Home Loan EMI Calculator — Monthly EMI, Interest & Amortization 2026
Updated: 3 June 2026 | Instant Calculation | Amortization Schedule | Tax Benefit Guide
Calculate your home loan EMI instantly: enter loan amount, annual interest rate, and tenure. EMI formula: P × r × (1+r)^n / ((1+r)^n – 1). Example: ₹50 lakh at 8.5% for 20 years → EMI ≈ ₹43,391/month, total interest ≈ ₹54.1 lakh. Home loan interest (Section 24b) up to ₹2 lakh and principal (Section 80C) up to ₹1.5 lakh are deductible in old tax regime.
₹43,391
Monthly EMI for ₹50 lakh home loan at 8.5% for 20 years.
Total interest: ₹54.1L over 20 years. Tax saving in old regime: ₹2L/yr on interest + ₹1.5L/yr on principal repayment.
Total interest: ₹54.1L over 20 years. Tax saving in old regime: ₹2L/yr on interest + ₹1.5L/yr on principal repayment.
Home Loan EMI Calculator
Home Loan EMI — Quick Reference Table
| Loan Amount | Rate 8% | Rate 8.5% | Rate 9% | Rate 9.5% |
|---|---|---|---|---|
| ₹20 lakh (20yr) | ₹16,729 | ₹17,357 | ₹17,995 | ₹18,643 |
| ₹30 lakh (20yr) | ₹25,093 | ₹26,035 | ₹26,992 | ₹27,964 |
| ₹50 lakh (20yr) | ₹41,822 | ₹43,391 | ₹44,986 | ₹46,607 |
| ₹75 lakh (20yr) | ₹62,733 | ₹65,087 | ₹67,479 | ₹69,910 |
| ₹1 Cr (20yr) | ₹83,644 | ₹86,782 | ₹89,973 | ₹93,213 |
| ₹50 lakh (30yr) | ₹36,688 | ₹38,446 | ₹40,231 | ₹42,043 |
Home Loan Tax Benefits (Old Regime)
| Component | Section | Max Deduction | Condition |
|---|---|---|---|
| Interest payment | Section 24(b) | ₹2 lakh/year | Self-occupied; loan after April 1, 1999; completion within 5 years |
| Interest (let-out) | Section 24(b) | Full interest (set-off capped at ₹2L) | Property is rented out — full interest deductible but loss set-off limit applies |
| Principal repayment | Section 80C | ₹1.5 lakh/year (combined) | Within overall 80C limit |
| Stamp duty/registration | Section 80C | Within ₹1.5L limit | In the year of purchase only |
Note: These deductions are NOT available in the new tax regime. Only old tax regime allows home loan deductions.
Frequently Asked Questions
How is home loan EMI calculated?
Home loan EMI formula: EMI = P × r × (1+r)^n / ((1+r)^n – 1). Where P = principal loan amount, r = monthly interest rate (annual rate ÷ 12 ÷ 100), n = loan tenure in months. Example: ₹50 lakh loan at 8.5% for 20 years (240 months): r = 8.5/12/100 = 0.007083; EMI = 50,00,000 × 0.007083 × (1.007083)^240 / ((1.007083)^240 – 1) ≈ ₹43,391. Total payment = ₹43,391 × 240 = ₹1,04,13,840. Total interest = ₹54,13,840.
What is the EMI for a ₹30 lakh home loan for 20 years?
EMI for ₹30 lakh home loan at common interest rates (20-year tenure): At 8%: ₹25,093/month (total interest ₹30.2L); At 8.5%: ₹26,035/month (total interest ₹32.5L); At 9%: ₹26,992/month (total interest ₹34.8L); At 9.5%: ₹27,964/month (total interest ₹37.1L). Increasing tenure from 20 to 30 years at 8.5%: EMI drops to ₹23,070 but total interest rises to ₹53.1L. Use TaxClue's EMI calculator to get instant results for any combination.
What is the home loan tax benefit on EMI?
Home loan EMI has two tax benefits (old regime): Principal repayment: Section 80C deduction up to ₹1.5 lakh per year; Interest payment: Section 24(b) deduction up to ₹2 lakh per year for self-occupied property (unlimited for let-out, but set-off against other income capped at ₹2L). Additionally, first-time buyers may get Section 80EEA deduction: up to ₹1.5 lakh extra on interest if property value ≤ ₹45L (loan sanction between April 2019 – March 2022 — now expired). All these are old regime only — NOT available in new tax regime.
How can I reduce my home loan EMI?
Ways to reduce home loan EMI: (1) Prepayment: Pay lump sum amounts (bonus, maturity proceeds) — reduces outstanding principal and future EMIs or tenure; (2) Balance transfer: Switch to a lower-rate bank (saves on interest but involves processing fee); (3) Longer tenure: Increases total interest but reduces monthly EMI; (4) Negotiate rate: After several years of good repayment history, ask bank for rate reduction; (5) MCLR-linked vs repo-linked: Repo-linked home loans (RLLRs) pass on RBI rate cuts faster.
What is the maximum home loan I can get?
Home loan eligibility depends on: Monthly income (EMI should not exceed 40–50% of net monthly income), existing EMIs (total FOIR — Fixed Obligation to Income Ratio ≤ 50%), property value (banks lend 75–90% of property value as LTV), credit score (750+ for best rates). Rule of thumb: home loan of approximately 60x net monthly salary. Example: ₹1 lakh/month in-hand salary → loan eligibility ≈ ₹60–70 lakh. Use a home loan eligibility calculator for accurate figures.
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