Calculator · TND Listings Mumbai
Home Loan EMI Calculator
Work out the monthly instalment on a home loan for your Mumbai flat. Set the loan amount, interest rate and tenure to see your EMI, the total interest you will pay, and a year-by-year repayment schedule.
Year-by-year amortisation schedule
| Year | Principal paid | Interest paid | Total paid | Balance |
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| Turn on JavaScript to see the full schedule. |
How EMI is calculated
An EMI (equated monthly instalment) is the fixed amount you pay your lender every month until the loan is repaid. Each EMI covers that month's interest first; the rest reduces your principal. Early on, most of the EMI is interest. Towards the end, most of it is principal.
For example, a ₹75 lakh loan at 8% a year for 20 years:
Monthly rate (r)8 ÷ 12 ÷ 100 = 0.00667
Number of instalments (n)20 × 12 = 240
Monthly EMI₹62,733
Total interest over 20 years₹75.56 lakh
Over 20 years at 8%, the interest you pay is roughly equal to the amount you borrowed.
What changes your EMI the most
Tenure
On ₹75 lakh at 8%, a 15-year loan costs ₹71,674 a month and ₹54 lakh in interest. Stretch it to 25 years and the EMI falls to ₹57,886, but interest rises to ₹98.7 lakh.
Interest rate
Half a percentage point matters. On ₹75 lakh over 20 years, moving from 8% to 8.5% adds about ₹2,350 to every EMI and over ₹5.6 lakh in total interest.
Down payment
Banks usually lend up to 75–90% of the property value, depending on loan size. A larger down payment cuts the principal, and the EMI falls in direct proportion.
Home loan rates in 2026
Most home loans in India are floating-rate and linked to the RBI repo rate, so your EMI or tenure can change when the RBI revises it. After a series of cuts, the repo rate has stood at 5.25% through much of 2026, and lenders have advertised starting rates from roughly 7.1% to around 8% a year for borrowers with strong credit scores. Your actual rate depends on your CIBIL score, income, the loan amount and the lender, so check the current rate with your bank before you commit.
- Credit score: a score of 750 or above usually gets you the best advertised rate.
- Prepayment: RBI rules do not allow banks to charge individuals prepayment penalties on floating-rate home loans, so part-payments can shorten your loan.
- NRI borrowers: NRI home loans are widely available, usually at a small premium over resident rates, and EMIs are paid from an NRE or NRO account.
Tax benefits on a home loan
Under the old tax regime, you can deduct up to ₹2 lakh a year of interest on a self-occupied home (Section 24(b)) and up to ₹1.5 lakh of principal repayment within the Section 80C limit. If the flat is let out, interest can be set off against rental income. These deductions are not available on a self-occupied home under the new tax regime. Confirm your position with a chartered accountant.
Frequently asked questions
Is this EMI calculator accurate?
It uses the standard reducing-balance formula that banks use. Your bank's figure may differ by a few rupees because of rounding, or because the first EMI is adjusted for the date the loan is disbursed. Processing fees and insurance are not included.
How much home loan can I get on my salary?
Most banks keep your total EMIs, including any existing loans, within about 40–50% of your net monthly income. On a ₹1.5 lakh monthly take-home, that typically supports an EMI of around ₹60,000–₹75,000, which is roughly a ₹70–90 lakh loan over 20 years at 8%.
Should I choose a longer or shorter tenure?
A longer tenure lowers the EMI but sharply increases total interest. A common approach is to take a comfortable tenure and then prepay whenever you can, which shortens the loan without locking you into a high EMI.
What happens to my EMI when the repo rate changes?
On a repo-linked loan, the bank usually keeps your EMI the same and changes the remaining tenure. You can ask the bank to adjust the EMI instead. Rate cuts shorten the loan; rate rises lengthen it.
Can NRIs use this calculator?
Yes. The formula is the same for NRI home loans. Enter the rate your lender has quoted. TND Listings helps NRI buyers find, verify and complete purchases in Mumbai, Navi Mumbai and Thane.
This calculator gives an estimate for general guidance only and is not a loan offer or financial advice. Actual EMIs depend on your lender's rate, fees, disbursement schedule and terms. Interest rates and tax rules change; confirm the current position with your bank and a qualified advisor before you decide.
