Home Loan EMI Calculator

As of April 2026, home loan rates range from 8.40% to 9.00%. SBI offers 8.50%, HDFC Bank 8.75%, ICICI 8.75%, Bank of Baroda 8.40%. Rates are floating (linked to EBLR/RLLR) and change with RBI repo rate. Women borrowers typically get 0.05% discount.

EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P = loan amount, r = monthly interest rate (annual/12), n = total months. For a ₹50L loan at 8.5% for 20 years: EMI = ₹43,391. Total payment = ₹1.04 Cr (₹54L interest on ₹50L principal).

If your home loan rate is below 9% and you're in the old tax regime (getting Sec 24(b) + 80C benefit), investing in equity SIP (12-15% CAGR) may give better returns than prepaying. But if you're in the new regime (no tax benefit), prepaying saves guaranteed 8.5% — compare with our Home Loan vs SIP calculator.

Under old regime: Sec 24(b) allows ₹2L/year deduction on interest for self-occupied property. Sec 80C allows ₹1.5L/year on principal repayment (shared with other 80C investments). First-time buyers get additional ₹50K under Sec 80EEA (for loans up to ₹35L, property up to ₹45L).

Banks typically offer 60x your monthly salary as home loan. With ₹50,000 salary, you can get ~₹30-35L loan. Your total EMI (including existing loans) should not exceed 50-55% of monthly income. A CIBIL score of 750+ gets you the best rates.