EMI calculator for India.

Home loan rates in India currently range from about 8.4% to 9.5% per year, depending on the lender, your credit score, and whether the loan is on the floating (repo-linked) or fixed track. Public sector banks like SBI and Bank of Baroda usually offer the tightest rates; private banks and NBFCs price slightly higher.

EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly payments. The formula gives a fixed monthly payment that combines principal and interest; early on more goes to interest, later more to principal.

Fixed rate loans lock your interest rate (and hence EMI) for the entire loan tenure — usually at a 1–2% premium over current floating rates. Floating rate loans (now almost all home loans in India) reprice every quarter based on the RBI repo rate + the lender's spread. Most home buyers go floating because fixed offers tend to be more expensive in the long run.

Yes — substantially. Because home loan interest is computed on the outstanding balance, prepaying principal early shrinks the balance and the interest charged on subsequent EMIs. On a 20-year ₹50 lakh loan at 9%, prepaying ₹2 lakh in year 2 can save roughly ₹4 lakh in total interest. RBI rules forbid prepayment penalties on floating-rate retail home loans.

Partially. Under Section 24, you can deduct up to ₹2 lakh per year of home loan interest for a self-occupied property. The principal portion counts toward the Section 80C ₹1.5 lakh limit. These benefits are only available under the old tax regime — the new regime removes them. See our Tax Calculator India page for more.