A home loan (housing loan) finances purchase, construction or improvement of residential property. The property is typically mortgaged to the lender until the loan is repaid. Borrowers repay through EMIs over a long tenure — often 15 to 30 years — at a fixed or floating interest rate linked to a published benchmark.

This calculator estimates monthly EMI, total interest and total repayment for a home loan before you approach a lender. It is useful for comparing tenures and stress-testing your budget.

EMI = [P × r × (1+r)ⁿ] / [(1+r)ⁿ − 1]

P = loan principal, r = monthly interest rate (annual rate ÷ 12 ÷ 100), n = tenure in months.

Worked example: ₹50,00,000 at 8.5% p.a. for 20 years (240 months) → monthly EMI is computed with the same reducing-balance formula used for retail housing loans in India. Adjust amount, rate and tenure above to match your sanction terms.

The year-wise schedule shows principal vs interest paid each year, closing balance and how much of the loan is paid to date. Expand the month-wise breakup for instalment-level detail. On long home loan tenures, early years are interest-heavy and principal repayment accelerates later.

Retail home loans follow RBI fair-practices and disclosure norms. Lenders must share APR, processing charges and prepayment terms in the key fact statement. Floating-rate loans reset when the benchmark changes; fixed-rate loans keep the contracted rate for the agreed period.

Prepayment on floating-rate home loans from banks generally cannot carry penal charges per RBI directions — verify the exact product terms in your agreement.

EMI is repayment of debt, not a tax concept by itself. Eligible borrowers may claim deductions on principal (Section 80C, within overall limits) and interest (Section 24(b)) for self-occupied or let-out property, subject to Income Tax Act rules and documentation.

Home loans usually offer longer tenures and lower rates than car or personal loans because the property secures the credit. For a general EMI tool across loan types, see our EMI calculator.

First-time buyers comparing 15- vs 20-year tenures, balance-transfer shoppers checking new EMIs, and anyone verifying whether a quoted housing loan EMI fits monthly cash flow. Use the rate on your offer letter, not the lowest advertised headline rate.