Home Loan Calculator - Housing Loan EMI Calculator
Calculate home loan EMI, total interest, and monthly payments. Find affordable housing loan amount based on your budget. Plan your dream home with our free mortgage calculator.
Loan Breakdown
How Home Loan Calculator Works
Calculate home loan EMI in 3 simple steps:
Enter Loan Amount
Enter the housing loan amount you need. This is usually 75-90% of property value. Banks approve up to 80% for ready property, 75% for under-construction.
Set Interest Rate & Tenure
Enter interest rate offered by bank (typically 8-9.5%). Choose loan tenure from 1-30 years. Longer tenure = lower EMI but higher total interest.
View EMI & Schedule
See monthly EMI, total interest, and complete payment schedule. Plan your finances and home affordability accordingly.
Home Loan EMI Formula
Example Calculation
Loan Amount: ₹50,00,000
Interest Rate: 8.5% per year (0.708% per month)
Tenure: 20 years (240 months)
Monthly EMI: ₹41,822
Total Payment: ₹1,00,37,280
Total Interest: ₹50,37,280
Home Loan Smart Tips
Down Payment Strategy
Pay 20-25% down payment to reduce loan amount and EMI. Higher down payment means lower interest burden and faster loan closure.
Shorter Tenure Saves More
Choose shortest tenure you can afford. 15-year loan costs 30% less interest than 20-year loan, even though EMI is higher.
Prepay Wisely
Make prepayments in early years for maximum benefit. Every ₹1 lakh prepaid in year 1-5 can save ₹2-3 lakhs in interest.
Tax Benefits
Claim up to ₹2 lakh on principal (80C) + ₹2 lakh on interest (24b). First-time buyers get extra ₹50K deduction under 80EEA.
Compare Lenders
0.5% rate difference on ₹50L loan = ₹5L extra interest over 20 years. Compare rates from 3-4 banks before finalizing.
Fixed vs Floating
Floating rates currently 0.5-1% lower than fixed. Choose floating for long tenure, fixed if rates expected to rise.
Why Use Our Home Loan Calculator?
Instant EMI Calculation
Calculate monthly EMI instantly. Know exact payment amount before applying for home loan.
Complete Amortization
Year-wise payment schedule shows principal vs interest breakup. See how loan reduces over time.
100% Accurate
Uses standard EMI formula. Results match bank calculations exactly. Plan with confidence.
Multi-Currency
Calculate in INR, USD, EUR, GBP, AED. Works for mortgages worldwide.
Affordability Check
See if EMI fits your budget (should be max 40% of income). Make informed decisions.
Mobile Ready
Calculate home loan EMI on any device. Compare options while meeting agents.
Frequently Asked Questions
What is home loan EMI?
EMI (Equated Monthly Installment) is fixed monthly payment for home loan including principal + interest. Same amount paid every month for entire loan tenure. EMI amount depends on loan amount, interest rate, and tenure.
What is current home loan interest rate?
Current rates (2025): 8.5-9.5% for floating rate loans, 9.0-10.0% for fixed rate. Rates vary by bank, loan amount, credit score, and property type. Women borrowers get 0.05% concession at some banks.
How much home loan can I get on my salary?
Banks approve loan where EMI is max 50% of monthly income. Example: ₹50K salary = max ₹25K EMI = ₹50L loan at 8.5% for 20 years. Higher salary, lower existing EMIs, good credit score = higher eligibility.
What is minimum down payment for home loan?
Minimum 10-20% down payment required. Banks finance max 90% for loans under ₹30L, 80% for ₹30L-₹75L, 75% for above ₹75L. Higher down payment reduces EMI and total interest significantly.
Can I prepay home loan?
Yes, no prepayment charges for floating rate loans. Fixed rate loans may have 2-3% penalty. Prepay in early years for maximum benefit. Every ₹1L prepaid in year 1 saves ₹2-3L in interest.
What are home loan tax benefits?
Section 80C: ₹1.5L on principal. Section 24(b): ₹2L on interest. Section 80EEA: Extra ₹1.5L for first-time buyers (property value up to ₹45L). Total potential tax benefit: ₹5L per year.
Fixed vs floating rate: which is better?
Floating rate: Lower rate (8.5-9%), changes with market, no prepayment penalty. Fixed rate: Higher rate (9-10%), guaranteed for tenure, prepayment penalty. Choose floating for long tenure (20+ years), fixed if rates expected to rise.
What documents required for home loan?
Identity: Aadhaar, PAN. Income: 6 months salary slips, 2 years ITR. Property: Sale agreement, NOC, approvals. Others: Bank statements, credit report. Salaried need employment proof. Self-employed need business financials.