How to use this home loan calculator
- Enter the property value of the home you want to buy.
- Set the down payment you plan to pay upfront — either as a percentage or a rupee amount.
- Enter the interest rate offered by your bank.
- Choose your loan tenure in years.
- Add the processing fee if applicable (typically 0.25 to 1 percent).
- The calculator instantly shows your EMI, total interest, tax savings, and full amortization schedule.
How much home loan can you get?
Most Indian banks lend 75% to 90% of the property value, depending on your income, credit score, and age. Your eligibility is usually calculated so that your total EMI commitments don't exceed 40 to 50 percent of your monthly income.
A higher down payment means a smaller loan, lower EMI, and less interest paid over the loan tenure. It also improves your eligibility if you have other existing loans.
Tax benefits on home loan
Under the Income Tax Act, home loan borrowers can claim two key deductions for a self-occupied property:
- Section 80C: Up to ₹1.5 lakh per year on principal repayment (combined with other 80C investments like PPF, ELSS, life insurance).
- Section 24(b): Up to ₹2 lakh per year on interest paid.
For a let-out property, there is no limit on interest deduction under Section 24(b), but overall house property loss is capped at ₹2 lakh per year. First-time buyers may also claim additional deductions under Section 80EE or 80EEA, subject to eligibility.
EMI formula
Where P = loan amount (property value − down payment), r = monthly interest rate (annual ÷ 12 ÷ 100), n = tenure in months.
Frequently asked questions
How much home loan can I get?
Most banks lend 75–90% of the property value. Your eligibility depends on your income, existing debts, credit score, and age. A common rule is that your EMI should not exceed 40–50% of your monthly income.
What tax benefits do I get?
Up to ₹1.5 lakh on principal under Section 80C and up to ₹2 lakh on interest under Section 24(b) for a self-occupied property. First-time buyers may qualify for additional deductions under Section 80EE or 80EEA.
What is the minimum down payment?
Most Indian banks require a minimum of 10–25% of the property value as down payment. A higher down payment reduces your EMI and total interest significantly.
Should I choose fixed or floating rate?
Fixed rates offer certainty but are usually 1–2% higher. Floating rates are tied to the RBI repo rate and can go up or down. Most borrowers choose floating rates for long-tenure home loans.
Can I prepay my home loan?
Yes. Floating-rate home loans have no prepayment charges for individual borrowers (RBI rule). Prepayment reduces either your EMI or your remaining tenure, saving significant interest.