What's the best tenure for a home loan?

Longer tenures lower EMI but increase total interest. Generally, choose the shortest tenure where EMI stays under 40% of monthly income.

Does the EMI change if interest rates change?

For floating-rate loans, the EMI or tenure adjusts when the lender revises the rate. For fixed-rate loans, EMI stays constant.

How can I save interest on a loan?

Prepay whenever possible — even small annual prepayments cut years off your loan. Also consider balance transfer if rates drop significantly.

Are EMIs tax deductible?

Home loan principal up to ₹1.5L (80C) and interest up to ₹2L (24b) are deductible under the old regime. Personal loan EMIs are not deductible.

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Loans

EMI Calculator

Plan loan EMIs across home, personal and car loans with full amortization breakdown.

Inputs

Loan amount

₹50,000₹40,00,000₹5,00,00,000

Annual interest rate

1%8.530%

Tenure

yrs

1 yrs2030 yrs

Results

Monthly EMI

₹34,713

Total interest

₹43,31,103

Total payable

₹83,31,103

Total

₹83,31,103

Principal₹40,00,000

Interest₹43,31,103

What is an EMI Calculator?

An EMI (Equated Monthly Installment) calculator computes the fixed monthly amount you pay on a loan. It splits each EMI into principal and interest components and builds a full amortization schedule.

EMIs use a compound interest formula where the same amount is paid every month, but the principal-interest ratio shifts over time. Early EMIs have high interest; later EMIs have high principal.

Use this for home loans, personal loans, car loans and any installment-based credit.

EMI formula

EMI = P × r × (1 + r)^n / ((1 + r)^n − 1)

P — Principal loan amount
r — Monthly interest rate (annual rate / 12 / 100)
n — Loan tenure in months
EMI — Fixed monthly payment

Example: ₹40L home loan at 8.5% for 20 years

Principal: ₹40,00,000
Annual interest rate: 8.5%
Tenure: 240 months
Monthly EMI: ₹34,713
Total interest: ₹43,31,103
Total payable: ₹83,31,103

Over 20 years you pay back more in interest than the original loan. Short tenures and prepayments save lakhs.

Frequently asked

Why calculate EMI

1Budget accurately before taking a loan.
2Compare loan offers across lenders instantly.
3See total interest paid over the loan life.
4Decide on tenure that balances EMI and total cost.
5Plan prepayments to save interest.

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