Calculate monthly EMI for any loan — home loan, car loan, personal loan. Includes full amortization schedule and bank rate comparison.
| Loan Amount | — |
| Total Interest Payable | — |
| Total Amount Payable | — |
| Monthly EMI | — |
| Bank | Rate (p.a.) | Processing Fee |
| SBI Home Loan | 8.50% – 9.65% | 0.35% of loan |
| HDFC Bank | 8.70% – 9.85% | 0.50% + GST |
| ICICI Bank | 8.75% – 9.80% | 0.50% + GST |
| Axis Bank | 8.75% – 9.15% | 1% of loan |
| Kotak Mahindra | 8.70% – 9.50% | 0.50% + GST |
| Bank of Baroda | 8.40% – 10.60% | 0.25% – 0.50% |
*Rates are indicative. Check with your bank for exact current rates. Rates change with RBI repo rate.
EMI = P × r × (1+r)^n / [(1+r)^n – 1], where P = principal loan amount, r = monthly interest rate (annual rate ÷ 12 ÷ 100), n = loan tenure in months.
Monthly EMI = ₹26,036 | Total Interest = ₹32,48,640 | Total Payable = ₹62,48,640. You pay more than double the principal in interest over 20 years!
Choose a longer tenure (reduces EMI but increases total interest). Make part-prepayments when you get a bonus. Negotiate a lower interest rate. Transfer to a bank offering lower rates (balance transfer).
Q: Does EMI change when RBI changes repo rate?
A: Yes, for floating rate loans. When RBI increases repo rate, banks raise the benchmark rate, increasing your EMI. Fixed rate loans are not affected.
Q: What is the maximum home loan tenure in India?
A: Most banks offer up to 30 years. SBI offers up to 30 years for home loans.
Q: Is there a tax benefit on home loan EMI?
A: Yes. Under Section 24(b), interest up to ₹2 lakh/year is deductible. Under Section 80C, principal repayment up to ₹1.5 lakh/year is deductible (old tax regime only).
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