Home Loan Calculator
Calculate your home loan EMI and check loan eligibility based on your income.
Amortization Schedule (First 12 Months)
| Month | EMI | Balance |
|---|---|---|
| 1 | ₹34,712.93 | ₹3,993,620.40 |
| 2 | ₹34,712.93 | ₹3,987,195.62 |
| 3 | ₹34,712.93 | ₹3,980,725.33 |
| 4 | ₹34,712.93 | ₹3,974,209.20 |
| 5 | ₹34,712.93 | ₹3,967,646.92 |
| 6 | ₹34,712.93 | ₹3,961,038.16 |
| 7 | ₹34,712.93 | ₹3,954,382.58 |
| 8 | ₹34,712.93 | ₹3,947,679.86 |
| 9 | ₹34,712.93 | ₹3,940,929.66 |
| 10 | ₹34,712.93 | ₹3,934,131.65 |
| 11 | ₹34,712.93 | ₹3,927,285.49 |
| 12 | ₹34,712.93 | ₹3,920,390.83 |
EMI in Other Currencies
Home Loan Guide
A home loan is a secured loan where the property serves as collateral. Banks typically finance 75-90% of the property value, requiring the borrower to pay the rest as a down payment. Home loan tenures can extend up to 30 years.
Eligibility Factors
Banks consider your monthly income, existing EMIs, age, employment stability, and credit score. The general rule is that your total EMIs (including the new home loan) should not exceed 50-60% of your net monthly income. A good credit score (750+) helps secure lower interest rates.
Tax Benefits on Home Loans
In India, home loans offer dual tax benefits: up to Rs. 1.5 lakh deduction on principal repayment under Section 80C, and up to Rs. 2 lakh on interest paid under Section 24(b) for self-occupied property. For let-out property, the entire interest is deductible.
Prepayment Strategy
Making prepayments in the early years of the loan has the most impact since interest component is highest then. Even small additional payments can significantly reduce total interest paid and loan tenure. Most floating-rate home loans allow prepayment without penalty.