Home Loan EMI Calculator
Calculate your home loan EMI and total interest payable.
Interest calculated on outstanding balance (most common)
Tax Benefits
Claim up to ₹2L deduction on interest (Sec 24b) and ₹1.5L on principal (Sec 80C).
₹ 0
For 20 years at 8.5% interest
Loan Amount
50 L
Total Interest
0
Total Payment
0
Interest vs Principal
Loan Balance
EMI Formula
The EMI (Equated Monthly Installment) is calculated using the reducing balance method, which ensures fair interest computation on the outstanding principal.
"Interest paid on home loans is deductible under Section 24(b), up to ₹2 lakh per year for self-occupied property."
The Formula
P = Principal, r = Monthly interest rate, n = Total months.
Last Updated: January 2026
Disclaimer: This calculator provides estimates for educational purposes. Actual EMI may vary based on bank policies, processing fees, and other charges.
About the Home Loan Calculator
Calculates home loan EMI, total interest payable, and amortization schedule based on loan amount, rate, and tenure.
Use when comparing home loan offers from banks, planning affordability, or estimating total borrowing cost.
EMI = P × r × (1 + r)^n / ((1 + r)^n − 1)
A ₹40 lakh home loan at 8.5% for 20 years results in an EMI of about ₹34,713 and total interest of roughly ₹43.3 lakh.
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