India Home Loan & EMI Calculator

A home loan in India has its own machinery: EMIs priced off the RBI repo rate, an interest rate that depends on your CIBIL score, upfront stamp duty that the loan does not cover, and tax deductions that can meaningfully lower the real cost. Knowing how these fit together tells you what you can borrow, what you will actually pay, and where you can save.

The EMI

Your EMI (Equated Monthly Instalment) is a fixed monthly payment covering interest and principal on a reducing-balance basis — early EMIs are mostly interest, later ones mostly principal. A longer tenure lowers the EMI but raises total interest, and vice versa. For a specific lender's indicative rate, see the bank pages for SBI, HDFC, ICICI and Axis.

Floating rates: repo-linked (EBLR) and resets

Since 2019 most banks price floating-rate home loans against an external benchmark — usually the RBI repo rate — under the External Benchmark Lending Rate (EBLR). Your rate is the repo rate plus a fixed spread, so when the RBI moves the repo rate, your rate resets, commonly within a quarter. Banks typically hold your EMI steady and adjust the loan's tenure instead (or the reverse), which is why a rate rise can quietly lengthen your loan rather than raise the monthly figure. This pass-through is faster and more transparent than the older MCLR system it largely replaced.

CIBIL-linked pricing

Indian lenders increasingly set the spread over their benchmark by your CIBIL score. A score of 750 and above tends to unlock the lowest rate and the smoothest approval; a weaker score can mean a higher rate, a smaller sanctioned amount, or a rejection. Over a 20-year loan even a small rate difference compounds into lakhs, so the guide on CIBIL score and your home loan is worth reading before you apply.

Eligibility: the FOIR method

Banks decide how much you can borrow using FOIR — the Fixed Obligation to Income Ratio, capping your total EMIs at a share (often around 50%) of your income after existing obligations. The home loan eligibility calculator estimates it from your income, existing EMIs, rate and tenure — an estimate for planning, not a loan approval.

Stamp duty, registration and upfront costs

Two big costs sit outside the loan. Stamp duty and registration charges are set by each state and vary — stamp duty is commonly around 5% to 7% of the property value, with registration often near 1%, and several states give a small concession to women buyers. These are paid upfront and are usually not financed, so factor them in early.

Tax benefits under the old regime

A home loan carries real tax advantages under the old tax regime: principal repayment counts toward the Section 80C deduction (within the overall ₹1.5 lakh limit), and interest is deductible under Section 24(b), up to ₹2 lakh a year for a self-occupied home. The new regime generally does not offer the 24(b) deduction for a self-occupied property — so weigh the benefit against your regime choice.

Prepayment and foreclosure

One borrower-friendly rule: the RBI does not permit banks to charge foreclosure or prepayment penalties on floating-rate home loans taken by individuals. Once you have surplus funds you can prepay and cut your interest freely — and because early EMIs are mostly interest, prepaying in the first years saves the most. Fixed-rate loans may still carry a charge, so confirm your loan's type first.