Home Loan EMI Calculator
Your monthly EMI, total interest and loan eligibility — for any bank, any city (indicative)
Indicative estimate. Your actual EMI depends on the sanctioned amount, rate, tenure and fees. Confirm with your bank.
How much home loan can I get?
Based on your income and existing EMIs (indicative eligibility).
Assumes total EMIs stay within about half your net income (banks vary). Indicative — not a loan sanction.
How your home loan EMI works
Every EMI you pay has two parts — interest on the outstanding loan and a slice of the principal. In the early years most of the EMI is interest; as the balance falls, more of each payment goes to principal. That is why prepaying early saves the most, and why a longer tenure quietly adds a lot to the total interest even though the monthly figure looks smaller.
Three levers change your EMI: the loan amount, the rate and the tenure. A bigger down payment shrinks the loan; a lower rate or a shorter tenure cuts the total interest. Plan the rest of your budget too — estimate registration with our stamp duty calculator, check the full return with the property ROI calculator, and read the home loan by salary guide. Ready to buy? Browse projects.
Frequently asked questions
What is a home loan EMI?
EMI is the Equated Monthly Instalment you pay the bank every month — part interest, part principal — until the loan is repaid. It stays fixed on a fixed-rate loan and can change on a floating-rate loan.
How is home loan EMI calculated?
EMI depends on three things: the loan amount, the interest rate and the tenure. The formula spreads the principal plus interest evenly across the months. This calculator does it instantly.
Does a longer tenure reduce my EMI?
Yes, a longer tenure lowers the monthly EMI, but you pay much more total interest over the life of the loan. A shorter tenure means a higher EMI but a lower total cost.
How can I reduce my home loan EMI?
Make a larger down payment, pick a longer tenure, negotiate a lower rate, keep a strong credit score, or transfer the loan to a cheaper lender. Part-prepayments also cut the outstanding and the EMI or tenure.
How much home loan can I get on my salary?
Lenders usually keep your total EMIs within about 40 to 55 percent of your net income. Use the eligibility calculator above, and see our home loan by salary guide for details.
What is FOIR?
FOIR, the fixed-obligation-to-income ratio, is the share of your income already going to EMIs. Banks cap it, so existing loans reduce how much new home loan you qualify for.
What credit score do I need for a home loan?
A score in the mid-700s and above gets the best rates and easiest approval. A lower score can still get a loan, but often at a higher rate or a smaller amount.
Should I choose a fixed or floating interest rate?
Floating rates move with the market and are usually lower to start; fixed rates give certainty but cost more. Most home loans in India are floating. Choose by your comfort with rate changes.
Do prepayments help?
Yes. Prepaying reduces the outstanding principal, which cuts either your EMI or your remaining tenure and saves a lot of interest, especially in the early years of the loan.
Are there tax benefits on a home loan?
Yes, home-loan principal and interest carry deductions under the income tax rules, subject to limits and conditions. Confirm the current limits or ask a tax adviser.
What is a balance transfer?
It means moving your outstanding loan to another bank offering a lower rate. It can cut your EMI, but weigh the processing and legal fees against the saving before you switch.
What extra charges come with a home loan?
Processing fees, legal and valuation charges, stamp duty on the mortgage, and insurance. Ask the lender for the full cost sheet before you sign.
Can I get a joint home loan?
Yes, adding a co-applicant with income can raise your eligibility, and co-owners can share the tax benefits. All co-owners should ideally be co-borrowers.
How accurate is this EMI calculator?
The EMI maths is exact for the inputs you give. Your final EMI depends on the actual sanctioned amount, rate and tenure, plus any fees. Confirm with your bank.
How can Realty Hunting help me buy with a loan?
We help you shortlist verified properties, estimate the full cost with our calculators, and connect you with the right people. Reach out and we will guide your purchase end to end.