Home Loan EMI Calculator

EMI = [P × R × (1+R)^N] / [(1+R)^N − 1], where P is the principal, R is the monthly interest rate (annual rate ÷ 12 ÷ 100), and N is the tenure in months. This calculator applies the same reducing-balance formula banks use.

Reducing tenure almost always saves far more interest than reducing EMI, because the loan closes earlier and interest stops accruing. Choose lower EMI only if monthly cash flow is tight. This calculator shows both options side by side.

Under the old tax regime you can claim up to ₹2 lakh of interest under Section 24(b) on a self-occupied house and up to ₹1.5 lakh of principal repayment under Section 80C. The new regime does not allow these for self-occupied property, so compare regimes before deciding.

For floating-rate home loans to individuals, RBI rules generally prohibit prepayment penalties. Fixed-rate loans may carry charges, so check your sanction letter before making bulk payments.

Only for fixed-rate loans. Most Indian home loans are floating-rate: when the repo rate changes, banks usually adjust the tenure first, or the EMI. Use the rate slider to stress-test a 0.5%–1% rise.

Lenders typically cap total EMIs at 40%–50% of net monthly income (FOIR). As a rough check, EMI on this calculator should stay within that share of your take-home pay after other EMIs.

Yes. One extra EMI a year as a part payment on a 20-year loan typically cuts the tenure by around 3 years and saves several lakhs of interest. Use the yearly part-payment option here to see your exact numbers.

Choose Bulk payment in the part payment section, select the month of payment, enter the lump sum amount, and compare faster closure with lower EMI. The schedule applies the bulk prepayment after that month's EMI.

Part payment usually means paying an extra amount while the loan remains active. Prepayment can mean partial prepayment or full pre-closure. This calculator focuses on partial prepayment, bulk payment, and EMI or tenure reduction.

If you have surplus cash, prepayment directly reduces principal. If another lender offers a lower rate, balance transfer can help, but compare processing fees, legal charges, remaining tenure, and net interest saved before switching.

It is a close planning estimate. Final figures vary with processing fees, insurance bundling, disbursement stages, and rate resets. Verify with your bank's sanction letter.