Calculate your monthly housing loan EMI, total interest payable, and complete amortization schedule.
Monthly EMI
$43,391
Total Interest Payable
$5,413,879
Total Amount Payable
$10,413,879
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| Year | EMI | Principal | Interest | Balance |
|---|---|---|---|---|
| Year 1 | $520,692 | $99,510 | $421,182 | $4,900,490 |
| Year 2 | $520,692 | $108,306 | $412,386 | $4,792,184 |
| Year 3 | $520,692 | $117,879 | $402,813 | $4,674,305 |
| Year 4 | $520,692 | $128,298 | $392,394 | $4,546,007 |
| Year 5 | $520,692 | $139,638 | $381,054 | $4,406,369 |
| Year 6 | $520,692 | $151,981 | $368,711 | $4,254,388 |
| Year 7 | $520,692 | $165,414 | $355,278 | $4,088,974 |
| Year 8 | $520,692 | $180,038 | $340,654 | $3,908,936 |
| Year 9 | $520,692 | $195,950 | $324,742 | $3,712,986 |
| Year 10 | $520,692 | $213,272 | $307,420 | $3,499,714 |
| Year 11 | $520,692 | $232,121 | $288,571 | $3,267,593 |
| Year 12 | $520,692 | $252,638 | $268,054 | $3,014,955 |
| Year 13 | $520,692 | $274,969 | $245,723 | $2,739,986 |
| Year 14 | $520,692 | $299,275 | $221,417 | $2,440,711 |
| Year 15 | $520,692 | $325,729 | $194,963 | $2,114,982 |
| Year 16 | $520,692 | $354,519 | $166,173 | $1,760,463 |
| Year 17 | $520,692 | $385,855 | $134,837 | $1,374,608 |
| Year 18 | $520,692 | $419,960 | $100,732 | $954,648 |
| Year 19 | $520,692 | $457,082 | $63,610 | $497,566 |
| Year 20 | $520,775 | $497,566 | $23,209 | $0 |
A home loan (housing loan or mortgage) is a secured loan for purchasing, constructing, or renovating a residential property. The property serves as collateral. Home loans offer the lowest interest rates among retail loans (7–10% p.a.) and the longest tenures (up to 30 years), making the monthly EMI manageable. Both salaried and self-employed individuals are eligible. Tax benefits are available under Section 80C (up to ₹1.5L on principal) and Section 24(b) (up to ₹2L on interest) of the Income Tax Act.
Where P = Principal, r = Monthly Interest Rate, n = Number of Months
How much down payment is required?
Most lenders require 10–20% down payment. RBI mandates LTV up to 90% for loans ≤ ₹30L, 80% for ₹30–75L, and 75% above ₹75L. A larger down payment reduces your EMI, total interest, and loan-to-value ratio — improving approval chances.
Fixed vs Floating interest rate?
Fixed rates stay constant throughout the tenure offering predictability and protection from rate hikes. Floating rates track the repo rate — they can go down in a falling rate environment but may rise too. For long tenures (15+ years), floating rates are usually preferred as they tend to be lower overall.
What tax benefits are available?
You can claim deduction of up to ₹1.5L per year on principal repayment under Section 80C and up to ₹2L on interest paid under Section 24(b). For first-time buyers, an additional ₹50,000 deduction is available under Section 80EE (subject to conditions), potentially saving ₹1L+ in tax annually.
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