Home Loan EMI Calculator
Estimate your Home Loan EMI. Plan your dream home purchase by calculating monthly installments based on loan amount, interest rate, and tenure.
EMI Formula Explained
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where P = Principal, R = Monthly Interest Rate, N = Tenure in Months.
Examples
| Loan Type | EMI | Interest |
|---|---|---|
| ₹40,00,000 @ 8.5% for 20 Years | ₹34,713 | ₹43,31,000 |
| ₹75,00,000 @ 8.35% for 15 Years | ₹73,450 | ₹57,21,000 |
Frequently Asked Questions
Is Home Loan interest calculated monthly?
Yes, banks typically calculate interest on a monthly reducing balance. Each EMI payment reduces the outstanding principal, so interest for next month is lower.
Are there tax benefits on Home Loan?
Yes, you can claim deductions u/s 80C (Principal repayment) and u/s 24 (Interest payment) of the Income Tax Act.