Monthly EMI, total interest, and Section 24 + 80C tax benefits for any Indian home loan — plus bank-by-bank rate comparison (SBI, HDFC, ICICI, Bajaj Housing Finance + 6 more).
💰 Year 1 Tax Benefit Estimate (Old Regime, 30% bracket)
| Year | Principal Paid | Interest Paid | Outstanding Balance |
|---|---|---|---|
| Year 1 | ₹99,511 | ₹4.21 L | ₹49.00 L |
| Year 5 | ₹5.94 L | ₹20.10 L | ₹44.06 L |
| Year 10 | ₹15.00 L | ₹37.07 L | ₹35.00 L |
| Year 15 | ₹28.85 L | ₹49.25 L | ₹21.15 L |
| Year 20 | ₹50.00 L | ₹54.14 L | ₹0 |
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Download Richify — It's FreeEMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is principal, r is monthly interest rate (annual rate ÷ 12 ÷ 100), and n is tenure in months. For a ₹50 lakh loan at 8.5% for 20 years (240 months), EMI is approximately ₹43,391/month. Total amount paid over 20 years = ₹1.04 crore — meaning you pay ₹54 lakh in interest on top of the ₹50 lakh principal.
Indian home loan rates in 2026 range from 8.25% to 9.50% depending on the bank, your credit score (CIBIL ≥ 750 gets best rates), loan amount, and whether the loan is fixed or floating. Public sector banks (SBI, BoB) typically offer the lowest rates; private banks (HDFC, ICICI, Axis) charge slightly higher but offer faster processing. Most loans are linked to RBI's Repo Rate via the External Benchmark Lending Rate (EBLR).
Yes, in two parts. Under Section 24(b), interest paid on home loan is deductible up to ₹2 lakh per year (only under old tax regime). Under Section 80C, principal repayment is deductible up to ₹1.5 lakh per year (within the overall 80C limit, alongside EPF/PPF/ELSS). For a ₹50 lakh loan in year 1, interest is ~₹4.2 lakh — you can claim ₹2 lakh of it. Principal repaid year 1 is ~₹1 lakh — fully claimable under 80C if you have headroom.
Prepayment makes sense when home loan rate is higher than your alternative investment's after-tax return. Home loan rate ~8.5% (effective ~6% after Section 24 tax benefit). If you can earn >8% post-tax in equity mutual funds / Nifty 50 index funds long-term, investing wins mathematically. However, prepayment is risk-free and forced savings. A balanced approach: prepay enough to halve the tenure, invest the rest. Use our Home Loan Prepayment Calculator for the exact crossover.
Fixed rate: locked at a higher rate (typically 0.5-1% above floating) for a defined period (usually 1-3 years), then converts to floating. Floating rate: tracks RBI's repo rate via EBLR, changes whenever repo rate changes. Most Indian borrowers choose floating because rates have been declining and floating tends to win over 20+ year tenures. Choose fixed only if you expect a rising-rate environment for the next 5+ years.
Most banks cap home loan tenure at 30 years or until borrower reaches 70-75 years of age (whichever is earlier). For a 30-year-old, max tenure is typically 30 years. For a 50-year-old, max is 20-25 years. Longer tenure = lower EMI but significantly more total interest. A 30-year ₹50L loan at 8.5% pays ₹88L interest vs ₹54L for a 20-year loan — the extra 10 years cost ₹34 lakh.
At an indicative 8.5% p.a., the EMI on a ₹30 lakh home loan for 20 years is approximately ₹26,035 per month. Over the full 20 years you repay about ₹62.5 lakh, of which roughly ₹32.5 lakh is interest. A shorter tenure raises the EMI but cuts total interest significantly — see the EMI table below for 10/15/25/30-year options, and use the calculator above for your exact interest rate.
At an indicative 8.5% p.a., the EMI on a ₹1 crore home loan is about ₹86,782 per month over 20 years, or about ₹76,891 per month over 30 years. The longer tenure lowers the monthly outgo but adds substantial interest — a 30-year ₹1 crore loan repays roughly ₹2.77 crore in total versus about ₹2.08 crore over 20 years. Check the table below for ₹50 lakh and ₹75 lakh loans too.
As of June 2026, Bank of Baroda and SBI typically offer the lowest starting home loan rates (~8.40-8.50% p.a.) for borrowers with CIBIL ≥ 800. HDFC Bank, ICICI Bank, and Axis Bank start at ~8.75% but offer faster processing and better digital experience. Bajaj Housing Finance and LIC Housing Finance match the public-sector banks at the lower end but go higher for self-employed borrowers. See our bank-wise rate comparison table above. Rates change with every RBI Monetary Policy Committee decision — verify with the lender before applying.
At 8.5% p.a., every ₹1 lakh borrowed costs roughly ₹1,240/month over 10 years, ₹868/month over 20 years, and ₹769/month over 30 years. So a ₹30 lakh loan over 20 years = ₹868 × 30 = about ₹26,035/month EMI. Use this 'per-lakh' shortcut to estimate any loan size mentally: just multiply the per-lakh figure by your loan amount in lakhs. The Bank Rates table above shows EMI-per-lakh for each major lender.
Indicative home loan interest rates from major Indian lenders as of June 2026. The lower end of each range applies to salaried borrowers with CIBIL ≥ 750, loans > ₹75 lakh, and women co-applicants (typically a 0.05% concession). The higher end applies to self-employed borrowers or lower credit scores. Most lenders price loans as RBI Repo Rate + Spread via the External Benchmark Lending Rate (EBLR).
The 20-year EMI per ₹1 lakh column lets you estimate any loan size — multiply by your loan amount in lakhs. For a ₹50 lakh loan, multiply by 50.
| Lender | Type | Rate range | EMI / ₹1L (20 yrs) | Min loan |
|---|---|---|---|---|
| SBI (State Bank of India) | Public sector | 8.50%–9.65% | ₹874 | ₹5 lakh |
| HDFC Bank | Private bank | 8.75%–9.95% | ₹884 | ₹5 lakh |
| ICICI Bank | Private bank | 8.75%–9.85% | ₹884 | ₹5 lakh |
| Axis Bank | Private bank | 8.75%–9.65% | ₹884 | ₹3 lakh |
| Bank of Baroda | Public sector | 8.40%–10.65% | ₹868 | ₹2 lakh |
| PNB (Punjab National Bank) | Public sector | 8.50%–10.25% | ₹874 | ₹2 lakh |
| Kotak Mahindra Bank | Private bank | 8.75%–9.50% | ₹890 | ₹10 lakh |
| LIC Housing Finance | HFC | 8.50%–10.75% | ₹874 | ₹1 lakh |
| Bajaj Housing Finance | HFC | 8.50%–14.00% | ₹874 | ₹1 lakh |
| Tata Capital | HFC | 8.75%–12.00% | ₹890 | ₹2 lakh |
Bank of Baroda and SBI typically offer the lowest starting rates (~8.40–8.50%) for borrowers with CIBIL ≥ 800 and salaried profiles. Public-sector banks tend to win on rate; private banks win on processing speed and digital experience.
Rates are indicative ranges from publicly disclosed lender lending-rate pages as of June 2026. Floating home loan rates change with each RBI Monetary Policy Committee decision (every two months) — verify the current rate with the bank before applying. EMI per lakh is calculated at the lower end of each lender's range using the standard reducing-balance formula. Not a loan offer — Richify does not arrange or broker home loans.
Indicative monthly EMIs at 8.5% p.a. interest, for the most common Indian home-loan amounts and tenures. EMI is a fixed formula, so these figures are exact for the rate shown — use the calculator above for your own interest rate, prepayments, and Section 24 / 80C tax benefits.
Quick rule: every ₹1 lakh borrowed at 8.5% costs about ₹1,240/month over 10 years, ₹868 over 20 years, and ₹769 over 30 years. Multiply by your loan amount in lakhs to estimate any EMI.
| Loan amount | 10 years | 15 years | 20 years | 25 years | 30 years |
|---|---|---|---|---|---|
| ₹5 lakh | ₹6,199 | ₹4,924 | ₹4,339 | ₹4,026 | ₹3,845 |
| ₹10 lakh | ₹12,399 | ₹9,847 | ₹8,678 | ₹8,052 | ₹7,689 |
| ₹15 lakh | ₹18,598 | ₹14,771 | ₹13,017 | ₹12,078 | ₹11,534 |
| ₹20 lakh | ₹24,797 | ₹19,695 | ₹17,356 | ₹16,105 | ₹15,378 |
| ₹25 lakh | ₹30,996 | ₹24,618 | ₹21,696 | ₹20,131 | ₹19,223 |
| ₹30 lakh | ₹37,196 | ₹29,542 | ₹26,035 | ₹24,157 | ₹23,067 |
| ₹50 lakh | ₹61,993 | ₹49,237 | ₹43,391 | ₹40,261 | ₹38,446 |
| ₹75 lakh | ₹92,989 | ₹73,855 | ₹65,087 | ₹60,392 | ₹57,669 |
| ₹1 crore | ₹1,23,986 | ₹98,474 | ₹86,782 | ₹80,523 | ₹76,891 |
EMIs rounded to the nearest rupee and calculated on the standard reducing-balance formula EMI = P × r × (1+r)n ÷ ((1+r)n − 1), where r is the monthly rate and n the number of months. Actual EMIs vary with your lender's interest rate, processing fees, and any insurance bundled into the loan. Educational tool — not a loan offer.