Home Loan EMI Calculator

Calculate your home loan EMI with tax benefits and amortization schedule

Property Price (₹)

Down Payment (%)

Interest Rate (% p.a.)

Tenure (Years)

Extra Monthly Payment (₹)

Home Loan Tax Benefits in India

Section 24(b): Deduction up to ₹2,00,000 per year on home loan interest paid for self-occupied property
Section 80C: Deduction up to ₹1,50,000 per year on principal repayment (included in overall ₹1.5L limit)
Section 80EE: Additional ₹50,000 interest deduction for first-time home buyers (loan up to ₹35L, property value up to ₹50L)
Section 80EEA: Additional ₹1,50,000 interest deduction for affordable housing (if not claiming 80EE)
Tax benefits are available only after construction is completed; not during the pre-construction period
Pre-EMI interest (during construction) can be claimed in 5 equal installments after possession
For let-out property, entire interest amount can be claimed under Section 24(b) — no ₹2L limit

About Home Loan EMI Calculator

The Home Loan EMI Calculator computes the Equated Monthly Installment (EMI) for home loans, along with the total interest payable and principal-interest breakup over the loan tenure. Home loan EMIs are calculated using the reducing balance method, where interest is charged on the outstanding principal. The calculator helps you compare different loan amounts, interest rates, and tenures to find the most affordable EMI for your budget in FY 2026-27.

Home loans are typically the largest financial commitment for most Indians, spanning 15-30 years. Current home loan interest rates range from 8.35% to 9.5% for salaried borrowers (as of May 2026). The EMI formula is: EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is principal, r is monthly interest rate, and n is number of months. Our calculator also shows the tax benefit under Sections 80C (principal up to ₹1.5 lakh) and 24(b) (interest up to ₹2 lakh for self-occupied), and Section 80EEA for first-time buyers.

Key Features

EMI calculation with reducing balance method
Amortization schedule (month-wise)
Tax benefit analysis under Sections 80C, 24(b), 80EEA
Prepayment and part-payment impact calculator
Interest rate comparison across banks

Frequently Asked Questions

What is the current home loan interest rate in India?

As of May 2026, home loan interest rates in India range from 8.35% to 9.5% for salaried borrowers, depending on the bank, loan amount, CIBIL score, and property type. SBI, HDFC, and ICICI offer rates starting from 8.35-8.5% for loans up to ₹75 lakh. RBI repo rate changes directly impact home loan rates, as most banks link their rates to external benchmarks like the repo rate.

How much home loan can I get on my salary?

Typically, banks offer home loans where the EMI does not exceed 40-50% of your net monthly income. For a ₹1 lakh monthly salary, you can get a loan with EMI up to ₹40,000-50,000. At 8.5% for 20 years, this translates to a loan of approximately ₹48-60 lakh. Banks also consider existing obligations, CIBIL score, age, and property value before sanctioning.

What are the tax benefits on home loans?

Home loan tax benefits include: Section 80C — deduction up to ₹1.5 lakh on principal repayment; Section 24(b) — deduction up to ₹2 lakh on interest paid for self-occupied property; Section 80EEA — additional ₹1.5 lakh interest deduction for first-time buyers (for loans up to ₹45 lakh, stamped value up to ₹45 lakh). For let-out property, there is no limit on interest deduction under Section 24(b).

Home Loan EMI Calculator