Home Loan Calculator

Home Loan Calculator

Amount Percentage 20%

Home Loan Summary

Monthly EMI
₹34,591
Total Interest
₹4,301,840
Total Payment
₹8,301,840
Loan Amount
₹4,000,000

Affordability

Loan-to-Value Ratio
80%
EMI to Income Ratio
40%

Amortization Schedule (First 12 Months)

Month Payment Date EMI Principal Interest Balance

Home Loan Insights & Tax Benefits Guide

Buying a home is likely the biggest financial decision of your life. Our home loan calculator helps you plan every aspect - from EMI affordability to tax savings under Sections 24, 80C, and 80EEA.

Key Features of Our Home Loan Calculator

  • Prepayment Analysis: See how partial payments reduce your tenure
  • Tax Savings Calculator: Automatic deduction estimates
  • Floating vs Fixed: Compare rate type scenarios
  • Property Cost Breakdown: Includes registration, stamp duty estimates

Maximize Your Tax Savings

Home loans offer the best tax benefits in India. For a ₹50 lakh loan at 9% interest:

  • Section 24(b): Save up to ₹60,000/year on interest payments
  • Section 80C: Additional ₹45,000 savings on principal
  • First-time buyers: Extra ₹15,000 under Section 80EEA

Current Home Loan Rates Comparison

Bank Interest Rate (p.a.) Processing Fee
SBI 8.50% - 9.65% 0.35% (min ₹2,000)
HDFC 8.75% - 9.85% 0.50% or ₹3,000
LIC Housing 8.60% - 9.70% 0.50% (max ₹15,000)

Negotiate Better Rates

Banks often offer lower rates to customers with CIBIL scores above 750. Always ask for special offers.

Balance Tenure & EMI

While 30-year loans reduce EMI, you pay 2-3x the property value in interest. Aim for ≤20 years.

Prepay Strategically

Making annual prepayments of just 5% can reduce your tenure by 5-7 years.

Home Loan FAQs

Q: What is the current home loan interest rate in India?
A: As of 2024, rates range between 8.5% to 10.5% p.a. depending on your profile.

Q: How much home loan can I get on my salary?
A: Typically 50-60x your monthly income if EMI is ≤45% of your salary.

Q: What documents are needed for home loan approval?
A: Salary slips (last 3 months), bank statements, KYC documents, property papers, and Form 16.