Home Loan EMI Calculator India 2026
Calculate your home loan EMI, see year-wise amortization, and find out how much tax you can save under Section 24(b) and 80C. Compare Old vs New Regime benefits. Plan prepayments to save lakhs in interest. Based on FY 2025-26 rules from incometax.gov.in and RBI guidelines.
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How to Use This Calculator
Home Loan EMI tab
Enter your loan amount, interest rate, and tenure in years. The calculator shows your monthly EMI, total interest payable, year-wise amortization schedule, and a comparison of EMI across major banks (SBI, HDFC, ICICI, Kotak, Axis). Use this to budget your monthly outflow before applying for a home loan.
Tax Benefit tab
See your annual tax saving under the Old Regime from Section 24(b) (interest deduction up to ₹2,00,000 for self-occupied property) and Section 80C (principal deduction up to ₹1,50,000, shared with PPF/ELSS/LIC). Select your tax slab and enter how much of your 80C limit is already used. The calculator also confirms that no home loan tax benefits are available under the New Regime.
Prepayment Strategy tab
Enter an annual lump-sum prepayment amount (e.g., from your annual bonus). See how many years and months you save on tenure, and how much total interest you avoid. Useful for deciding between prepaying your home loan vs investing in mutual funds or PPF.
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The Formula
Home loan EMI is calculated using the standard reducing-balance formula used by all Indian banks:
Where:
P = Principal loan amount
r = Monthly interest rate (annual rate / 12 / 100)
n = Total number of months (tenure in years × 12)
Example: ₹50,00,000 at 8.5% for 20 years
r = 8.5 / 12 / 100 = 0.007083
n = 20 × 12 = 240 months
EMI = 50,00,000 × 0.007083 × (1.007083)240 / ((1.007083)240 − 1)
EMI = ₹43,391/month
Total payment = ₹43,391 × 240 = ₹1,04,13,840
Total interest = ₹1,04,13,840 − ₹50,00,000 = ₹54,13,840
Tax Benefits (Old Regime, FY 2025-26):
Section 24(b): Interest deduction up to ₹2,00,000/year (self-occupied)
Section 80C: Principal deduction up to ₹1,50,000/year (shared limit)
Section 80EEA: Expired after FY 2022-23 — NOT available
New Regime: NO home loan deductions available
In the early years of a home loan, the interest component of your EMI is much higher than the principal component. As you repay, the ratio shifts — this is why tax benefits under Section 24(b) are highest in the first few years.
Example
Rahul — Bengaluru IT professional buying a ₹80L flat
Rahul earns ₹18,00,000/year, makes a 20% down payment (₹16,00,000), and takes a ₹64,00,000 home loan at 8.5% for 20 years. He is in the 30% tax slab and already uses ₹50,000 of his 80C limit via ELSS.
Step 1: Calculate EMI
Step 2: Year 1 tax benefit (Old Regime)
Step 3: Prepayment impact
Rahul's EMI of ₹55,541 is about 37% of his monthly income. With ₹90,000 annual tax saving, his effective EMI drops to about ₹48,041. The ₹5L/year prepayment saves him ~9 years and ~₹33L in interest.