EMI on ₹10 lakh Home Loan — Calculate Monthly Payment — India 2026
Calculate monthly payment for a ₹10 lakh home loan at 8.5%. See EMI of ₹8,678, total interest, and year-by-year amortization. Rate × tenure comparison table included.
Taking a ₹10 lakh home loan in India means committing to a fixed monthly outgo for years, so understanding the EMI breakdown before you sign the loan agreement is the single most important step of the entire borrowing journey. At the current April 2026 floating rate of around 8.5% per annum, a ₹10 lakh home loan taken over 20 years works out to an EMI of approximately ₹8,678 per month. Over the full 20-year tenure you will pay roughly ₹10,82,776 in interest on top of the ₹10 lakh principal — a figure that can be cut sharply by prepaying even a small amount each year. Among major lenders, SBI, HDFC, ICICI and Axis Bank are the most competitive names for a ₹10 lakh home loan, with the public-sector banks typically 10–25 basis points below the private banks for the same borrower profile. A ₹10 lakh home loan covers the average mid-segment apartment purchase across most Indian metros, and banks generally cap the EMI at 40–50% of net monthly income (FOIR), which keeps eligibility criteria well within middle-income household budgets. Use the calculator below (pre-filled at ₹10 lakh, 8.5%, 20 years) to see exactly how EMI, total interest, and the year-by-year amortization schedule change as you tune the inputs.
What is the EMI for a ₹10 lakh home loan?
At 8.5% interest for 20 years, the EMI on a ₹10 lakh home loan is ₹8,678 per month. Over the full tenure you pay ₹10,82,776 in interest, making your total repayment ₹20,82,776. Shortening the tenure to 15 years raises EMI to ₹9,847 but cuts total interest to ₹7,72,531 — a saving of ₹3,10,245.
Calculate Now
Home Loan EMI Calculator
EMI at Different Rates and Tenures
EMI at different rate and tenure combinations for a ₹10 lakh home loan
| Rate ↓ / Tenure → | 10 yrs | 15 yrs | 20 yrs | 25 yrs | 30 yrs |
|---|---|---|---|---|---|
| 7.5% | ₹11,870 | ₹9,270 | ₹8,056 | ₹7,390 | ₹6,992 |
| 8% | ₹12,133 | ₹9,557 | ₹8,364 | ₹7,718 | ₹7,338 |
| 8.5% | ₹12,399 | ₹9,847 | ₹8,678 | ₹8,052 | ₹7,689 |
| 9% | ₹12,668 | ₹10,143 | ₹8,997 | ₹8,392 | ₹8,046 |
| 9.5% | ₹12,940 | ₹10,442 | ₹9,321 | ₹8,737 | ₹8,409 |
How This Calculator Works
This calculator uses the standard reducing balance method to compute your monthly payments. The formula takes your loan principal, annual interest rate, and tenure to calculate the exact Equated Monthly Installment (EMI) or payment amount. Each monthly payment consists of two components — principal repayment and interest charges. In the early months, a larger portion goes toward interest, but as your outstanding balance decreases, more of each payment reduces the principal. This is why making extra prepayments in the early years of your loan saves significantly more interest than prepaying later.
Tips to Get the Best Loan Deal
Always compare the Annual Percentage Rate (APR) rather than just the advertised interest rate, as APR includes processing fees, insurance charges, and other costs. Negotiate your processing fee — most banks will reduce or waive it if you ask. Choose the shortest tenure your budget allows since longer tenures dramatically increase total interest paid. Check prepayment terms before signing — RBI mandates zero prepayment penalty on floating rate home loans in India. Finally, maintain a credit score above 750 to qualify for the best rates from any lender.
Key Information
| Parameter | Details |
|---|---|
| Loan Amount | ₹10 lakh |
| Typical EMI @ 8.5%, 20 yrs | ₹8,678 / month |
| Total Interest (20 yrs) | ₹10,82,776 |
| Typical Monthly Salary Needed (40% FOIR) | ₹21,696 |
Calculate your exact ₹10 lakh home loan emi calculator now
Get accurate results instantly — 100% free, no signup required
Use Calculator NowFrequently Asked Questions
What is the EMI for a ₹10 lakh home loan?
At 8.5% interest for 20 years, the EMI on a ₹10 lakh home loan is ₹8,678 per month. Over the full tenure you pay ₹10,82,776 in interest, making your total repayment ₹20,82,776. Shortening the tenure to 15 years raises EMI to ₹9,847 but cuts total interest to ₹7,72,531 — a saving of ₹3,10,245.
What salary do I need for a ₹10 lakh home loan?
Most Indian banks cap EMI at 40–50% of net monthly income under FOIR rules. For a ₹10 lakh home loan at 8.5% over 20 years, the EMI of ₹8,678 requires a take-home salary of approximately ₹21,696 per month. Adding a co-applicant's income can reduce the individual salary requirement by 30–50%.
How much interest will I pay on a ₹10 lakh home loan over 20 years?
At 8.5%, the total interest on a ₹10 lakh home loan over 20 years comes to ₹10,82,776 — roughly 108% of the original principal. This is why experts recommend the shortest tenure your budget can support. If rates rise by 1% to 9.5%, the EMI climbs to ₹9,321 and total interest jumps by ₹1,54,339.
Can I prepay a ₹10 lakh home loan to save interest?
Yes. Under RBI rules, individual borrowers pay zero prepayment penalty on floating-rate home loans. For a ₹10 lakh home loan at 8.5%, prepaying ₹50,000 (5% of principal) once a year can reduce total interest by ₹2,16,555 and cut 3–5 years off the tenure. Prepayments are most effective in the early years of the loan when the interest component of each EMI is highest.
Which bank offers the lowest EMI on a ₹10 lakh home loan?
As of April 2026, SBI, Bank of Baroda and LIC Housing Finance are typically the most competitive for a ₹10 lakh home loan. Public-sector banks usually sit 10–25 bps below private banks for home loans, while private banks tend to process personal loans faster. Always compare the APR (which includes processing fees) rather than just the headline rate.
How is EMI calculated?
EMI is calculated using the formula: EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is the principal loan amount, r is the monthly interest rate (annual rate divided by 1200), and n is the tenure in months. This gives you the fixed monthly payment that covers both principal repayment and interest.
Should I choose a longer or shorter loan tenure?
A shorter tenure means higher EMI but significantly less total interest paid. For example, on a Rs 50 lakh loan at 8.5%, choosing 15 years over 20 years saves approximately Rs 12 lakh in interest but increases your EMI by about Rs 14,000. Choose the shortest tenure your budget allows.
Related Calculators
More Loan Calculators
Last updated: March 2026