Home Loan EMI Calculator
Calculate monthly EMI for home loans with detailed amortization schedule, affordability analysis, and prepayment scenarios
Good! You're within acceptable limits.
Max Affordable EMI:
₹50,000
Max Eligible Loan:
₹57,61,542
Monthly EMI
₹43,391
for 240 months
Shorter Tenure Impact
By reducing tenure by 2 years:
Current EMI:
₹43,391
New EMI:
₹45,273
EMI Increase:
+₹1,882
Total Interest Saved:
₹6,34,911
Interest Reduction:
11.7%
Current Tenure:
20 years
New Tenure:
18 years
Time Saved:
2 years
Recommendation: If you can afford ₹₹1,882 more monthly, you'll save ₹₹6,34,911 in interest and finish 2 years earlier.
Longer Tenure Impact
By extending tenure by 2 years:
Current EMI:
₹43,391
New EMI:
₹41,920
EMI Decrease:
-₹1,471
Additional Interest:
₹6,53,001
Interest Increase:
12.1%
Current Tenure:
20 years
New Tenure:
22 years
Extra Time:
2 years
Consider: Lower EMI of ₹₹41,920 provides breathing room but costs ₹₹6,53,001 more in interest over 2 extra years.
Smart Financial Tips
Optimal EMI Strategy
Keep EMI under 40% of monthly income for comfortable repayment
Prepayment Priority
Use bonuses and extra income to reduce principal amount
Investment Balance
Invest 10-20% of EMI amount in SIP for wealth building
Emergency Planning
Maintain 6 months EMI as emergency fund
Total EMI Paid
₹1,04,13,879
Total Principal Paid
₹50,00,000
Total Interest Paid
₹54,13,879
Total Tax Savings
₹2,00,000
(for home loans)
Net Cost After Tax
₹1,02,13,879
Prepayment Results
Outstanding Balance at Year 5
₹50,00,000
Prepayment Amount
₹1,00,000
Foreclosure Fee (2%)
₹0
Total Payment
₹0
New Outstanding Balance
₹0
Interest Saved
₹0
Tenure Reduction
0.0 years
New EMI (if kept same)
₹0
New EMI (if reduced)
₹0
Net Savings after foreclosure fee: ₹0
Disclaimer: Actual foreclosure fees depend on lender terms. Check your loan agreement for exact charges.
Home Loan EMI (Equated Monthly Installment) is the fixed amount you pay each month to repay your home loan. It includes both the principal amount and the interest charged by the lender. Home loans typically have tenures ranging from 5 to 30 years, with interest rates varying based on market conditions and your credit profile.
Home Loan EMI Formula:
EMI = [P × r × (1+r)^n] / [(1+r)^n - 1]P = Principal loan amount
r = Monthly interest rate (Annual rate / 12 / 100)
n = Total number of months
Home Purchase Loan
For buying new or resale property
- Up to 30 years tenure
- Tax benefits available
- LTV ratio up to 90%
Home Construction Loan
For constructing house on owned land
- Disbursed in stages
- Pre-EMI interest during construction
- Regular EMI after completion
Home Improvement Loan
For renovation or repairs
- Shorter tenure (5-15 years)
- Lower loan amounts
- Tax benefits on interest
Balance Transfer
Transfer existing loan to better rates
- Lower interest rates
- Processing fees apply
- Can save significant interest
Plot Loan
For purchasing land/plot
- Higher interest rates
- Lower LTV (60-70%)
- Shorter tenure options
Top-up Loan
Additional loan on existing property
- Quick approval
- Flexible usage
- Lower rates than personal loans
Loan Amount
Higher loan amount = Higher EMI
The principal amount directly affects your monthly payment. Aim to keep LTV below 80% for better terms.
Interest Rate
Higher interest rate = Higher EMI
Even a 0.5% difference can significantly impact total payment. Compare rates from multiple banks.
Loan Tenure
Longer tenure = Lower EMI but higher total cost
Shorter tenure means higher EMI but significant interest savings. Balance based on your income.
Maintain Good Credit Score
A credit score above 750 helps get better interest rates and loan approval
Make Prepayments When Possible
Use bonuses or extra income to reduce principal and save on interest
Review Interest Rates Regularly
Consider balance transfer if rates drop significantly in the market
Maximize Tax Benefits
Claim deductions under Section 24(b) for interest and 80C for principal
Keep FOIR Under 50%
Ensure all EMIs don't exceed 50% of monthly income for financial stability
Build Emergency Fund
Maintain 6-12 months of EMI payments as emergency fund for financial security
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Calculations are estimates and not financial advice. Actual EMI may vary based on processing fees, prepayment charges, and other terms. Home loan interest up to ₹2 lakhs is deductible under Section 24(b). Please consult with a financial advisor before making any home loan decisions. All India calculators use Indian Rupee (INR) currency with Indian numbering standards (lakhs and crores).