In short
On a ₹10,00,000 home loan at 8.5% for 20 years you pay ₹8,678 a month and ₹10,82,776 of interest in total, so you repay ₹20,82,776. Half a percentage point more (9%) raises the EMI to ₹8,997.
How we calculated
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r the monthly interest rate (yearly rate ÷ 12) and n the number of months. The rate is assumed to stay the same for the whole tenure.
Processing fees, insurance and changes in a floating rate are not included. Amounts are rounded to the rupee.
For your own figures, use the loan calculator .
Frequently asked questions
What is the EMI for a ₹10 lakh home loan?
At 8.5% a year, about ₹8,678 a month over 20 years, ₹12,399 over 10 years or ₹7,689 over 30 years. The table shows other rates; your bank's rate depends on the repo rate, your credit score and the loan amount.
How can I pay less interest?
Choose the shortest tenure whose EMI you can comfortably afford and prepay when you can: over 20 years at 8.5% you pay ₹10,82,776 of interest, over 10 years ₹4,87,828. RBI rules bar prepayment charges on floating-rate home loans to individuals; a fixed-rate loan may still carry one, so check your loan terms.
Is there a tax benefit on a home loan?
In the old tax regime, interest of up to ₹2 lakh a year on a loan for the home you live in is deductible (₹30,000 if the home is not bought or built within five years of the loan), and the principal repaid counts within the ₹1.5 lakh 80C limit, shared with PPF, EPF and similar. The new regime gives neither for a home you live in.
EMI for other loan amounts
Note
This page gives estimates for information only and is not financial advice. Your lender's offer decides the actual EMI.
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