Personal finance
Home loan EMI: compare tenure before you apply
Use a loan calculator to compare the monthly payment and total interest before deciding on a repayment period.
Updated August 5, 2026 · 5 min read
Start with the payment you can carry
A loan is easier to compare when you look at the monthly EMI and the total repayment together. A lower monthly payment can be appealing, but it often comes from choosing a longer tenure and paying interest for more months.
Try three scenarios in the EMI calculator using the same loan amount and rate: a shorter tenure, a comfortable middle option, and a longer tenure. Record the EMI and total interest for each one before you speak to a lender.
Use an illustration, not a promise
For example, a loan of Rs. 50 lakh at an illustrative 8.5% annual interest rate will produce a noticeably different outcome over 15, 20, and 25 years. The calculator helps you see the direction and scale of that difference; a lender's actual offer decides the final numbers.
The estimate may not include processing fees, insurance, property-related charges, a floating-rate change, or prepayment conditions. Treat the calculator as a planning step, then review the written loan information carefully.
Read the Key Fact Statement
Before accepting a loan, ask for the Key Fact Statement and compare the annualised cost, repayment schedule, fees, and conditions. This is more useful than comparing only an advertised interest rate.
If your rate is floating, ask what can change, how the lender will communicate changes, and what options are available if the EMI or tenure is revised.
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 5 August 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 | Effective 1 April 2026 | Official source |
| Axis Bank | 8.00%-8.85% p.a. | Floating rate for CIBIL score 751 and above | Official page dated August 2026 | Official source |
| Axis Bank | 8.20%-9.10% p.a. | Floating rate for CIBIL 750 or below, or no credit history | Official page dated August 2026 | Official source |
| Canara Bank | 7.15% p.a.* | Advertised home-loan rate; lender terms and eligibility apply | Checked 5 August 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.
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