Home Loan Calculator
Calculate your home loan EMI, total interest, and view the amortization schedule.
Breakdown
Monthly EMI
₹26,035
Total Interest
₹32,48,327
Total Payment
₹62,48,327
Schedule
| Year | Principal Paid | Interest Paid | Balance |
|---|---|---|---|
| 1 | ₹59,707 | ₹2,52,709 | ₹29,40,293 |
| 2 | ₹64,984 | ₹2,47,432 | ₹28,75,309 |
| 3 | ₹70,728 | ₹2,41,688 | ₹28,04,580 |
| 4 | ₹76,980 | ₹2,35,436 | ₹27,27,600 |
| 5 | ₹83,785 | ₹2,28,632 | ₹26,43,815 |
| 6 | ₹91,190 | ₹2,21,226 | ₹25,52,625 |
| 7 | ₹99,251 | ₹2,13,166 | ₹24,53,374 |
| 8 | ₹1,08,024 | ₹2,04,393 | ₹23,45,351 |
| 9 | ₹1,17,572 | ₹1,94,844 | ₹22,27,779 |
| 10 | ₹1,27,964 | ₹1,84,452 | ₹20,99,815 |
| 11 | ₹1,39,275 | ₹1,73,141 | ₹19,60,540 |
| 12 | ₹1,51,586 | ₹1,60,831 | ₹18,08,954 |
| 13 | ₹1,64,985 | ₹1,47,432 | ₹16,43,969 |
| 14 | ₹1,79,568 | ₹1,32,849 | ₹14,64,402 |
| 15 | ₹1,95,440 | ₹1,16,977 | ₹12,68,962 |
| 16 | ₹2,12,715 | ₹99,701 | ₹10,56,247 |
| 17 | ₹2,31,517 | ₹80,899 | ₹8,24,730 |
| 18 | ₹2,51,981 | ₹60,435 | ₹5,72,749 |
| 19 | ₹2,74,254 | ₹38,163 | ₹2,98,495 |
| 20 | ₹2,98,495 | ₹13,921 | ₹0 |
What is Home Loan?
A Home Loan is a long-term loan provided by banks or financial institutions to help individuals purchase, build, or renovate a residential property. The borrower repays the loan through monthly EMIs (Equated Monthly Installments) over a selected tenure, typically ranging from 10 to 30 years.
Home loans usually follow a reducing balance interest calculation, where interest is charged only on the remaining outstanding principal.
How Home Loan Works
When you take a home loan, the total loan amount is repaid through fixed monthly EMIs that include both principal repayment and interest. With every EMI payment, the outstanding loan balance reduces.
In the early years of the loan, a larger portion of the EMI goes toward interest, while later EMIs contribute more toward principal repayment.
EMI-Based Repayment
Fixed monthly installments covering principal + interest
Reducing Balance
Interest calculated on remaining outstanding principal
Prepayment Option
Lump sum prepayments directly reduce outstanding principal
Foreclosure
Option to close the loan before the original tenure
Calculation Method
Formula:
Where:
- P = Loan principal amount
- i = Monthly interest rate (Annual Rate ÷ 12 ÷ 100)
- N = Total number of monthly installments
Assumptions:
- ✓ Reducing balance interest
- ✓ Fixed interest rate
- ✓ Monthly compounding
Key Benefits
Long Tenure
Flexible tenure from 10 to 30 years for manageable EMIs
Lower Rates
Secured loans typically have lower interest rates
Tax Benefits
Deductions available on principal and interest repayment
Prepayment Flexibility
Reduce total interest by making lump sum prepayments
Important Disclaimer
This information is for educational purposes only and not financial advice. Actual home loan terms such as interest rates, prepayment rules, foreclosure conditions, and tenure options vary between lenders.
Always review the official loan agreement and terms before applying for a home loan.