Home Loan EMI Calculator

The calculator opens with a ₹30,00,000 loan at 8.5% for 20 years. The EMI is about ₹26,035, total interest is about ₹32.48 lakh and the total payment is about ₹62.48 lakh. You pay more in interest than you borrowed.

The early years are almost all interest. In year one you pay about ₹3.12 lakh in EMIs, of which about ₹2.53 lakh is interest and only about ₹59,700 reduces the loan. On this loan, yearly interest stays above ₹2 lakh until year 9. Keep this in mind for the tax section below.

Instead of asking how much the bank will lend, decide the EMI you can carry comfortably after rent or maintenance, existing EMIs, insurance and savings. Then work backwards in the calculator.

Example: if ₹40,000 a month is your ceiling, try loan amounts at 8.5% for 20 years. ₹46,00,000 gives an EMI of about ₹39,920, so a loan of about ₹46 lakh fits. Everything above that has to come from your own money as the down payment, along with stamp duty, registration and furnishing, which the EMI does not cover.

Run the same amount at a rate one percentage point higher as well. On a floating-rate loan that is a realistic stress test, and you should still be able to pay the higher EMI without breaking into your emergency fund.

Going from 20 to 30 years lowers the EMI by about ₹2,967 a month but adds about ₹20.56 lakh of interest. Each extra five years buys a smaller EMI cut and a larger interest bill. The calculator accepts tenures from 1 to 30 years, so compare the two or three you are actually choosing between.

Old regime, self-occupied home: you can deduct interest up to ₹2 lakh a year (formerly section 24(b), reported to be section 22 of the Income-tax Act, 2025). The principal part of your EMIs counts toward the ₹1.5 lakh limit of section 123 (old 80C), which you share with other items such as PPF deposits.

On the default loan, year-one interest is about ₹2.53 lakh, so about ₹52,700 of it gets no deduction. The principal of about ₹59,700 fits within section 123 if you have room left. If your income falls in the 30% old-regime slab, the full ₹2 lakh interest deduction saves about ₹62,400 a year including 4% cess.

New regime (the default): no deduction for interest or principal on a self-occupied home. For a let-out property, interest can be set against that property's rent, but any resulting loss cannot be set off against salary or carried forward. The home loan benefit therefore matters only if the old regime works out cheaper for you overall.

A co-borrower's income can support a larger loan, but the calculator still shows one EMI for the whole loan. Divide it by each person's share to plan budgets: on a ₹46 lakh loan with an EMI of about ₹39,920, a 50:50 split is about ₹19,960 each. The lender can usually recover the full EMI from either borrower if one stops paying, so each of you should be able to cover more than your half for a few months. If you plan to claim tax benefits separately, confirm the conditions for co-owners with a tax adviser before you sign.