What is a Home Loan?
A Home Loan is a secured loan provided by banks or NBFCs to purchase, construct, or renovate a residential property. In India, home loans offer significant tax benefits and long repayment tenures of up to 30 years. Check EMI, eligibility, interest outgo, and tax savings before applying.
This Home Loan EMI Calculator helps you calculate monthly EMI, total interest payable, and tax benefits before applying for a housing loan.
Tax Benefits of Home Loans (2025)
Home loans are the best tax-saving instruments in India. You can claim deductions under two sections:
- Section 80C: Deduction up to ₹1.5 Lakh on Principal Repayment.
- Section 24(b): Deduction up to ₹2 Lakh on Interest Payment for a self-occupied property.
Use this calculator to split your EMI into principal and interest components to maximize these claims.
Home Loan EMI Formula
Indian banks calculate Home Loan EMI using the standard reducing balance formula:
- P = Principal Loan Amount
- r = Monthly Interest Rate (Annual Rate ÷ 12 ÷ 100)
- n = Loan Tenure in Months
This Home Loan calculator is maintained by Fincado and follows RBI-aligned lending formulas used by Indian banks and housing finance companies.