Home Loan Calculator
Calculate home loan EMI, total interest & amortization schedule. Includes prepayment simulator & Section 24(b) tax benefit.
Amortization Schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| Year 1 | ₹99,511 | ₹4,21,182 | ₹49,00,489 |
| Year 2 | ₹1,08,307 | ₹4,12,387 | ₹47,92,181 |
| Year 3 | ₹1,17,881 | ₹4,02,813 | ₹46,74,300 |
| Year 4 | ₹1,28,300 | ₹3,92,394 | ₹45,46,000 |
| Year 5 | ₹1,39,641 | ₹3,81,053 | ₹44,06,359 |
| Year 6 | ₹1,51,984 | ₹3,68,710 | ₹42,54,375 |
| Year 7 | ₹1,65,418 | ₹3,55,276 | ₹40,88,957 |
| Year 8 | ₹1,80,039 | ₹3,40,655 | ₹39,08,918 |
| Year 9 | ₹1,95,953 | ₹3,24,741 | ₹37,12,965 |
| Year 10 | ₹2,13,274 | ₹3,07,420 | ₹34,99,691 |
| Year 11 | ₹2,32,125 | ₹2,88,569 | ₹32,67,566 |
| Year 12 | ₹2,52,643 | ₹2,68,051 | ₹30,14,923 |
| Year 13 | ₹2,74,974 | ₹2,45,720 | ₹27,39,949 |
| Year 14 | ₹2,99,279 | ₹2,21,415 | ₹24,40,670 |
| Year 15 | ₹3,25,733 | ₹1,94,961 | ₹21,14,937 |
| Year 16 | ₹3,54,525 | ₹1,66,169 | ₹17,60,412 |
| Year 17 | ₹3,85,862 | ₹1,34,832 | ₹13,74,550 |
| Year 18 | ₹4,19,968 | ₹1,00,726 | ₹9,54,582 |
| Year 19 | ₹4,57,090 | ₹63,604 | ₹4,97,492 |
| Year 20 | ₹4,97,492 | ₹23,202 | ₹0 |
Frequently Asked Questions
What is the current home loan interest rate?
Home loan interest rates in India typically range from 8.25% to 9.5% p.a. depending on the lender, your credit score, loan amount, and whether you choose fixed or floating rate.
How is home loan EMI calculated?
EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is loan amount, r is monthly interest rate (annual/12), and n is total months. This formula assumes a fixed rate throughout.
What tax benefits are available on home loans?
Under Section 24(b), you can claim up to ₹2 lakh deduction on home loan interest. Under Section 80C, principal repayment up to ₹1.5 lakh is deductible. First-time buyers get an additional ₹50,000 under Section 80EEA.
Should I prepay my home loan?
Prepaying in the early years saves more interest since EMIs are interest-heavy initially. Even small prepayments can significantly reduce total interest and tenure. There is no prepayment penalty on floating rate loans (RBI rule).
Fixed vs floating rate — which is better?
Floating rates are lower initially and benefit you when rates fall. Fixed rates offer predictability but are usually 1-2% higher. Most Indian home loans are floating rate. Consider your risk appetite and rate cycle position.