Home Loan EMI Calculator
Work out your monthly home loan payment before you borrow.
An EMI (Equated Monthly Instalment) is the fixed monthly payment you make to repay a loan — home, car or personal — over its tenure. Each EMI is split between interest (calculated on the outstanding balance) and principal repayment; early in the loan, most of the EMI goes to interest, and that shifts toward principal as the balance shrinks.
A home loan EMI calculator works out your fixed monthly payment from the loan amount, interest rate and tenure, using the standard reducing-balance amortization formula banks use — the same number your lender's own sanction letter would show for the same three inputs.
EMI uses the standard reducing-balance formula: a fixed monthly payment where the interest portion (charged on the outstanding balance) shrinks and the principal portion grows every month, until the balance reaches zero at the end of the tenure. Total interest is simply EMI × months − the original principal.
Home loan interest is deductible up to ₹2L/year under Section 24(b) for a self-occupied property, and principal repayment counts under Section 80C (within its ₹1.5L combined limit) — factor this tax benefit into your real borrowing cost.
Why does most of my early EMI go to interest?
Interest is charged on the outstanding balance, which is highest at the start of the loan — so a larger share of each early EMI covers interest, with the principal share growing every month as the balance falls.
Does a lower EMI always mean a cheaper loan?
No — a longer tenure lowers the EMI but increases total interest paid over the life of the loan. Compare total interest, not just the monthly figure, when weighing tenure options.
Does this include processing fees or insurance?
No — this is the EMI on the loan principal alone. Processing fees, mandatory insurance, and other charges your lender adds are separate and not included here.
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