How much home loan can I afford?

Affordability depends on income, existing EMIs, interest rate, and tenure. This calculator helps stress-test those inputs.

What tax benefits apply on a home loan?

Under the old regime, principal can qualify under 80C (within overall limit) and interest under Section 24B (up to ₹2 lakh for self-occupied, subject to rules).

Should I prepay my home loan or invest?

Compare loan interest vs expected investment returns after tax. Prepaying reduces risk; investing may grow wealth faster if returns beat the loan rate.

Home Loan Calculator India

A home loan EMI calculator shows your monthly EMI, the total interest over the loan and how the EMI changes with the rate and tenure. Use it before you choose a loan amount or a bank.

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How the Home Loan Calculator India works

Home loans use the same reducing-balance EMI as other loans, but the long tenure means interest can exceed the loan amount itself.

Most home loans are floating rate and linked to an external benchmark such as the repo rate, so the EMI or the tenure changes when rates move.

Formula

EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)

P = loan amount
r = yearly interest rate ÷ 12
n = tenure in months

Worked example: ₹50 lakh at 8.5% for 20 years

EMI = ₹43,391.
Total repaid over 20 years = ₹1.04 crore.
Total interest = ₹54.1 lakh, more than the loan itself.

EMI on a ₹50 lakh home loan
Rate	15 years	20 years	25 years	30 years
8%	₹47,783	₹41,822	₹38,591	₹36,688
8.5%	₹49,237	₹43,391	₹40,261	₹38,446
9%	₹50,713	₹44,986	₹41,960	₹40,231
9.5%	₹52,211	₹46,607	₹43,685	₹42,043

Illustrative, assuming a constant rate. Actual returns and rates vary.

Tips

Banks usually lend up to 75% to 90% of the property value; the rest is your down payment.
Under the old tax regime, interest on a self-occupied home can be deducted up to ₹2 lakh a year and principal counts under 80C.
When rates fall, ask your bank to reset the rate or consider a balance transfer.

Want to know if your whole plan is on track? Get your free money score in about two minutes. No PAN, no Aadhaar.

About the Home Loan Calculator India

Free home loan EMI (Equated Monthly Instalment) calculator for India. See your monthly EMI, total interest and how much home loan you can afford.

Frequently asked questions

How much home loan can I afford?: Affordability depends on income, existing EMIs, interest rate, and tenure. This calculator helps stress-test those inputs.
What tax benefits apply on a home loan?: Under the old regime, principal can qualify under 80C (within overall limit) and interest under Section 24B (up to ₹2 lakh for self-occupied, subject to rules).
Should I prepay my home loan or invest?: Compare loan interest vs expected investment returns after tax. Prepaying reduces risk; investing may grow wealth faster if returns beat the loan rate.

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