What is the EMI for a 30 lakh home loan?

For a Rs 30 lakh home loan at 8.5% per annum for 20 years, the EMI is approximately Rs 26,034 per month. At 8.25% (SBI rate), it is approximately Rs 25,561 per month. For a 30-year tenure at 8.5%, the EMI drops to Rs 23,064 but the total interest paid increases significantly.

What is the EMI for a 50 lakh home loan?

For a Rs 50 lakh home loan at 8.5% per annum for 20 years, the EMI is approximately Rs 43,391 per month. At SBI's current rate of 8.25%, the EMI is approximately Rs 42,601 per month. Over 20 years, you would pay approximately Rs 54 lakh in total interest on a Rs 50 lakh loan at 8.5%.

What is the current SBI home loan interest rate?

SBI home loan interest rates start at 8.25% per annum as of June 2026 for salaried borrowers with CIBIL scores above 750. SBI links its home loan rates to the External Benchmark Lending Rate (EBLR), which moves with the RBI repo rate. Women borrowers get a 0.05% concession on the applicable rate.

How much home loan can I get on a Rs 50,000 monthly salary?

On a Rs 50,000 monthly salary, most banks will approve a home loan of approximately Rs 25 to 30 lakh, assuming no existing EMI obligations. This is based on a 50% FOIR (Fixed Obligation to Income Ratio), where your maximum home loan EMI cannot exceed Rs 25,000 per month. At 8.5% for 20 years, Rs 25,000 monthly EMI corresponds to a loan of approximately Rs 28.8 lakh.

How much home loan can I get on a Rs 1 lakh monthly salary?

On a Rs 1 lakh per month salary, most Indian banks will approve a home loan of approximately Rs 55 to 65 lakh, assuming no existing EMI obligations and a CIBIL score above 750. Using a 50% FOIR, the maximum EMI is Rs 50,000, which at 8.5% for 20 years supports a loan of approximately Rs 57.6 lakh.

What is the minimum CIBIL score for a home loan?

Most major banks in India require a minimum CIBIL score of 700 to 750 for home loan approval. A score of 750 or above gets you the best interest rates. Scores between 650 and 699 may still get approval but at higher interest rates or with additional collateral requirements. Scores below 650 are usually rejected by mainstream banks.

What is the minimum down payment for a home loan in India?

Per RBI guidelines, banks can fund up to 90% of the property value for loans up to Rs 30 lakh, up to 80% for loans between Rs 30 lakh and Rs 75 lakh, and up to 75% for loans above Rs 75 lakh. This means the minimum down payment is 10%, 20%, or 25% of the property value respectively. A higher down payment reduces your EMI and total interest cost.

How does HDFC calculate home loan EMI?

HDFC Bank uses the reducing-balance method to calculate home loan EMI, identical to the standard formula: EMI = [P x R x (1+R)^N] / [(1+R)^N - 1]. HDFC links its home loan rates to the T-MCLR (Treasury MCLR), which is reset periodically. As of June 2026, HDFC home loan rates start at 8.35% per annum for salaried borrowers.

Is it better to choose a 20-year or 30-year home loan tenure?

A 20-year tenure is better if you can afford the higher EMI, because you pay significantly less total interest. A 30-year tenure lowers your monthly EMI by about 10-13% but increases total interest paid by 50% or more. For a Rs 30 lakh loan at 8.5%: 20-year EMI is Rs 26,034 (total interest: Rs 32.5 lakh) vs 30-year EMI of Rs 23,064 (total interest: Rs 53 lakh).

What is the difference between a home loan and a mortgage in India?

In India, the terms are often used interchangeably, but technically a home loan is money borrowed to purchase, construct, or renovate a home, where the property being purchased serves as collateral. A mortgage is the legal charge created on the property as security for the loan. All home loans create a mortgage on the property, but a mortgage loan can also refer to a loan against an already-owned property (loan against property or LAP).

Can I reduce my home loan EMI after taking the loan?

Yes, you can reduce your home loan EMI by: (1) making a partial prepayment to reduce the outstanding principal (RBI mandates no prepayment penalty on floating-rate loans), (2) negotiating a rate reduction with your lender when the RBI cuts the repo rate, (3) doing a balance transfer to a lender offering a lower rate, or (4) increasing your tenure if the lender allows it.

What is FOIR and how does it affect my home loan eligibility?

FOIR stands for Fixed Obligation to Income Ratio. It is the percentage of your gross monthly income that goes toward all EMI payments, including the proposed home loan EMI. Most Indian banks cap FOIR at 50% for salaried borrowers, meaning your total EMI outflow cannot exceed half your monthly income. If you have existing EMIs (car loan, personal loan), they are included in the FOIR calculation, reducing the amount available for the home loan EMI.

What tax benefits are available on home loans?

Under the old tax regime: Section 80C allows deduction of up to Rs 1.5 lakh per year on principal repayment. Section 24(b) allows deduction of up to Rs 2 lakh per year on interest paid for a self-occupied property (no cap for let-out property). Section 80EEA allows an additional Rs 1.5 lakh deduction for first-time home buyers on loans sanctioned between April 2019 and March 2022. The new tax regime does not allow these deductions.

Fermor is a financial platform built for India. The calculators are free tools that give real answers to real financial questions without requiring sign-up or payment. The product being built is an automated financial action system that uses the Account Aggregator framework to connect real financial accounts and close the gap between knowing what you should do with your money and actually doing it.

Home Loan Calculator: EMI, Interest Rates & Eligibility | Fermor

What Is a Home Loan EMI Calculator?

A home loan EMI calculator is a tool that computes your fixed monthly payment using the reducing-balance method, given three inputs: the loan amount (property price minus down payment), the annual interest rate, and the loan tenure in months.

The calculator shows you the exact trade-off between your monthly outflow and the total interest you will pay over the loan lifetime before signing. A longer tenure lowers your monthly EMI but increases total interest significantly.

This calculator works for all banks offering home loans in India: SBI, HDFC Bank, ICICI Bank, Axis Bank, Canara Bank, PNB, Kotak Mahindra, and LIC Housing Finance.

Home Loan EMI Formula

All banks in India use the reducing-balance method:

EMI = [P x R x (1+R)^N] / [(1+R)^N - 1]

P: Principal loan amount (property price minus down payment)
R: Monthly interest rate = annual rate / 12 / 100
N: Loan tenure in months (years x 12)

Example: Rs 50 lakh loan at 8.5% p.a. for 20 years. R = 0.007083. N = 240. EMI = Rs 43,391 per month. Total repayment = Rs 1.04 crore. Total interest = Rs 54.14 lakh.

Monthly EMI for Different Loan Amounts

EMI at 8.5% p.a. for 20-year tenure:

Values are approximate. Use the calculator above for exact figures.
Loan Amount	EMI / Month	Total Interest	Total Repayment
Rs 10 lakh	Rs 8,678	Rs 10.83L	Rs 20.83L
Rs 20 lakh	Rs 17,356	Rs 21.65L	Rs 41.65L
Rs 25 lakh	Rs 21,695	Rs 27.07L	Rs 52.07L
Rs 30 lakh	Rs 26,034	Rs 32.48L	Rs 62.48L
Rs 40 lakh	Rs 34,712	Rs 43.31L	Rs 83.31L
Rs 50 lakh	Rs 43,391	Rs 54.14L	Rs 1.04Cr
Rs 60 lakh	Rs 52,069	Rs 64.97L	Rs 1.25Cr
Rs 70 lakh	Rs 60,747	Rs 75.79L	Rs 1.46Cr
Rs 80 lakh	Rs 69,426	Rs 86.62L	Rs 1.67Cr
Rs 1 crore	Rs 86,782	Rs 1.08Cr	Rs 2.08Cr

SBI Home Loan EMI Calculator

SBI home loan rates start at 8.25% p.a. as of June 2026 for salaried borrowers with CIBIL above 750. SBI is the largest home loan lender in India, disbursing approximately one-third of all home loans. Rates are linked to the EBLR (External Benchmark Lending Rate = RBI repo rate + spread), so rate cuts from the RBI pass through automatically.

SBI rate 8.25% p.a. as of June 2026. For salaried borrowers with CIBIL 750+.
Loan Amount	SBI EMI (8.25%, 20yr)	Saving vs 8.5%
Rs 20 lakh	Rs 17,044	Rs 312/mo
Rs 30 lakh	Rs 25,566	Rs 468/mo
Rs 50 lakh	Rs 42,610	Rs 781/mo
Rs 70 lakh	Rs 59,654	Rs 1,093/mo
Rs 1 crore	Rs 85,220	Rs 1,562/mo

Women borrowers receive a 0.05% concession on the applicable SBI rate. SBI charges zero prepayment penalty on floating-rate home loans, as mandated by the RBI for all banks.

HDFC Bank Home Loan EMI Calculator

HDFC Bank home loan rates start at 8.35% p.a. as of June 2026, linked to the T-MCLR (Treasury MCLR). Current rates at other major lenders: SBI 8.25%, Axis Bank 8.50%, ICICI Bank 8.50%, Kotak Mahindra 8.65%, LIC Housing Finance 8.50%, Canara Bank 8.15%.

HDFC rate 8.35% p.a. as of June 2026. For salaried borrowers with CIBIL 750+.
Loan Amount	HDFC EMI (8.35%, 20yr)
Rs 20 lakh	Rs 17,164
Rs 30 lakh	Rs 25,746
Rs 50 lakh	Rs 42,910
Rs 70 lakh	Rs 60,074
Rs 1 crore	Rs 85,820

How Down Payment Reduces Your Home Loan EMI

Every additional rupee in down payment reduces your loan amount and EMI proportionally. Impact on a Rs 50 lakh property at 8.5% p.a. for 20 years:

Property value Rs 50 lakh. Rate 8.5% p.a. Tenure 20 years.
Down Payment	Loan Amount	Monthly EMI	Total Interest
10% (Rs 5L)	Rs 45L	Rs 39,052	Rs 48.72L
15% (Rs 7.5L)	Rs 42.5L	Rs 36,882	Rs 46.12L
20% (Rs 10L)	Rs 40L	Rs 34,713	Rs 43.31L
25% (Rs 12.5L)	Rs 37.5L	Rs 32,543	Rs 40.70L
30% (Rs 15L)	Rs 35L	Rs 30,374	Rs 37.90L
40% (Rs 20L)	Rs 30L	Rs 26,034	Rs 32.48L

Moving from 10% to 20% down on a Rs 50 lakh property saves Rs 4,339 per month for 20 years. That is Rs 10.4 lakh saved in EMI outflow, plus Rs 5.4 lakh less total interest. Per RBI guidelines, LTV is capped at 90% for loans up to Rs 30 lakh, 80% for Rs 30-75 lakh, and 75% above Rs 75 lakh.

Check Your Home Loan Eligibility

Banks use the FOIR (Fixed Obligation to Income Ratio) method to determine your maximum loan. Most Indian banks cap FOIR at 50% for home loans, meaning total monthly EMIs cannot exceed half your gross income. Use the Eligibility tab above to calculate your exact eligible loan amount.

At 8.5% p.a. for 20 years. 50% FOIR. No existing EMIs.
Monthly Gross Salary	Max EMI (50% FOIR)	Approx Eligible Loan
Rs 30,000	Rs 15,000	Rs 17.3L
Rs 50,000	Rs 25,000	Rs 28.8L
Rs 75,000	Rs 37,500	Rs 43.2L
Rs 1,00,000	Rs 50,000	Rs 57.6L
Rs 1,50,000	Rs 75,000	Rs 86.4L
Rs 2,00,000	Rs 1,00,000	Rs 1.15Cr

CIBIL score tiers: 750+ gets the best available rate. 700-749 adds 0.1-0.25% to the rate. 650-699 may add 0.5-1% or trigger collateral requirements. Below 650, most mainstream banks decline the application.

Frequently Asked Questions

Home loan EMI is calculated using the reducing-balance formula: EMI = [P x R x (1+R)^N] / [(1+R)^N - 1]. P is the loan principal (property price minus down payment), R is the monthly interest rate (annual rate divided by 12 divided by 100), and N is the tenure in months. All banks in India use this method. The EMI stays fixed throughout, but the interest portion reduces each month as the balance falls.

Disclaimer: All calculations on this page are indicative only. Actual EMI, eligibility, and interest rates from your lender may vary depending on your credit profile, property valuation, lender type, floating vs fixed rate choice, and applicable processing fees. Bank rates cited are as of June 2026 and subject to change. This is not financial advice. Consult a SEBI-registered investment adviser or CA before taking a home loan.