Home Loan Calculator
Calculate your home loan EMI, total interest, and repayment schedule. Supports prepayment simulation.
Typical home loan rates: 8.4% – 10.5% p.a. Tenure: 5–30 years.
Monthly EMI
—
Loan Amount
—
Total Interest
—
Total Cost
—
Interest as % of loan
—
What is Home Loan Calculator?
A home loan calculator estimates your monthly EMI for a housing loan based on property value, down payment, interest rate, and tenure. Home loans in India typically carry rates of 8.4–10.5% p.a. with tenures up to 30 years, making them the largest financial commitment most people ever take. This calculator helps you size the loan correctly and understand the full repayment cost before you sign.
How to use
- 1 Enter the total property value.
- 2 Enter your down payment amount (minimum 10–20% of property value is typically required).
- 3 Input the annual interest rate offered by your bank or housing finance company.
- 4 Select the loan tenure in years from the dropdown (5 to 30 years).
- 5 The calculator shows monthly EMI, loan amount, total interest, total cost, and interest as a percentage of the loan.
Formula
Example calculation
A ₹50 lakh property with a ₹10 lakh down payment leaves a ₹40 lakh loan. At 8.75% annual interest over 20 years, the monthly EMI is approximately ₹35,430. Total repayment over 240 months is about ₹85 lakh — meaning you pay ₹45 lakh in interest, more than the loan principal itself.
Frequently asked questions
How much home loan can I get based on my income?
Most banks offer home loans up to 60 times your monthly net salary, subject to existing obligations. A common guideline is that your total EMIs should not exceed 40–50% of your monthly take-home pay.
What is the minimum down payment for a home loan in India?
RBI guidelines require a minimum LTV (Loan-to-Value) ratio: for loans up to ₹30 lakh, lenders can fund up to 90% (10% down); for ₹30–75 lakh, up to 80% (20% down); above ₹75 lakh, up to 75% (25% down).
Should I choose a fixed or floating rate home loan?
Floating rates track the RBI repo rate and are lower when rates fall, but unpredictable. Fixed rates provide payment certainty but are typically 1–2% higher initially. Most borrowers in India choose floating rates for long-tenure loans.
What tax benefits are available on home loans?
Under the Income Tax Act: Section 80C allows deduction of up to ₹1.5 lakh on principal repayment; Section 24(b) allows up to ₹2 lakh deduction on interest paid for a self-occupied property. Additional benefits apply for first-time buyers.
How does prepayment affect my home loan?
Making lump-sum prepayments reduces outstanding principal, cutting future interest significantly. On a floating-rate home loan with no prepayment penalty (mandated by RBI), even one extra EMI per year can shorten the tenure by 2–3 years.