🏡 Mortgage / Home Loan EMI Calculator

EMI Formula

EMI = [P × r × (1+r)^n] / [(1+r)^n − 1]. Where P = principal loan amount, r = monthly interest rate (annual rate ÷ 12 ÷ 100), n = loan tenure in months.

Home Loan Tips

• A 0.5% lower interest rate on a ₹50 lakh loan saves lakhs over 20 years
• Making partial prepayments significantly reduces total interest
• Shorter tenure means higher EMI but much lower total interest
• Compare offers from multiple banks before finalising

Current Home Loan Rates in India

Home loan interest rates in India typically range from 8% to 10.5% per annum depending on the lender, your credit score, and loan amount. SBI, HDFC, ICICI, and Axis Bank are major lenders.

Tax Benefits on Home Loans

You can claim deduction up to ₹1.5 lakh on principal (Section 80C) and up to ₹2 lakh on interest (Section 24B) under the old tax regime per financial year.