Your Monthly EMI
Buying a home is often the biggest financial decision of a lifetime. A Home Loan allows you to buy your dream house now and pay for it over a long period, typically 15 to 30 years. However, due to the long tenure, the total interest paid can sometimes exceed the loan amount itself. Our Home Loan EMI Calculator helps you visualize this impact. By adjusting the tenure and interest rate, you can find a balance between an affordable monthly EMI and the total interest cost. It is an essential tool for financial planning before approaching any bank for a mortgage.
Calculates EMIs for large amounts (up to ₹10 Cr) with decimal-point precision.
See how increasing your EMI slightly can reduce your tenure and save lakhs.
Understand your interest component to plan tax deductions under Section 24(b).
Supports calculations for tenures up to 30 years, standard for housing loans.
Simple sliders make it easy to compare different loan offers instantly.
Yes, Home Loans offer significant tax benefits. You can claim a deduction of up to ₹1.5 Lakhs on the principal repayment under Section 80C and up to ₹2 Lakhs on the interest paid under Section 24(b) of the Income Tax Act.
A longer tenure reduces your monthly EMI, making it more affordable in the short term. However, it significantly increases the total interest you pay to the bank. It is often advised to choose the shortest tenure you can comfortably afford.
A Fixed Rate remains the same throughout the loan tenure. A Floating Rate changes based on the RBI's repo rate. Most home loans are on floating rates, meaning your EMI may increase or decrease over the years.
As per RBI guidelines, banks cannot charge foreclosure or prepayment penalties on floating-rate home loans given to individuals. However, fixed-rate loans may still attract a penalty.
