Home Loan EMI Calculator

At 8.5% interest rate, the EMI for a ₹50 lakh home loan for 20 years is approximately ₹43,391 per month. Total interest paid over 20 years is around ₹54.1 lakh — more than the loan amount itself. Use the calculator above to check EMI for your exact amount and rate.

As of mid-2026, SBI and LIC HFL offer the lowest rates starting at 8.50% p.a. HDFC Bank starts at 8.60%, ICICI and Axis at 8.75%. The actual rate you get depends on your CIBIL score — 750+ score gets the best rate. Always compare rates from 3–4 banks before applying.

Most banks require a minimum CIBIL score of 650–700. However, to get the best interest rate (lowest rate), you need 750+. A score between 600–650 may get approval from NBFCs (like LIC HFL, PNB Housing) but at higher interest rates of 9–10%+. Below 600, getting a home loan is very difficult.

Two major tax benefits: (1) Section 24(b) — Deduct up to ₹2 lakh per year on home loan interest for a self-occupied property. (2) Section 80C — Deduct up to ₹1.5 lakh per year on principal repayment. For a let-out (rented) property, there is no limit on interest deduction under Section 24(b), but rental income is taxed. Note: These deductions apply only under the Old Tax Regime.

It's difficult but possible. Salaried employees can often substitute ITR with Form 16 and salary slips for up to 3 months. Self-employed individuals must show ITR for the last 2–3 years. Some banks have special programs for low-income or informal sector borrowers — Pradhan Mantri Awas Yojana (PMAY) subsidized loans are available for EWS and LIG categories even without ITR.

Identity proof (Aadhaar/PAN), Address proof, Last 3–6 months salary slips (salaried) or 2–3 years ITR + P&L + Balance Sheet (self-employed), Last 6–12 months bank statements, Property documents (sale agreement, title deed, building plan approval), Property valuation report, Employment certificate. Processing typically takes 7–15 working days.

In 2026, floating rate is strongly recommended for home loans. Reasons: (1) RBI is in a rate-cutting cycle — repo rate cut to 5.25% — so floating rates are expected to fall further. (2) Fixed rates are typically 0.75–1.5% higher than floating. (3) Floating rate home loans have zero prepayment penalty by RBI rules. Choose fixed rate only if you want complete certainty and rates are historically low.

Yes, four ways: (1) Part-prepayment — reduces outstanding principal, bank either reduces EMI or tenure; (2) Balance transfer — refinance at a lower rate from another bank (saves more if done in first half of tenure); (3) Negotiating rate reduction with your existing bank (works if your CIBIL has improved); (4) Extension of tenure — increases total interest but reduces monthly burden. Option 1 (prepayment) gives the highest savings.

Most banks offer up to 30 years. However, the loan must be closed before the borrower turns 70 (75 for some banks). So a 45-year-old can get at most a 25-year tenure. Longer tenure = lower EMI but much higher total interest. Example: ₹40 lakh at 8.5% for 20 years pays ₹43.3 lakh as interest, but for 30 years pays ₹73.5 lakh as interest.

Banks approve loans only if your total EMIs (existing + new) don't exceed 40–50% of take-home salary. The recommended personal limit is 30–35% for home loan alone, leaving room for other expenses and investments. Example: ₹80,000 take-home salary → keep home loan EMI below ₹24,000–28,000.

Pre-EMI is the interest paid on the loan amount disbursed so far, before full possession. Banks disburse home loans in stages for under-construction properties — you pay interest only on the disbursed amount until construction is complete. Full EMI (principal + interest) starts after possession. Pre-EMI period interest is tax-deductible under Section 24(b) in 5 equal installments post-possession.

SBI is better if: you want the lowest rate (8.50% starting), have a government/PSU job, or are applying under PMAY scheme. HDFC is better if: you're self-employed, want faster processing, or own a property in tier-2/tier-3 city. HDFC also has better customer service for NRIs. Both are equally trusted — compare your specific rate offer from both before deciding.

LTV is the percentage of property value the bank will lend. As per RBI guidelines: For property up to ₹30 lakh — up to 90% LTV. For ₹30–75 lakh — up to 80% LTV. Above ₹75 lakh — up to 75% LTV. This means for a ₹1 crore property, you need at least ₹25 lakh as your own down payment. The rest (₹75 lakh) can be financed.