Home Loan EMI Calculator India 2026
Calculate monthly EMI, total interest, and year-by-year amortization for any home loan from ₹5 lakh to ₹10 crore. Compare against latest SBI, HDFC, ICICI, and LIC HF rates.
The verdict: For a ₹50 lakh loan at 8.7% over 20 years, your EMI is roughly ₹44,026/month, you repay ₹1.06 crore in total, and ₹56 lakh of that is pure interest. Choosing 15 years over 20 saves ~₹17 lakh in interest at the cost of ~₹6,000 extra EMI — almost always worth it if your FOIR allows.
How the EMI formula works
Your Equated Monthly Instalment is fixed at sanction and computed from three inputs: the principal P, the monthly interest rate r (annual rate ÷ 12 ÷ 100), and the tenure n in months.
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1)
Each month the bank charges interest on the outstanding balance, and your EMI is just large enough that after n payments the balance hits zero. In the early years, ~70–80% of every EMI is interest; only in the back half does the principal component dominate. This is exactly why prepaying ₹1 lakh in year 2 saves ~₹3.5 lakh in interest, but the same ₹1 lakh in year 18 saves only ~₹15,000.
Bank rate card — April 2026
Floating rates below assume a clean CIBIL ≥ 800, salaried profile, ₹50 lakh ticket for ready-to-move property. Self-employed and lower CIBIL typically pay 0.25–0.75% more. Cross-check the live RBI MCLR / repo bulletin before locking in.
| Lender | Starting Rate | Product | Note |
|---|---|---|---|
| SBI | 8.50% | MaxGain (overdraft) | CIBIL 800+, salaried |
| Bank of Baroda | 8.50% | Baroda Home Loan | Festive offer floor |
| HDFC Bank | 8.65% | Adjustable Rate | Linked to Repo + 2.65% |
| Kotak Mahindra | 8.70% | Home Loan | Salaried, salary a/c |
| ICICI Bank | 8.75% | Home Loan | Repo-linked |
| Axis Bank | 8.85% | Asha / Standard | Floating, RBLR-linked |
| IDFC First | 8.90% | Home Loan | Salaried, top-tier credit |
| LIC Housing Finance | 8.95% | Griha Suvidha | HFC, LHPLR-linked |
Rates as of April 2026. All floating; reset on RBI repo announcements. Festive processing-fee waivers active till 31 March yearly.
Eligibility checklist
- FOIR (Fixed Obligation to Income Ratio) — existing EMIs + new EMI under 50–60% of net monthly income. Above ₹1L net, lenders stretch to 65%.
- LTV (Loan-to-Value) — RBI caps at 90% for loans up to ₹30L, 80% for ₹30L–₹75L, 75% for ₹75L+.
- Age — 21 at sanction, 65 (salaried) or 70 (self-employed) at maturity.
- Income (3× EMI rule) — net monthly income at least 3× proposed EMI. ₹44,000 EMI demands ₹1.32L net minimum.
- CIBIL ≥ 750 for the published rate; 700–750 attracts 0.25% premium; below 700, expect rejection.
- Property due diligence — RERA registration, clear title (30-year search), approved building plan, OC for ready-to-move.
Tax benefits — Section 80C, 24, and 80EEA
A home loan is the single largest legal tax shelter for a salaried Indian. Three sections of the Income Tax Act stack:
- Section 80C — Principal up to ₹1.5L/year. Shares the ₹1.5L bucket with EPF, ELSS, PPF, life insurance.
- Section 24(b) — Interest up to ₹2L/year on self-occupied property. Let-out (rented) property: entire interest deductible against rental income (₹2L set-off against other heads).
- Section 80EEA — Additional ₹1.5L/year on interest for first-time buyers where stamp value ≤ ₹45L. Verify current eligibility on incometaxindia.gov.in.
Stack-effect: a first-time buyer of an affordable home shelters up to ₹5L/year (₹1.5L principal + ₹2L interest + ₹1.5L additional). At 30% slab that's ₹1.5L cash tax saved every year — close to 4 EMIs funded by the exchequer.
New tax regime (default from FY 2023–24) does not allow 80C, 24(b), or 80EEA on self-occupied property. Run numbers under both regimes before opting in.
PMAY 2.0 — interest subsidy
Pradhan Mantri Awas Yojana — Urban 2.0 (Sep 2024) brought back the Credit-Linked Subsidy Scheme. EWS/LIG/MIG borrowers get an upfront NPV-discounted interest subsidy credited to their loan account, effectively cutting the rate by 3–4% on the subsidised tranche. Verify on pmaymis.gov.in or pmay-urban.gov.in.
Frequently asked questions
Who is eligible for a home loan in India in 2026?
Resident Indians aged 21–65 with stable income (salaried 2+ years or self-employed 3+ years of ITRs), CIBIL 750+, EMI under ~50–60% of net monthly income (FOIR). NRIs eligible with NRE/NRO income proof.
How much loan can I get on my salary?
Lenders cap EMI at ~50–60% of net take-home (FOIR). At 8.7% over 20 years that translates to roughly 60–70× monthly net salary, capped by 70–90% LTV on the property.
Can I get a top-up loan on my existing home loan?
Most lenders offer a top-up after 6–12 months of clean repayment. Top-up rates are 0.25–0.75% above base, with end-use restricted to non-speculative purposes.
What is a balance transfer and when does it make sense?
A BT moves your outstanding loan to a new lender at lower rate. It pays off when the new rate is at least 0.5% lower AND 5+ years tenure remain, after factoring 0.25–0.5% processing fee.
Is there a prepayment penalty on home loans?
Per RBI directive, banks cannot levy foreclosure or prepayment charges on floating-rate home loans for individual borrowers. Fixed-rate loans may carry 2–4% penalty.
What is MCLR vs RLLR / RBLR?
MCLR is an internal benchmark each bank computes monthly. RLLR/RBLR is externally tied to the RBI repo rate and resets faster. Since Oct 2019, all new floating retail loans must be on an external benchmark.
Fixed vs floating rate — which is better in 2026?
Floating is cheaper today (~8.5–8.95%) and benefits if RBI cuts repo. Fixed (~9.5–10.5%) gives certainty but most "fixed" loans reset every 3–5 years.
What processing fee should I expect?
Typically 0.25–0.50% of loan + 18% GST, capped ₹10K–₹50K. Festive offers (Sep–Mar) often waive entirely — never accept the first quote.
How does foreclosure work?
Foreclose any time on a floating-rate loan with no penalty. Submit written request, settle outstanding principal + accrued interest, collect original documents within 30 days (₹5,000/day compensation if delayed).
Can NRIs get a home loan in India?
NRIs can fund up to 80% LTV, EMIs serviced via NRE/NRO. Tenure capped at 20–25 years or 60 years of age. POA holder in India required.
Does a joint home loan increase eligibility?
Adding a co-applicant pools both incomes, raising sanctioned amount by 50–80%. Both co-owners independently claim 80C ₹1.5L principal each and 24(b) ₹2L interest each.
What is PMAY / CLSS subsidy?
PMAY-CLSS gave EWS/LIG/MIG borrowers an upfront interest subsidy of 3–6.5% on loans up to ₹6L–₹12L. Original CLSS closed 2022; PMAY 2.0 (Sep 2024) reopened with revised slabs — verify on pmaymis.gov.in.