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- 1 Home Loan EMI Calculator — Monthly EMI & Total Interest
Home Loan EMI Calculator — Monthly EMI & Total Interest
Calculate home loan EMI for any bank. Enter loan amount, rate and tenure. Includes amortisation breakdown.
New Regime Note: Sections 80C and 80EE/EEA are NOT available in the New Tax Regime. Section 24(b) interest deduction is also NOT available. For high-EMI home owners, Old Regime is usually preferred. Always negotiate — banks offer 0.10-0.25% discount for top CIBIL scores (800+) or for women applicants (mandatory under most schemes). Most banks use the “FOIR” (Fixed Obligations to Income Ratio) formula:
Max EMI = 50-60% of Net Monthly Income (after existing EMIs) Additional factors: CIBIL score, employer type (PSU/MNC top tier), age (max 60-65 at maturity), property type, location. The traditional “rent is throwing money away” argument is more nuanced in India. Compare: Pre-EMI: Interest-only payments during construction phase (no principal). EMI starts after possession or full disbursement. Some banks offer “EMI from Day 1” option — pays principal + interest from disbursement; reduces total interest by 5-10%. Yes if both spouses are co-borrowers AND co-owners. Each can claim Section 24(b) ₹2L + Section 80C ₹1.5L SEPARATELY. Effectively DOUBLES tax benefits for the couple — saving ₹2-3 lakh annually at 30% slab. Yes, in specific scenarios: (a) Living in rented accommodation in city A; owning property in city B (loan EMI). (b) Property in same city but rented out (let-out). Both HRA exemption + Section 24(b) full interest available. Transfer existing home loan to another bank offering lower rate. Save 0.5-1.5% on interest = lakhs over remaining tenure. Cost: 0-0.5% processing + valuation + legal. Break-even usually within 1-2 years. If your home loan rate > expected investment return after tax: prepay. Home loan ~9% interest → ~6.3% post-Section-24-deduction effective cost (for 30% slab). Equity SIP at 12% post-tax ~10.5% beats this. For old-regime taxpayers with full Section 24b utilisation, investing may win. 1st miss: CIBIL ding (~50-100 points). 3 misses: Officially classified Non-Performing Asset (NPA). Property auctioned under SARFAESI Act. Severe credit damage for 7+ years. Always maintain 6 months EMI as emergency buffer. For 60+ homeowners. Bank pays you monthly amount; ownership stays with you. After your demise, bank sells property to recover. Total amount paid out usually 60-80% of property value. Useful for seniors with low income.Visual Breakdown
Home Loan Tax Benefits — Sections 24, 80C, 80EE, 80EEA
Section Deduction Limit Conditions Section 24(b) — Interest Interest paid on home loan ₹2,00,000/year (self-occupied) Construction completed within 5 yrs Section 80C — Principal Principal repayment ₹1,50,000/year (combined with PPF/ELSS) Property held 5+ years Section 80EE Additional Interest ₹50,000/year First-time buyer; loan sanctioned 2016-17; property < ₹50L Section 80EEA Additional Interest ₹1,50,000/year Loan sanctioned 1 Apr 2019 – 31 Mar 2022; property < ₹45L Stamp Duty & Registration One-time Within 80C (₹1.5L) Year of payment Home Loan Comparison — Top Indian Lenders
Lender Floating Rate (Salaried) Processing Fee Max LTV SBI MaxGain 8.50-9.40% 0.35% (₹2K-10K) 80% (₹30L-75L) / 75% (above ₹75L) HDFC Bank 8.65-9.50% 0.50% (max ₹10K) 80% ICICI Bank 8.75-9.50% 1% (max ₹10K) 80% LIC Housing 8.75-9.50% ₹5K + GST 90% (up to ₹30L) PNB Housing 8.75-10.00% 0.50% (max ₹10K) 80% Axis Bank 8.75-9.65% 0.50% (max ₹10K) 80% Bank of Baroda 8.60-9.45% ₹5K + GST 80% Home Loan Eligibility — How Banks Decide
Monthly Net Income Max EMI Allowed Max Loan @ 9% for 20 yr ₹50,000 ₹25,000-30,000 ₹28L-33L ₹1,00,000 ₹50,000-60,000 ₹56L-67L ₹1,50,000 ₹75,000-90,000 ₹84L-₹1.0 Cr ₹2,50,000 ₹1.25L-1.5L ₹1.4 Cr-1.67 Cr Home Loan vs Renting — The Indian Calculation
Aspect Owning (₹1Cr home, ₹80L loan, 20 yr) Renting (₹35K/month, similar property) EMI / Rent ₹71,978/month ₹35,000/month Monthly Outflow ₹72K + maintenance ₹5K = ₹77K ₹35K + maintenance NIL = ₹35K Difference (saved by renting) — ₹42K/month If invested in equity SIP @ 12%, 20 yr — ₹4.20 crore 20-year Home Equity Property appreciates ~6% = ₹3.2 Cr; minus interest paid ₹68L — Net Position after 20 yr Property ₹3.2 Cr Investments ₹4.2 Cr + flexibility More FAQs
What is the difference between Pre-EMI and EMI?
Should I prefer joint home loan?
Can I claim HRA AND home loan deduction?
What is “balance transfer” on home loan?
Should I prepay or invest the extra cash?
What happens if I default on EMI?
Reverse Mortgage — for senior citizens?
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