Home Loan EMI Calculator

EMI (Equated Monthly Instalment) is the fixed monthly payment you make to repay your home loan. Each payment covers a portion of the principal borrowed and the interest on the outstanding balance. In early years, most of your EMI goes toward interest; as the balance reduces over time, more goes toward principal.

EMI = P × r × (1+r)ⁿ ÷ ((1+r)ⁿ – 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 1200), and n is the tenure in months. Our calculator uses this exact formula.

Bank of Baroda and SBI offer starting rates from 8.40%–8.50% p.a. as of mid-2026. Your actual rate depends on your CIBIL score, loan amount and income. A score above 750 typically unlocks the best rates.

Yes — by making partial prepayments (which reduce the outstanding principal), refinancing to a lower-rate lender, or negotiating a rate reduction when policy rates fall. Most banks allow unlimited prepayments without penalty on floating-rate home loans.

Most lenders offer up to 30 years, subject to the loan not extending beyond your retirement age (usually 60–70 depending on the lender). Longer tenures lower EMI but increase total interest paid.

Banks sanction loans where the EMI is within 40–50% of your monthly take-home pay. With a salary of ₹1 lakh/month, your eligible EMI is roughly ₹40,000–₹50,000. Use the calculator above to find the right loan amount.

750 or above qualifies you for the best rates and fastest approvals. Scores of 700–749 may still get approval at slightly higher rates. Below 700 makes approval difficult with most banks.