Enter two loan scenarios to compare EMIs, total interest, and total payments side by side.
Loan Scenario A
Loan Scenario B
Comparison Results
Parameter
Scenario A
Scenario B
Difference
Helpful Tips: EMI & Home Loan Tax Benefits
EMI Formula: EMI = [P x R x (1+R)N] / [(1+R)N - 1], where P = Principal, R = Monthly interest rate, N = Total number of monthly installments.
Section 80C Deduction: Principal repayment on home loan qualifies for deduction up to ₹1,50,000 per year under Section 80C of the Income Tax Act.
Section 24(b) Deduction: Interest paid on a home loan for a self-occupied property qualifies for deduction up to ₹2,00,000 per year. For let-out property, the entire interest is deductible with no upper limit.
Section 80EEA: First-time home buyers may claim additional deduction of up to ₹1,50,000 on home loan interest (subject to conditions and stamp value limits).
Lower Interest = Big Savings: Even a 0.5% reduction in interest rate on a ₹50 lakh home loan over 20 years can save you over ₹5 lakhs in interest. Use the Compare tab to see the difference.
Shorter Tenure Saves Interest: Opting for a shorter tenure increases your EMI but significantly reduces total interest outgo. Balance affordability with interest savings.
Pre-payment Benefit: Most banks allow partial pre-payment of home loans without penalty (on floating rate loans). Even small prepayments can significantly reduce your total interest burden.
Disclaimer: This calculator provides approximate values for informational purposes. Actual EMI may vary based on bank-specific terms. Consult a Tax One Advisory professional for personalized financial advice.