How is home loan EMI calculated?

EMI = [P × R × (1+R)^N] / [(1+R)^N-1]. P = principal, R = monthly interest rate, N = tenure in months. EMI includes both principal and interest components each month.

What tax benefits on home loan?

Principal repayment: ₹1.5L deduction under 80C. Interest: ₹2L under Section 24(b) for self-occupied property. First-time buyers get additional ₹50K under 80EEA (conditions apply).

Should I choose longer or shorter tenure?

Longer tenure: Lower EMI but higher total interest. Shorter tenure: Higher EMI but lower total interest. Choose based on monthly budget and desire to save on interest.

What is home loan interest rate in India?

Current rates: 8.5% to 9.5% for salaried, 9% to 10% for self-employed. Rates vary by lender, credit score, loan amount, and tenure. Women borrowers may get 0.05% discount.

Can I prepay home loan to save interest?

Yes. Part prepayment reduces principal, lowering total interest. No prepayment penalty on floating rate loans. Fixed rate loans may have 2-3% penalty. Use loan balance to prepay smartly.

Home Loan EMI Calculator

Calculate monthly EMI, total interest, and payment schedule for home loans

Home Loan EMI Calculator

Calculate home loan EMI, total interest payable, and view detailed payment schedule. Plan your home purchase with accurate EMI calculations.

Loan Amount*

Principal loan amount

Interest Rate (Annual)

Current rates: 8.5% - 9.5%

Loan Tenure*

1 years30 years

Loan duration in years

Tax Benefits on Home Loan

Section 80C: Deduction up to ₹1.5 lakh on principal repayment. Available only in old tax regime.

Section 24(b): Deduction up to ₹2 lakh on interest payment for self-occupied property. Available in both old and new tax regimes.

Section 80EEA: Additional ₹1.5 lakh deduction on interest for first-time home buyers (conditions apply).

Frequently Asked Questions

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