Home Loan EMI Calculator 2026
Calculate your home loan EMI for any Indian bank — SBI, HDFC, ICICI, Axis, Bank of Baroda or any NBFC. Enter your loan amount, interest rate and tenure to instantly see your monthly EMI, the total interest you will pay, and how much you can save by prepaying. Housing loans in India are usually on a floating reducing-balance rate of roughly 8–11% for tenures up to 30 years.
How Home Loan EMI Is Calculated
Indian banks calculate home loan EMI on the reducing-balance method: EMI = P × r × (1+r)n ÷ [(1+r)n − 1], where P is the principal, r is the monthly rate (annual ÷ 12 ÷ 100) and n is the tenure in months. Because home loans run for 15–30 years, the total interest can exceed the principal itself — which is why the tenure you choose matters so much.
The True Cost of a Home Loan
Beyond EMI, lenders charge a processing fee (commonly 0.25%–0.50% of the loan, sometimes capped), 18% GST on that fee, plus valuation, legal and documentation charges, and often optional loan-protection insurance. Use the "Add bank charges" panel above to see the real upfront and total cost of your home loan.
Should You Choose a Shorter Tenure?
A longer tenure lowers your monthly EMI but sharply increases total interest. A shorter tenure raises the EMI but can save lakhs in interest. Use the year-by-year schedule and the prepayment slider above to find the balance that fits your budget without overpaying the bank.
How much home loan EMI for ₹20 lakh?
At 8.5% over 20 years, a ₹20 lakh home loan has an EMI of about ₹17,356 per month, with roughly ₹21.6 lakh paid as interest over the full tenure. Enter your exact figures above to see your number.
Which interest rate should I enter for SBI/HDFC/ICICI?
Enter the rate quoted to you — SmartEMI is bank-agnostic. Most 2026 home loan rates fall between 8% and 11% depending on your credit score and the lender.
Does prepaying a home loan save money?
Yes. Because interest is charged on the outstanding balance, prepaying early cuts interest significantly. The green savings figure above shows how much you save by paying extra EMIs each year.