Home Loan EMI Calculator
A home loan is the largest debt most people ever take on, and it runs for 15 to 30 years, so small differences in rate, tenure or fees add up to lakhs of rupees. This home loan EMI calculator shows the EMI, total interest, processing fee and total cost, then lets you model prepayment. If you enter your monthly income and existing EMIs it also shows how large a share of income your EMIs would take, and the loan size your income could support if lenders cap total EMIs at around 40% of income — a common rule of thumb, not a guarantee, since each lender sets its own limits.
How to use the home loan emi calculator
- Enter the loan amount, rate and tenure, plus the processing fee as a percentage.
- Add your monthly take-home income and existing EMIs to see the EMI burden and a rough eligibility figure.
- Try a part-payment or an extra monthly amount to see the interest you could save.
- Compare scenarios, then confirm real numbers with the lender’s sanction letter.
Formula
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1) with monthly rate r. Total cost = total interest + processing fee. Eligibility estimate: maximum EMI = 40% × income − existing EMIs; loan = maximum EMI × (1 − (1 + r)−n) ÷ r. Lenders also look at credit score, age, job stability and property value, so treat the estimate as a starting point.
Worked examples
₹50 lakh at 8.75% for 25 years
The EMI is ₹41,107.18, total interest ₹73,32,154.54 and the 0.5% processing fee ₹25,000.00.
Income check
With ₹1.5 lakh take-home pay and ₹10,000 of other EMIs, total EMIs would be 34.1% of income, and at a 40% EMI limit that income could support a loan of about ₹60,81,662.35.
A ₹5 lakh part-payment
Paying ₹5 lakh off the same loan early shortens it to 18 years 5 months and saves ₹27,75,971.33 of interest.
Practice problems
Try these yourself first, then check your answer. The answers come from the calculator above.
- ₹75 lakh home loan at 8.6% for 30 years, 0.5% fee. What is the EMI and total interest?
Show answer
Monthly EMI: ₹58,200.88 · Total interest payable: ₹1,34,52,316.30
Common mistakes to avoid
- Borrowing the maximum you are offered. Leave room for other goals and for rate rises.
- Ignoring costs beyond the EMI: processing fee, legal and valuation fees, insurance, stamp duty and registration.
- Forgetting that floating-rate loans change with the benchmark rate.
- Taking the longest tenure by default. Even a few extra years add a large amount of interest.
- Not comparing the total cost across lenders — look at fees as well as the rate.
Frequently asked questions
How is a home loan EMI calculated?
From the loan amount, the monthly interest rate and the number of instalments, using the standard EMI formula. The calculator shows the formula with your numbers.
How much home loan can I get on my salary?
Lenders commonly cap total EMIs at about 40–50% of income, but the exact rule varies. This calculator uses 40% as a conservative estimate.
Does prepaying a home loan save money?
Yes, because it reduces the balance that interest is charged on. Early prepayments save the most.
What is the processing fee on a home loan?
A one-time charge, often a fraction of a percent of the loan, and many lenders add GST to it. It is separate from the EMI.
Are there tax benefits on a home loan?
Under the old tax regime, deductions are available on principal and interest within limits; the new regime generally does not allow them. Check current rules or ask a tax adviser.
Is this financial advice?
No. It is an educational estimate. Your lender’s documents are the final word.
Sources and further reading
By Thomas M, Registered Investment Adviser (South Carolina), who launched his own financial advisory firm in 2010. Last reviewed September 26, 2026. Found a mistake? Tell us; see our editorial policy.