Amortization Schedule
View year-wise and month-wise breakup of your EMI payments with principal & interest details.
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Tax Benefit Estimate
Calculate your tax savings under Section 80C & 24(b) and plan better.
Prepayment Savings
See how prepayments can reduce your total interest and tenure.
Amortization Schedule (Yearly Overview)
| Year | Opening Balance | Principal Paid | Interest Paid | Closing Balance |
|---|---|---|---|---|
| 2026–27 | ₹ 50,00,000 | ₹ 1,15,516 | ₹ 3,58,712 | ₹ 48,84,484 |
| 2027–28 | ₹ 48,84,484 | ₹ 1,24,177 | ₹ 3,50,051 | ₹ 47,60,307 |
| 2028–29 | ₹ 47,60,307 | ₹ 1,33,484 | ₹ 3,40,744 | ₹ 46,26,823 |
| … | … | … | … | … |
| 2045–46 | ₹ 4,56,005 | ₹ 4,56,005 | ₹ 18,102 | ₹ 0 |
Interest vs Principal Over Time
- Principal Paid
- Interest Paid
Housing loan guide
Home Loan EMI Calculator — Plan Your Housing Loan
Buying a home is one of the biggest financial decisions most people make, and the EMI is usually the single largest recurring expense in a household budget. This calculator helps you work out your exact monthly installment before you apply, so you can choose a loan amount and tenure that comfortably fits your income.
Home Loan EMI Formula
Banks and housing finance companies calculate EMI using the same reducing-balance formula:
EMI = [ P × R × (1+R)N ] / [ (1+R)N − 1 ]
P = Loan amount · R = Monthly rate (Annual ÷ 12 ÷ 100) · N = Tenure in monthsThe result matches the EMI quoted by SBI, HDFC, ICICI, Axis or any HFC for the same amount, rate and tenure.
Typical Rates in India
| Bank / HFC | Rate (p.a.) |
|---|---|
| State Bank of India | 7.25% – 9.05% p.a. |
| HDFC Bank | 7.20%* p.a. onwards |
| ICICI Bank | 7.50% p.a. onwards |
| Axis Bank | 8.00% – 11.90% p.a. |
| Bank of Baroda | 8.25% p.a. onwards |
Data updated as of August. Indicative only — actual rate depends on loan amount, tenure, credit score and the lender's current policy.
Tax Benefits on Home Loan EMI
Under the old tax regime, borrowers can claim two deductions every financial year. These are not available on the new tax regime — confirm with an advisor.
Section 80CPrincipal portion of EMI, up to ₹1.5 lakh a year — within the overall 80C limit with PF, ELSS and insurance.
Section 24(b)Interest portion of EMI, up to ₹2 lakh a year for a self-occupied property.
How to Reduce Your Home Loan EMI
- Make a larger down paymentReduce the principal loan amount and thereby your EMI.
- Choose a longer tenureLowers the EMI, though total interest over the life of the loan goes up.
- Improve your credit scoreA higher CIBIL score usually qualifies you for a lower interest rate.
- Prepay surplus fundsEven small prepayments early in the loan can cut years off the tenure.
- Do a balance transferSwitch if another lender offers a meaningfully lower rate — after fees.
Frequently Asked Questions
How is home loan EMI calculated?
Home loan EMI is calculated using the reducing-balance formula EMI = [P × R × (1+R)^N] / [(1+R)^N − 1]. where P is the loan amount, R is the monthly interest rate, and N is the tenure in months. Every bank and NBFC uses this exact formula.
What is a good home loan interest rate in India?
Home loan interest rates from major Indian banks currently start around 7.20% p.a., with typical ranges up to about 9.05%–11.90% depending on the lender, loan amount, tenure and your credit score. Rates change periodically with RBI repo rate revisions.
What tax benefits are available on home loan EMI?
Under the old tax regime, you can claim a deduction on the principal repaid under Section 80C (up to ₹1.5 lakh a year) and on the interest paid under Section 24(b) (up to ₹2 lakh a year for a self-occupied home).
How does prepayment reduce home loan interest?
Prepaying reduces your outstanding principal immediately, which lowers the interest charged in every EMI after that. Because home loans run for very long tenures, even a modest extra payment made early can save a large amount of total interest.
What is the maximum tenure for a home loan?
Most banks and NBFCs offer home loan tenures of up to 30 years, though the tenure you're actually eligible for also depends on your age at the time of application and your expected retirement age.
This calculator, including the tax-saving estimate, is for illustration purposes only and does not constitute financial, investment or tax advice. Always confirm the exact EMI, processing fee, applicable terms and tax treatment with your bank, NBFC or a qualified tax advisor.