Set to a home loan already. Enter your loan amount, rate and tenure.
A home loan EMI is worked out on the reducing balance: each month's interest is charged only on what you still owe. A ₹30 lakh loan at 8.5% for 20 years has an EMI of ₹26,035, and you pay about ₹32.5 lakh in interest over the loan, more than the amount borrowed.
A home loan EMI is worked out on the reducing balance: each month's interest is charged only on what you still owe. A ₹30 lakh loan at 8.5% for 20 years has an EMI of ₹26,035, and you pay about ₹32.5 lakh in interest over the loan, more than the amount borrowed.
The tenure changes the cost far more than the EMI suggests. The same ₹30 lakh over 15 years costs ₹29,542 a month but about ₹23.2 lakh in interest, roughly ₹9 lakh less. Prepaying even one extra EMI a year has a similar effect.
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At 8.5% for 20 years it is ₹43,391 a month. At 9% it rises to about ₹44,986.
Choose a shorter tenure, prepay whenever you can, especially in the first few years, and ask your bank to move you to its current lower rate if your loan is on an older benchmark.
In the old regime, up to ₹2 lakh of interest on a self-occupied house and up to ₹1.5 lakh of principal under 80C. The new regime does not allow these for a self-occupied house.
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