This calculator provides estimates based on the information you provide. The actual loan terms, interest rates, and fees may vary based on your credit score, income, property value, and the lender's policies. Please consult with your bank or financial institution for exact loan terms and conditions.
EMI Calculation Formula
The EMI (Equated Monthly Installment) is calculated using the following formula:
Use the slider or type the amount you want to borrow (₹1,00,000 to ₹10,00,00,000)
2
Set Interest Rate
Enter the annual interest rate offered by your lender (typically 7% to 15%)
3
Choose Loan Tenure
Select the repayment period in years or months (5 to 30 years)
4
Add Processing Fee
Include any upfront processing fees (usually 0.5% to 1% of loan amount)
Sample Calculation Example
Let's calculate EMI for a ₹30,00,000 home loan:
Loan Amount:₹30,00,000
Interest Rate:8.5% per annum
Loan Tenure:20 years (240 months)
Processing Fee:0.5% (₹15,000)
Monthly EMI:₹26,030
Total Interest:₹32,47,200
Total Payment:₹62,62,200
Frequently Asked Questions (FAQs) for Home Loan
A home loan is a secured loan provided by banks and financial institutions to purchase, construct, or renovate a residential property. The property itself serves as collateral for the loan, which typically offers lower interest rates compared to unsecured loans.
Eligibility criteria include: Age between 21-65 years, stable income source, good credit score (750+), sufficient down payment (10-20% of property value), and no existing loan defaults. Self-employed individuals need additional business documentation.
Required documents include: Identity proof, address proof, income proof, property documents, bank statements, employment proof, and photographs. Additional documents may be needed for property valuation and legal verification.
Home loan interest rates in India typically range from 7% to 15% per annum, depending on your credit score, income, loan amount, and the lender. Government schemes may offer lower rates for first-time homebuyers.
Loan amounts usually range from ₹5,00,000 to ₹10,00,00,000, depending on your income, property value, and repayment capacity. Most lenders offer up to 80-90% of the property value, with the remaining as down payment.
Processing fees typically range from 0.5% to 1% of the loan amount, with a minimum of ₹1,000 to ₹10,000. Additional charges may include legal fees, technical valuation fees, and stamp duty.
Yes, most lenders allow prepayment after 12-24 months of loan disbursement. Prepayment charges of 1-2% may apply. Some lenders offer free prepayment up to 25% of the outstanding amount annually.
Fixed rates remain constant throughout the loan tenure, providing predictable EMIs. Floating rates change based on market conditions, potentially offering lower rates but with EMI fluctuations. Most home loans in India have floating rates.
Home loan tenure can extend up to 30 years, depending on your age and retirement plans. Longer tenures result in lower EMIs but higher total interest payments. Most borrowers opt for 15-25 years tenure.
Yes, you can transfer your home loan to another bank offering lower interest rates. This process is called balance transfer and may involve processing fees and legal charges. Ensure the savings justify the transfer costs.
Home loan borrowers can claim tax deductions under Section 80C (principal repayment up to ₹1.5 lakh), Section 24(b) (interest payment up to ₹2 lakh), and Section 80EE (additional deduction for first-time homebuyers).
Home loan approval typically takes 7-15 working days, depending on document verification, property valuation, and legal checks. The disbursement happens within 1-3 days after approval and property registration.