Calculate Monthly EMI, Total Interest & Amortization Schedule Instantly
🏠 Home Loan Interest Rates (2026): 8.25% - 9.50% p.a.
Top Banks: SBI | HDFC | ICICI | Axis | PNB | Kotak
EMI (Equated Monthly Installment) is the fixed amount you pay every month to repay your loan. It consists of both principal and interest components. The formula used is: EMI = [P × r × (1+r)^n] / [(1+r)^n - 1], where P = Principal loan amount, r = monthly interest rate, n = number of monthly installments.
| Loan Type | Interest Rate (p.a.) | Max Tenure |
|---|---|---|
| 🏠 Home Loan | 8.25% - 9.50% | 30 Years |
| 👤 Personal Loan | 10.50% - 18.00% | 5 Years |
| 🚗 Car Loan | 8.75% - 11.50% | 7 Years |
| 📚 Education Loan | 7.50% - 10.00% | 15 Years |
| 💼 Business Loan | 12.00% - 20.00% | 10 Years |
Q: What is the EMI for 50 lakh home loan for 20 years?
A: For ₹50 lakh home loan at 8.5% interest for 20 years, monthly EMI is approximately ₹43,391. Total interest paid would be about ₹54.14 lakhs.
Q: How much home loan can I get on 50,000 salary?
A: With ₹50,000 monthly salary, you may be eligible for a home loan of ₹30-35 lakhs, with EMI around ₹27,000-31,000 per month depending on interest rate and tenure.
Q: What is the current SBI home loan interest rate?
A: SBI home loan rates start from 8.25% p.a. for women borrowers and 8.30% for others (March 2026). Rates vary based on CIBIL score and loan amount.
Q: Can I prepay my loan?
A: Yes, most banks allow part-prepayment. For floating rate home loans, there's usually no prepayment penalty. For fixed rate loans, check with your lender.
Q: What is the difference between reducing balance and flat rate?
A: Reducing balance method calculates interest on outstanding principal, resulting in lower total interest. Flat rate calculates interest on original principal throughout the tenure. Most banks use reducing balance method.