Home Loan Calculator.
Calculate your monthly EMI, total interest, and full payment breakdown for any home loan in seconds.
Calculating your loan...
How to Use
Enter Loan Amount
Enter the total home loan amount you wish to borrow from the bank.
Set Rate & Tenure
Enter the annual interest rate and loan tenure in years.
View Full Breakdown
Instantly see your monthly EMI, total payment, and interest amount.
EMI Formula
Standard RBI-Approved Formula
EMI = P x R x (1+R)^N / [(1+R)^N - 1]
Principal loan amount
Monthly interest rate (Annual rate / 12 / 100)
Number of monthly installments (Years x 12)
Complete Guide
A home loan is one of the most significant financial commitments you will make in your lifetime. Understanding how your EMI is calculated and what affects it can save you lakhs of rupees over the loan tenure.
Pro Tip: Even a 0.5% reduction in interest rate on a Rs 50 lakh loan for 20 years saves approximately Rs 3.5 lakhs in total interest.
The three key factors that determine your home loan EMI are the principal amount, interest rate, and tenure. Our calculator uses the standard formula approved by RBI to give you accurate results matching those of all major Indian banks.
When comparing home loans, always look at the Effective Annual Rate (EAR) rather than just the advertised rate, as processing fees and other charges affect the true cost of the loan.
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Home Loan FAQ Hub
1. What is the EMI formula for a home loan?
EMI = P x R x (1+R)^N / [(1+R)^N - 1], where P is principal, R is monthly interest rate, and N is number of months.
2. What is the current home loan interest rate in India 2026?
Home loan rates range from 8.35% to 9.5% p.a. in 2026. SBI starts at 8.5%, HDFC at 8.7%, and ICICI at 8.75%.
3. How much home loan can I get on a 50,000 salary?
On Rs 50,000 monthly salary, you can typically get Rs 35-40 lakhs, assuming EMI does not exceed 40-50% of net income.
4. What is the maximum tenure for a home loan?
Most banks offer home loans up to 30 years. Tenure depends on your age and bank policy.
5. Can I get tax benefit on home loan?
Yes. Section 24(b) allows Rs 2 lakh deduction on interest. Section 80C allows Rs 1.5 lakh deduction on principal repayment.
6. What is the difference between fixed and floating rates?
Fixed rates stay constant. Floating rates change with market conditions (MCLR/repo rate) and are generally lower initially.
7. How does prepayment affect my home loan?
Prepayment reduces principal, lowering total interest. You can reduce EMI or tenure to save significantly.
8. What is LTV ratio?
LTV (Loan-to-Value) is the percentage of property value financed. RBI mandates max 90% for loans up to Rs 30L, 80% for Rs 30-75L.
9. What documents are required for a home loan?
Identity proof, address proof, income proof (salary slips, ITR), bank statements, property documents, and Form 16.
10. What is PMAY subsidy?
PMAY provides interest subsidy up to 6.5% for EWS/LIG and 4% for MIG-I under the Credit Linked Subsidy Scheme.
11. How is home loan eligibility calculated?
Eligibility depends on income, existing EMIs, credit score, age, and employment. Banks allow EMI up to 40-50% of net monthly income.
12. What is MCLR?
MCLR is the benchmark rate set by banks. Floating home loan rates are linked to MCLR and change when it changes.
13. Should I choose longer or shorter tenure?
Longer tenure = lower EMI but more interest. Shorter tenure = higher EMI but significant savings. Choose based on your cash flow.
14. What is a balance transfer?
Balance transfer moves your loan to another bank with a lower rate, saving interest especially when done early in tenure.
15. How does credit score affect home loan rate?
CIBIL score above 750 gets best rates. 700-750 may get slightly higher rates. Below 700 faces rejection or high rates.
16. What is home loan processing fee?
A one-time charge of 0.25% to 1% of loan amount. Some banks waive this during festive seasons.
17. Can I take a joint home loan?
Yes. Joint loan with spouse/parent increases eligibility and both can claim individual tax benefits.
18. What is home loan insurance?
It covers the outstanding loan in case of borrower's death or disability, protecting the family from loan burden.
19. How accurate is HQCalc home loan calculator?
HQCalc uses the standard EMI formula used by all Indian banks. Results are highly accurate for planning purposes.
20. What is the repo rate impact on home loans?
When RBI repo rate decreases, banks reduce lending rates, making home loans cheaper. RBI repo rate is 6.5% as of 2026.