Personal finance
Home loan EMI checklist: five figures to compare before you apply
A practical checklist for comparing loan amount, tenure, rate, fees, and repayment terms before a home-loan decision.
Updated August 5, 2026 · 5 min read
Compare EMI and total repayment together
An EMI calculator shows how the loan amount, interest rate, and tenure affect the estimated monthly payment. A longer tenure can reduce the monthly EMI while increasing the total interest paid over more months.
Run the same loan amount and rate through at least three tenures. Write down the EMI and total repayment for each scenario so you can see the trade-off instead of judging the loan by one monthly number alone.
Check the interest type, fees, and repayment options
Ask whether the rate is fixed or floating, how and when it can change, and which fees apply. Processing charges, insurance, prepayment terms, conversion charges, and late-payment charges can affect the real cost of a loan.
The Key Fact Statement and loan documents are more reliable than an online illustration for product-specific terms. Read them before you accept an offer, particularly when you are comparing lenders.
Keep some room in the monthly budget
A calculator can estimate a payment, but it cannot know your emergency savings, household costs, other debt, future income, or property-related expenses. Build your decision around the complete monthly budget, not the EMI in isolation.
For an important borrowing decision, use the figures to prepare questions for the lender or a qualified financial professional. The lender's final repayment schedule and written terms should guide the actual decision.
Current rate reference
Home-loan rates to try in the calculator
Use these advertised figures to compare EMI scenarios without leaving this page. Enter the exact rate from your own written offer before making a borrowing decision.
Last checked 8 September 2026
| Lender | Advertised rate | Applies to | Freshness | Verification |
|---|---|---|---|---|
| State Bank of India | 7.25% p.a. onwards | Home Loan Card rate; lender terms and eligibility apply | Official page last updated 1 April 2026 | Official source |
| Axis Bank | 8.00%-8.85% p.a. | Floating rate for CIBIL score 751 and above | Official page labeled September 2026 | Official source |
| Axis Bank | 8.20%-9.10% p.a. | Floating rate for CIBIL 750 or below, or no credit history | Official page labeled September 2026 | Official source |
Advertised rates can change and may depend on credit score, income, employment type, loan amount, loan-to-value ratio, product, and other risk checks. They are not approval offers or lender rankings.
Freshness note: ICICI Bank's official standard-rate table was marked valid only through 31 July 2026 when checked, so those figures are not labelled as current here until the bank refreshes the page. Check the official ICICI page.
Only figures that were verifiable on the linked official lender pages during the last review are listed. Rates from other lenders are intentionally omitted until their current public rate table can be checked.
Put this guide into practice
Use the related calculators
Put the steps in this guide into practice with a focused calculator, then return here to check an assumption or compare another scenario.
Sources and further reading
Reserve Bank of India: Fair Lending Practice FAQs
Official consumer context for Key Fact Statements and the upfront disclosure of certain loan charges.
Reserve Bank of India: Key Fact Statement format
An official reference showing the kinds of loan terms and fees that should be made clear to borrowers.