Home Loan EMI Calculator

Estimate your Equated Monthly Installment (EMI) for your home loan.

Monthly EMI

Principal Amount
Total Interest
Total Payment

Year-wise Amortization Schedule

Year Principal Paid Interest Paid Total Payment Outstanding Balance

Understanding Home Loan EMIs

What is a Home Loan EMI?

A Home Loan EMI is a fixed payment you make to the lender every month. It covers both the principal amount of the loan and the interest accrued. Paying your EMIs on time ensures your loan is fully paid off by the end of the tenure.

How does tenure affect my EMI?

A longer loan tenure reduces your monthly EMI amount, making it more affordable. However, you end up paying more in total interest over the life of the loan. A shorter tenure increases the EMI but reduces the total interest paid.

Frequently Asked Questions (FAQ)

Yes, you can prepay your home loan. Making partial prepayments can significantly reduce your principal amount, which in turn lowers your total interest cost and can shorten your loan tenure. Most lenders do not charge a penalty for prepaying floating-rate home loans.

You can claim tax deductions on both the principal and interest components of your home loan EMI under the Income Tax Act. Section 80C allows deductions on the principal repayment, while Section 24(b) allows deductions on the interest paid.