Home Loan at a glance
- Typical rates: about 8–10% p.a. (floating, linked to the repo rate).
- Tenure: up to 30 years, usually until age 60–70.
- Tax: Under the old regime, interest up to ₹2 lakh a year is deductible under Section 24(b) for a self-occupied home, and principal repayment counts towards the ₹1.5 lakh 80C limit. The new regime does not allow these for a self-occupied home.
Tips before you borrow
- Floating-rate home loans have no prepayment penalty for individuals, so prepay whenever you can.
- A 0.5% lower rate on ₹50 lakh over 20 years saves about ₹3.7 lakh; compare lenders and consider a balance transfer.
- Keep the EMI within 40–50% of your take-home pay.
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How to use the 🏠 Home Loan EMI Calculator tool
- Enter the home loan amount, interest rate and tenure, or tap a quick option.
- See the EMI, total interest and year-wise schedule.
- Try a prepayment to see the interest you save.
Why SaralKit?
- Free forever: no "credits", no trial, no premium tier, no watermark and no daily limit.
- No account, ever: nothing to sign up for. Just open the page and use it.
- No data stored: your files and the numbers you type are processed by your own browser. We never upload, store or see them.
- Works offline: once the page has loaded, most tools keep working without internet.
- Open source: anyone can read the code on GitHub.
Frequently asked questions
What is the EMI for a ₹50,00,000 home loan?
At 8.5% for 20 years, the EMI is about ₹43,391 a month, and total interest is about ₹54,13,879.
What are typical home loan interest rates?
In India, about 8–10% p.a. (floating, linked to the repo rate). Your rate depends on your credit score, income and lender.
Are there tax benefits on a home loan?
Under the old regime, interest up to ₹2 lakh a year is deductible under Section 24(b) for a self-occupied home, and principal repayment counts towards the ₹1.5 lakh 80C limit. The new regime does not allow these for a self-occupied home.
How much tenure can I get?
Home Loans are usually offered for up to 30 years, usually until age 60–70.