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Home Loans April 26, 2026

Home Loan EMI Calculator India: SBI, HDFC, ICICI — Which Bank Gives the Lowest EMI?

Compare home loan EMIs from SBI, HDFC, ICICI, and Axis Bank. See exactly how much you pay monthly on ₹30L, ₹50L, ₹75L, and ₹1Cr loans — and which bank saves you the most.

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You're taking a ₹50 lakh home loan. SBI quotes 8.50%. HDFC quotes 8.75%. ICICI quotes 8.90%.

The difference looks small — 0.40% between the lowest and highest. But over 20 years, that 0.40% costs you ₹3.5 lakh extra. That is the price of not comparing.

This guide shows you the exact EMIs, total interest, and total cost for the most common Indian home loan scenarios — so you can make a decision in minutes.

Table of Contents

Current Home Loan Rates (2026)

| Bank | Starting Rate | Type | |---|---|---| | SBI | 8.50% p.a. | Floating (RLLR-linked) | | Bank of Baroda | 8.40% p.a. | Floating | | PNB Housing | 8.50% p.a. | Floating | | HDFC Bank | 8.75% p.a. | Floating | | ICICI Bank | 8.90% p.a. | Floating | | Axis Bank | 8.75% p.a. | Floating | | Kotak Mahindra | 8.70% p.a. | Floating | | LIC Housing | 8.50% p.a. | Floating |

Note: Rates shown are the starting (best-case) rates for salaried borrowers with CIBIL 750+. Your actual rate depends on your credit profile, loan amount, and LTV ratio.

EMI Comparison: ₹30L Loan

A ₹30 lakh loan is typical for Tier 2 and Tier 3 city home purchases or as a top-up on a property with significant down payment.

| Bank | Rate | 20-Year EMI | Total Interest | Total Cost | |---|---|---|---|---| | Bank of Baroda | 8.40% | ₹25,893 | ₹32.1L | ₹62.1L | | SBI / LIC | 8.50% | ₹26,035 | ₹32.5L | ₹62.5L | | HDFC / Axis | 8.75% | ₹26,505 | ₹33.6L | ₹63.6L | | ICICI | 8.90% | ₹26,788 | ₹34.3L | ₹64.3L |

Bottom line: The difference between the cheapest and most expensive option on a ₹30L loan is ₹2.2L over 20 years.

EMI Comparison: ₹50L Loan

₹50 lakh is the most common home loan bracket in metro cities for a 2BHK flat.

| Bank | Rate | 20-Year EMI | Total Interest | Total Cost | |---|---|---|---|---| | Bank of Baroda | 8.40% | ₹43,155 | ₹53.6L | ₹1.04Cr | | SBI / LIC | 8.50% | ₹43,391 | ₹54.1L | ₹1.04Cr | | HDFC / Axis | 8.75% | ₹44,175 | ₹56.0L | ₹1.06Cr | | ICICI | 8.90% | ₹44,647 | ₹57.2L | ₹1.07Cr |

Bottom line: Choosing SBI over ICICI saves you ₹3.1 lakh in total interest on a ₹50L loan. That is a free year of EMIs.

💡 Want to calculate your own numbers?

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EMI Comparison: ₹75L Loan

₹75 lakh is common for a 3BHK flat in a metro suburb or a 2BHK in prime locations.

| Bank | Rate | 20-Year EMI | Total Interest | Total Cost | |---|---|---|---|---| | Bank of Baroda | 8.40% | ₹64,732 | ₹80.4L | ₹1.55Cr | | SBI / LIC | 8.50% | ₹65,087 | ₹81.2L | ₹1.56Cr | | HDFC / Axis | 8.75% | ₹66,263 | ₹84.0L | ₹1.59Cr | | ICICI | 8.90% | ₹66,970 | ₹85.7L | ₹1.61Cr |

Bottom line: On ₹75L, SBI vs ICICI is a ₹4.5L difference. Worth spending an afternoon comparing.

EMI Comparison: ₹1 Crore Loan

₹1 crore home loans are standard for 3BHK flats in Mumbai, Delhi, Bengaluru, and other metro cities.

| Bank | Rate | 20-Year EMI | Total Interest | Total Cost | |---|---|---|---|---| | Bank of Baroda | 8.40% | ₹86,310 | ₹1.07Cr | ₹2.07Cr | | SBI / LIC | 8.50% | ₹86,782 | ₹1.08Cr | ₹2.08Cr | | HDFC / Axis | 8.75% | ₹88,351 | ₹1.12Cr | ₹2.12Cr | | ICICI | 8.90% | ₹89,293 | ₹1.14Cr | ₹2.14Cr |

Bottom line: On a ₹1Cr loan, the cheapest vs most expensive bank costs you ₹7L extra over 20 years. That is the entire interest saving from one smart refinancing decision.

20 Years vs 30 Years: The Real Cost

Most borrowers instinctively choose a 30-year tenure to keep EMI low. Here is what it actually costs:

₹50 Lakh at 8.5%

| Tenure | Monthly EMI | Total Interest | Total Paid | |---|---|---|---| | 10 years | ₹61,993 | ₹24.4L | ₹74.4L | | 15 years | ₹49,237 | ₹38.6L | ₹88.6L | | 20 years | ₹43,391 | ₹54.1L | ₹1.04Cr | | 30 years | ₹38,446 | ₹88.4L | ₹1.38Cr |

Going from 20 years to 30 years reduces your EMI by ₹4,945 per month — but costs you ₹34.3L more in interest. You pay ₹34 lakh to save ₹5,000 per month. The math almost never works out.

Use a 30-year tenure only if:

  • Your income is irregular and you need the lower EMI as a safety buffer
  • You plan to make regular prepayments to offset the longer tenure
  • The property market you're buying in has strong appreciation to offset the interest cost

How Much Can You Borrow on Your Salary?

Indian banks typically allow an EMI that is 40–50% of your net monthly income (after PF, tax, existing EMIs).

| Monthly Salary | Max EMI (40%) | Loan Amount (8.5%, 20 years) | |---|---|---| | ₹30,000 | ₹12,000 | ₹13.8L | | ₹50,000 | ₹20,000 | ₹23.1L | | ₹75,000 | ₹30,000 | ₹34.6L | | ₹1,00,000 | ₹40,000 | ₹46.2L | | ₹1,50,000 | ₹60,000 | ₹69.3L | | ₹2,00,000 | ₹80,000 | ₹92.4L |

These are estimates. Your actual eligibility depends on your CIBIL score, number of dependents, existing loan obligations, and the specific lender's norms.

Use the Loan Eligibility Checker to get a personalised estimate based on your income and existing EMIs.

How to Get the Lowest Rate

1. Maintain a CIBIL Score Above 750

The single biggest factor. Borrowers with CIBIL 750+ get rates 0.25–0.50% lower than those below 700. A 0.25% difference on ₹50L over 20 years is ₹1.5L.

2. Apply Where You Have a Salary Account

Banks give preferential rates to existing customers. SBI gives 0.05% concession to women borrowers. HDFC offers special rates for salary account holders.

3. Compare PSU Banks First

SBI, Bank of Baroda, PNB, and LIC Housing Finance consistently offer rates 0.15–0.40% lower than private banks. Apply to both and negotiate.

4. Ask About PMAY Subsidy

If this is your first home and your annual household income is below ₹18 lakh, you may be eligible for the Pradhan Mantri Awas Yojana (PMAY) interest subsidy of up to ₹2.67 lakh. Many eligible borrowers miss this.

5. Time Your Application

Rates are typically reviewed after every RBI Monetary Policy Committee meeting (every 6–8 weeks). Applying after a rate cut locks in the lower rate.

Prepayment: How Much Can You Save?

This is the single most powerful thing you can do after taking a home loan.

₹50L loan at 8.5% for 20 years. Base EMI: ₹43,391.

| Extra Payment | Interest Saved | Months Saved | |---|---|---| | ₹2,000/month | ₹5.8L | 24 months | | ₹5,000/month | ₹12.6L | 50 months | | ₹10,000/month | ₹21.3L | 80 months | | ₹1L lump sum (year 1) | ₹4.2L | 19 months |

Paying ₹5,000 extra per month — less than a weekend family dinner per week — saves ₹12.6 lakh and closes your loan 4 years early.

Use the EMI Calculator What-If Simulator to calculate your exact prepayment savings. Enter your loan details, then drag the "Extra Monthly Payment" slider.

Frequently Asked Questions

What is the current SBI home loan interest rate in 2026?

SBI home loan interest rates currently start from 8.50% p.a. for salaried borrowers under the SBI Regular Home Loan scheme. Borrowers with a CIBIL score above 750 typically qualify for the lowest rate. The SBI home loan rate is linked to the Repo Linked Lending Rate (RLLR) and changes when RBI revises the repo rate.

How much home loan can I get on a ₹50,000 salary?

Most banks allow an EMI of up to 40–50% of net monthly income. On ₹50,000 salary, your maximum eligible EMI is ₹20,000–₹25,000. At 8.5% for 20 years, this corresponds to a loan of approximately ₹20–24 lakh. Your actual eligibility also depends on existing obligations, credit score, and lender norms.

Which bank offers the lowest home loan EMI in India?

PSU banks like SBI and Bank of Baroda typically offer the lowest starting rates (8.40–8.50%) for salaried government employees and high credit score borrowers. Among private banks, Kotak and HDFC often offer competitive rates. The best rate for your profile requires comparing at least 3 lenders.

What happens to my home loan EMI when RBI changes the repo rate?

Home loans linked to the Repo Linked Lending Rate (RLLR) — issued after 2019 — automatically adjust when RBI revises the repo rate. A 0.25% rate cut reduces your EMI or loan tenure within the next quarterly reset. Fixed-rate loans are unaffected.

Is a 20-year or 30-year home loan better?

A 20-year loan costs you significantly less in total interest but has a higher monthly EMI. On ₹50L at 8.5%, the 20-year option saves ₹34L in interest compared to 30 years. Choose 30 years only if cash flow is tight and you plan to make regular prepayments.

Bottom Line

The bank you choose and the tenure you select will determine whether you pay ₹54L or ₹88L in interest on the same ₹50L loan. That decision is worth taking seriously.

Steps to take this week:

  1. Check your CIBIL score (free at CIBIL.com or through most banking apps)
  2. Use the FinVault EMI Calculator to calculate your exact monthly EMI
  3. Get quotes from at least SBI, your current bank, and one private bank
  4. Apply for pre-approval — it costs nothing and gives you negotiating power

FinVault Editorial Team

Financial Educator

Dedicated to breaking down complex financial concepts into actionable insights. Our mission is to empower you with mathematically accurate tools and strategies to take control of your wealth.

Updated on April 26, 2026
Fact-checked for accuracy.Policy