Smart Financial Planner
Home Loan EMI Calculator
Forecast monthly installments, total interest outgo, and maximum tax deductions for your dream home.
₹
₹5,00,000₹5,00,00,000
%
7.5%16%
years
1 Year3 Years
Repayment BreakupTotal: ₹84,83,520
Principal (47%)
Interest (53%)
Monthly Repayment
₹ 35,348/ month
Principal Amount₹ 40,00,000
Total Interest Payable₹ 44,83,520
Total Amount Payable₹ 84,83,520
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*Approximate calculation based on reducing balance method.
Income Tax Deductions on Home Loans in India
Repaying a home loan offers substantial income tax savings under the Old Tax Regime. You can save up to ₹1,09,200 annually in taxes by utilizing both Principal and Interest deduction sections.
Section 24(b): Interest Deduction
Deduct up to ₹2,00,000 per financial year on the interest paid towards a self-occupied residential property loan.
Section 80C: Principal Repayment
Claim up to ₹1,50,000 per year on the principal repayment portion along with stamp duty and registration charges.
Home Loan Eligibility Checklist
- CIBIL Score: 700+ gets you access to prime interest rates (8.40% - 8.75%). PolicyBulls assists candidates with scores under 650 through specialized NBFC housing partners.
- LTV Ratio: Up to 90% for loans up to ₹30 Lakhs, 80% for loans ₹30L to ₹75L, and 75% for loans above ₹75 Lakhs under RBI prudential norms.
- FOIR (Fixed Obligation to Income Ratio): Maximum 50% - 60% of net monthly take-home salary allocated towards all active EMIs.
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Frequently Asked Questions
PolicyBulls is not a direct lender or insurance provider. We are a trusted financial marketplace connecting you with 70+ leading banks, NBFCs, and top insurance companies across India. We provide unbiased advice, side-by-side comparisons, and end-to-end assistance to ensure you secure the best possible rates and terms.