Home Loan Calculator

EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P = loan amount, r = monthly interest rate (annual rate ÷ 12), n = total months. For a ₹50 lakh loan at 8.5% for 20 years: monthly r = 0.085/12 = 0.00708, n = 240 months, EMI = ₹43,391. Use the calculator above for instant results.

Major Indian bank home loan rates in 2026: SBI 8.50–9.65%, HDFC 8.75–9.65%, ICICI 8.75–9.65%, Kotak 8.75–9.35%. Floating rates are linked to RBI repo rate and change quarterly. Fixed rates are typically 0.5–1% higher but offer payment certainty.

As of June 2026, the average 30-year fixed mortgage rate is approximately 6.60% (Bankrate). The 15-year fixed rate averages ~5.80%. Rates remain elevated due to Middle East geopolitical pressures. For a $400,000, 30-year loan at 6.6%, the monthly payment is approximately $2,560.

Five proven strategies: (1) Make a larger down payment to reduce the principal, (2) Choose a shorter loan term — 15 years vs 30 years saves enormous interest, (3) Make extra principal payments whenever possible, (4) Refinance when rates drop significantly (>0.75%), (5) Apply annual bonuses as lump-sum prepayments. Even ₹10,000–₹20,000/month extra can cut 5–7 years off a 20-year Indian home loan.

An amortization schedule shows how each monthly payment is split between principal and interest over the loan term. In early years, most of the EMI pays interest with very little going to principal. This reverses toward the end of the loan. The schedule shows your outstanding balance at each year — useful for planning prepayments and understanding how quickly you build equity.

Fixed rate: your EMI never changes regardless of market conditions — good for certainty. Floating rate: linked to the lender's benchmark rate (MCLR/repo in India, SOFR in US) — can go up or down. Historically, floating rates have been cheaper over long loan tenures (15–25 years) in most markets. Fixed rates protect you when rates are expected to rise; floating is better when rates are stable or falling.