About this home loan
A ₹10 lakh loan is a small home loan or a top-up. At 8.5% over 20 years the EMI is about ₹8,678, and you repay about ₹20.8 lakh in all, so the interest is more than the loan. The table shows other rates and tenures; the calculator lets you enter your own.
The figures use the reducing-balance method banks follow: interest each month is charged on what you still owe. Nothing you enter leaves your browser. Your own bank’s EMI can differ slightly because of rounding, the date of the first EMI and fees, so confirm it on the sanction letter.
How to use it
- The calculator is open with ₹10,00,000 at 8.5% for 20 years. Change the amount, rate or tenure.
- Read the monthly EMI, the total interest and the total amount payable.
- Open "Part-prepayment" to see how an extra payment shortens the loan and saves interest.
- Scroll to the schedule for each year, and download it as a PDF or CSV.
Example: ₹10,00,000 at 8.5% for 20 years
Loan ₹10,00,000 · 8.5% a year · 20 years
EMI ₹8,678 Total interest ₹10,82,776 Total payable ₹20,82,776
Monthly EMI on ₹10,00,000 by rate and tenure
| Rate \ Years | 10 yrs | 15 yrs | 20 yrs | 25 yrs | 30 yrs |
|---|---|---|---|---|---|
| 8% | ₹12,133 | ₹9,557 | ₹8,364 | ₹7,718 | ₹7,338 |
| 8.5% | ₹12,399 | ₹9,847 | ₹8,678 | ₹8,052 | ₹7,689 |
| 9% | ₹12,668 | ₹10,143 | ₹8,997 | ₹8,392 | ₹8,046 |
| 9.5% | ₹12,940 | ₹10,442 | ₹9,321 | ₹8,737 | ₹8,409 |
| 10% | ₹13,215 | ₹10,746 | ₹9,650 | ₹9,087 | ₹8,776 |
Worked out with the same formula as the calculator. Longer tenures lower the EMI but raise the total interest.
Features
- Accurate. The reducing-balance formula used by Indian banks.
- Prepayment planner. See the interest and time saved by a one-time or yearly extra payment.
- Full schedule. Year by year, expandable to every month, with PDF and CSV downloads.
- Private. No sign-up, and your numbers stay on your device.
Frequently asked questions
How much EMI is safe for my income?
A common rule of thumb is that all EMIs together should stay below about 40–50% of your monthly take-home pay. Lenders apply their own limits, so use the calculator to see what each rate and tenure means for your budget.
How is the home loan EMI calculated?
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly rate (yearly rate ÷ 12 ÷ 100) and n is the number of months. See the guide "How to calculate EMI" for a worked example.
Does the EMI include processing fees and insurance?
No. It covers principal and interest only. Fees, insurance and taxes on them are extra, so check the sanction letter.
How can I reduce the interest I pay?
Choose the longest tenure you will not need and prepay when you can: early part-payments cut the most interest on a 15–20 year loan. Compare the rate and the processing fee together, and ask whether the rate is floating (linked to a benchmark) or fixed. Interest and principal on a home loan may qualify for tax deductions; check the current rules with a tax adviser.
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