What is a home loan EMI?
A home loan EMI is the monthly payment on a housing loan, usually for 15 to 30 years. Because the loan is long, interest often adds up to more than the loan amount itself.
Ready answers
How to use this calculator
- Enter the loan amount.
- Enter the interest rate.
- Enter the tenure in months (240 months = 20 years).
Read more: What is EMI?. New to these words? See the money glossary.
Common questions
What is the EMI on a ₹50 lakh home loan for 20 years at 8.5%?
About ₹43,391 a month. Total interest is about ₹54 lakh, more than the loan itself.
Is there a tax benefit on home loans?
In the old tax regime, interest on a self-occupied home loan is deductible up to ₹2 lakh a year, and principal counts under the ₹1.5 lakh limit of section 80C.
How much home loan can I get on my salary?
Banks usually keep all your EMIs under about 40% to 50% of your take-home pay. If your EMI budget is ₹40,000, at 8.5% for 20 years that supports a loan of about ₹46 lakh.