🏡 Home Loan
Home Loan EMI Calculator
Calculate your home loan EMI with current bank rates. Get the full amortization schedule and estimate your tax savings under Section 80C (principal) and Section 24b (interest).
Current Home Loan Rates (July 2025)
🏛️ SBI8.50% Lowest
🏦 LIC HFL8.65%
🏦 Kotak8.70%
🏦 HDFC8.75%
🏦 ICICI8.75%
Click a bank to auto-fill. Rates indicative as of July 2025.
Home Loan EMI Calculator
₹
₹
20% %
Years
Monthly EMI₹34,711
Loan Amount₹40,00,000
Total Interest Paid₹43,30,705
Total Repayment₹83,30,705
Tax Saving — Sec 80C (est.)up to ₹1,50,000/yr
Tax Saving — Sec 24b (est.)up to ₹2,00,000/yr
Amortization Schedule (Yearly)
| Year | Opening Balance | Principal Paid | Interest Paid | Closing Balance |
|---|
Home Loan FAQs
What tax benefit do I get on home loan interest?
Section 24b: Up to ₹2 lakh/year deduction on interest for self-occupied property. For let-out property, entire interest is deductible (but loss set-off capped at ₹2 lakh from other income). Additionally, Section 80EEA gives first-time homebuyers extra ₹1.5 lakh deduction for affordable housing (up to ₹45 lakh).
Should I make a higher down payment or invest the extra money?
Compare home loan rate vs expected investment return. If loan rate (say 8.5%) > investment return (say 6% FD), pay more down payment. If investment return (say 12% equity) > loan rate, consider keeping money invested. Also factor in: home loan interest is deductible under 24b (reduces effective rate).
What is PMAY subsidy (Pradhan Mantri Awas Yojana)?
PMAY Credit Linked Subsidy Scheme (CLSS) provides interest subsidy for home loans under EWS/LIG/MIG categories. EWS (income up to ₹3L): 6.5% subsidy on ₹6 lakh. LIG (₹3-6L): 6.5% on ₹6L. MIG-I (₹6-12L): 4% on ₹9L. MIG-II (₹12-18L): 3% on ₹12L. PMAY subsidy is credited upfront to the loan account, significantly reducing EMI.
What is the difference between fixed and floating home loan rates?
Fixed rate: Interest locked throughout tenure (typically 1-2% higher). Floating rate: Linked to repo rate (RLLR/MCLR); changes with RBI policy. When RBI cuts rates, floating rate loan beneficiaries see lower EMI or reduced tenure. Most Indian home loans (90%+) are floating rate as they're cheaper long-term.