Home Loan EMI Calculator

EMI = [P × R × (1+R)^N] ÷ [(1+R)^N – 1], where P is the loan principal, R is the monthly interest rate (annual rate ÷ 12 ÷ 100), and N is the tenure in months. For example, a ₹30 lakh loan at 8.5% for 20 years gives an EMI of approximately ₹26,035.

As of 2024, home loan interest rates in India typically range from 8% to 10.5% per annum for salaried borrowers, depending on the lender, your credit score, and the loan amount. Government-linked schemes such as PMAY may offer subsidised rates.

Most banks and NBFCs in India offer home loan tenures of up to 30 years for salaried individuals. A longer tenure reduces your monthly EMI but increases the total interest paid over the loan period.

Yes. Home loans above ₹50 lakhs are classified as high-value loans. You can enter any amount manually in our EMI calculator — just type in the input field above the slider. Lenders will assess your income, credit score, and property value before sanctioning.

Under Section 80C of the Income Tax Act, you can claim a deduction of up to ₹1.5 lakh per year on principal repayment. Under Section 24(b), you can claim up to ₹2 lakh per year on interest paid for a self-occupied property. Consult your CA for limits applicable to your situation.

An amortization schedule is a year-by-year table showing how each payment is split between principal and interest, and your outstanding loan balance at the end of each period. Our calculator includes a full year-by-year amortization schedule — click the button below the calculator to view it.

As a general rule, banks in India allow EMIs up to 40–50% of your net monthly take-home salary. So if your salary is ₹50,000/month, your maximum EMI eligibility is typically ₹20,000–₹25,000 per month. Use this calculator to find the loan amount that fits within that EMI budget.