Comprehensive Loan EMI Calculator
Calculate your monthly installment, simulate prepayment savings, view dynamic amortization charts, and plan home loan tax deductions.
Loan Amortization Schedule
Complete breakdown of yearly and monthly repayments with principal, interest, and outstanding balance.
| Year / Period | Opening Balance | EMI Paid | Principal | Interest | Extra Prepay | Closing Balance | Paid % |
|---|
Under the Indian Income Tax Act (Old Tax Regime), you can claim substantial tax deductions on your home loan.
Interest Deduction
Deduction allowed on the total interest paid during the financial year on a loan taken for purchase or construction of a self-occupied property.
Eligible Sec 24(b) Deduction: ₹2,00,000
Principal Repayment
Deduction allowed on repayment of the principal amount of the loan, plus stamp duty & registration charges incurred during property purchase.
Eligible Sec 80C Deduction: ₹98,572
First-Time Home Buyers
Additional interest deduction for first-time home buyers of affordable housing (stamp value up to ₹45 Lakhs, sanctioned between Apr 2019 - Mar 2022).
How is Loan EMI Calculated?
Every Equated Monthly Installment (EMI) consists of two components: Principal and Interest. In the initial years of a loan, a major portion of your EMI goes toward paying interest. As the outstanding loan balance reduces over time, the interest component decreases and a larger portion goes toward repaying the principal.
Frequently Asked Questions
What is an EMI and how does it work?
An Equated Monthly Installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. EMIs are applied to both interest and principal each month so that over a specified number of years, the loan is paid off in full.
What is the difference between Fixed and Floating interest rates?
A fixed rate remains constant throughout the loan tenure, keeping your EMI unchanged. A floating interest rate is tied to an external benchmark (such as RBI's repo rate or MCLR) and fluctuates periodically with market rate revisions.
How does prepayment or making extra monthly payments help?
Prepayments go 100% towards reducing your outstanding principal balance. Since interest is calculated every month on the reducing balance, even a modest extra monthly payment (e.g., ₹5,000) can save lakhs of rupees in interest and cut several years off your loan tenure.
Are there any charges for prepaying floating rate home loans?
No. As per Reserve Bank of India (RBI) guidelines, banks and NBFCs cannot levy any foreclosure fees or prepayment penalty charges on floating-rate home loans sanctioned to individual borrowers.