Common Loan Amounts
Here is a quick reference for home loan EMIs at 8.5% per annum across popular tenures, calculated using the reducing balance method:
| Loan Amount | 10 Years | 20 Years | 30 Years |
|---|
| ₹20 Lakh | ₹24,797 | ₹17,356 | ₹15,378 |
| ₹30 Lakh | ₹37,196 | ₹26,035 | ₹23,067 |
| ₹50 Lakh | ₹61,993 | ₹43,391 | ₹38,445 |
| ₹75 Lakh | ₹92,990 | ₹65,087 | ₹57,668 |
| ₹1 Crore | ₹1,23,987 | ₹86,782 | ₹76,891 |
What Salary Do I Need for a Home Loan?
Indian banks use the FOIR (Fixed Obligation to Income Ratio) to determine how much home loan EMI you can afford. The safe FOIR is 40% of net take-home salary. Use the formula below to estimate the required salary for any home loan EMI:
Minimum salary needed = EMI ÷ 0.40
For example, a ₹50 lakh home loan at 8.5% over 20 years has an EMI of ₹43,391. You need a minimum net monthly salary of ₹1,08,478 (₹43,391 ÷ 0.40) for this to be in the safe zone — assuming no other EMIs.
Frequently Asked Questions
What is the home loan EMI for ₹30 lakh at 8.5% for 20 years?
The EMI for a ₹30 lakh home loan at 8.5% p.a. for 20 years is ₹26,035 per month. Over 20 years (240 months), you will make total payments of ₹62.48 lakh — of which ₹30 lakh is principal repayment and ₹32.48 lakh is interest paid to the bank.
What is the maximum home loan tenure in India?
Most Indian banks offer home loans for up to 30 years. The actual maximum tenure you qualify for depends on your age at application — the loan must typically be repaid before age 70 (salaried) or 65 (self-employed). A 30-year tenure minimises your EMI but nearly doubles the total interest paid compared to a 15-year tenure.
Can I claim income tax benefit on my home loan EMI?
Yes, under the old tax regime: you can claim deduction up to ₹2 lakh/year on interest (Section 24b) and up to ₹1.5 lakh/year on principal (Section 80C). Under the new tax regime, the interest deduction on a self-occupied property is not available. Consult a tax advisor to assess which regime benefits you more.
What is a good CIBIL score to get a home loan in India?
A CIBIL score of 750 or above typically qualifies you for the lowest advertised home loan rates. A score between 700–749 may result in rates 0.25–0.50% higher. Below 700, approval becomes difficult and rates significantly higher. Check and improve your score before applying — even a 0.25% rate difference on a ₹50L loan over 20 years can cost/save over ₹2 lakh in interest.
Should I prepay my home loan or invest the surplus?
If your home loan rate is above 8.5%, prepaying saves guaranteed interest equal to that rate. The question is whether your investments can reliably beat that rate post-tax. Equity mutual funds have historically delivered 10–12% CAGR over long periods, but returns are variable. A balanced approach: prepay to keep FOIR comfortable, then invest the surplus. Use the Prepayment Impact tab in the calculator above to see exactly how much interest you save.
What is the LTV ratio for home loans in India?
The Loan-to-Value (LTV) ratio limits how much of the property value a bank can lend. As per RBI guidelines: up to 90% for loans below ₹30 lakh, up to 80% for loans ₹30–75 lakh, and up to 75% for loans above ₹75 lakh. This means for a ₹1 crore property, the bank will lend a maximum of ₹75 lakh — you must arrange ₹25 lakh as down payment plus stamp duty and registration.