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What will my EMI be?

An EMI is the fixed monthly payment on a home loan. Move the sliders to see the EMI, the total interest, and what paying a little extra each year saves.

% a year

Use the rate your bank quotes you; this one is only a starting point.

years

Most banks let you prepay a floating-rate home loan without a charge. Ask yours.

How the EMI is worked out

EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly payments. Early payments are mostly interest and later ones mostly principal, which is why an extra payment in the early years saves the most.

The extra payment is taken off the loan at the end of each year while the EMI stays the same, so the loan ends sooner. Most Indian home loans have floating rates, so your EMI or tenure can change when the bank's benchmark rate moves.

Read more in how much home loan can I get.

An illustration, not a loan offer or financial advice. Your bank's rate, fees and terms will differ, and banks lend at most 75 to 90% of a home's price depending on the loan size.