Home loan EMI calculator

What this tool is for

It starts where buyers start, from the price of the flat or house, works out what a bank may lend against it, and gives the EMI. It also shows the cash you need on day one beyond the down payment, what your income can carry, and the tax a home loan saves under the old regime.

Who it's for: anyone house hunting who wants to know what they can afford before they fall in love with a flat; couples adding two incomes to see the loan it allows; and borrowers weighing a switch to another bank.

Start from the price, not the loan

Most people begin with a flat or house they like, so this calculator starts from the property price. Your down payment comes off the price, the rest is the loan, and the EMI follows. You can also start from the loan amount, or from your income to see the biggest loan and home your pay can carry.

Banks in India cannot lend the whole price. Under RBI rules (Master Circular on Housing Finance, April 2025), the loan can be at most 90% of the property value for loans up to ₹30 lakh, 80% for loans up to ₹75 lakh and 75% above that. Stamp duty and registration usually cannot be added to the loan, so they come from your pocket too.

The calculator opens with only what everyone needs: where you start from, the price, your down payment, the rate and the term. Turn on Day-one cash to add stamp duty, registration, the processing fee and legal costs; Tax saving, Pay extra, Switch banks and Owning costs sit under the same switches.

Kavitha and Ravi's flat

Kavitha teaches at a school in Kallakurichi and Ravi works at a bank. They like a ₹50 lakh flat and can pay 20% down. Their bank offers 8.5% for 20 years.

The day-one cash surprised them most: almost ₹5 lakh on top of the down payment. Because they bought the flat together, each can claim the tax limits on their share of the loan, which raises the total saving under the old regime.

How much loan can your income get?

Lenders look at your take-home pay and allow all your EMIs to take a share of it, usually 40–50%. Existing car or personal loan EMIs come out of that share first. Adding a co-applicant's pay raises the limit. Pick My income to see the loan, the EMI and the home it can buy. Lenders also check your credit score, age and the property, so the bank's final figure can differ.

Tax: old regime or new

Under the old tax regime, a home you live in gets two deductions each year: interest up to ₹2 lakh (section 22(2) of the Income-tax Act, 2025; formerly 24(b)) and principal within the ₹1.5 lakh limit it shares with PF and insurance (section 123; formerly 80C). Joint owners who pay the EMI can each claim them. The new regime gives nothing for a home you live in. For a let-out home, interest lowers the taxable rent in both regimes. Turn on Tax saving to see your numbers, and check your own case with a tax adviser.

When the repo rate moves

Most home loans float with the RBI repo rate, which is 5.50% since 7 October 2026. When it rises, banks usually keep your EMI and add months to the loan; some raise the EMI. The If the repo rate moves bars show what a rise could cost. Under RBI rules, banks may not charge you for prepaying a floating-rate home loan, so extra payments and switching banks are both open to you.

Paying extra and switching banks

Even one extra EMI a year can cut years off a 20-year loan. Turn on Pay extra to try a monthly top-up and a yearly bonus. If another bank offers a rate at least 0.5% lower and many years are left, turn on Switch banks: the tool subtracts the switching costs and shows when they pay back.

Common mistakes

• Forgetting stamp duty and registration. In Tamil Nadu they add about 9% of the price.
• Choosing 30 years by default. The EMI is smaller, but the interest can exceed the loan itself.
• Borrowing to the lender's limit. Leave room in your budget for school fees, health and savings.
• Ignoring the regime choice. If you pick the new regime, the home loan gives no tax saving on a home you live in.

A short checklist

1. Ask the bank for the Key Facts Statement and the exact rate linked to the repo.
2. Keep the day-one cash ready, not just the down payment.
3. Choose the shortest term you can comfortably pay.
4. Plan one extra EMI a year and review your rate every year.

Rates, stamp duty and tax rules change; check the current figures with your lender, the Sub-Registrar office and a tax adviser. This is a guide, not advice.