Home Loan Calculator
Everything a home-loan borrower needs in one place – EMI with year-wise amortisation and Section 24(b)/80C tax benefits, how much loan you are eligible for (FOIR method banks use), and how much interest a prepayment saves.
Monthly EMI
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PrincipalRs 0
Total interestRs 0
Total paymentRs 0
Year-wise amortisation
| Year | Principal paid | Interest paid | Balance |
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Tax angle (old regime). For a self-occupied house, interest on the loan is deductible up to Rs 2,00,000 a year under Section 24(b) and principal repayment up to Rs 1,50,000 within the Section 80C limit (plus stamp duty in the year of purchase). The new regime does not allow these for self-occupied property. Figures are indicative – confirm with your CA before claiming.
Take-home income; add co-applicant income here too.
Most banks allow 40-55% of net income towards EMIs.
Eligible Home Loan (indicative)
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How banks compute this. Lenders cap your total EMIs at a fixed share of net income (FOIR). Eligible EMI = income x FOIR minus existing EMIs; the loan is the amount that EMI supports at the chosen rate and tenure. Adding a co-applicant, choosing a longer tenure, or closing existing EMIs raises eligibility. Each bank also applies its own age, credit-score and property (LTV) caps – treat this as a planning figure, not a sanction.
Interest Saved by Prepaying
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| Scenario | EMI | Loan closes in | Total interest from now |
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Worth knowing. The EMI is kept the same, so the prepayment shortens the tenure – that is where the big interest saving comes from. As per RBI rules, banks cannot charge prepayment penalties on floating-rate loans to individuals (fixed-rate loans may carry a charge – check your sanction letter). Prepaying early in the tenure saves the most, since early EMIs are interest-heavy. Keep Section 24(b) in mind: shrinking interest also shrinks the deduction, but saving real interest almost always beats saving tax on it.