Home Loan EMI on ₹15L at 10.5% for 10 Years
Complete home loan EMI calculation with amortization schedule
Monthly EMI
₹20,240
Total Interest
₹9,28,800
Total Payment
₹24,28,800
Your monthly home loan EMI is ₹20,240. Over 10 years, you pay ₹9,28,800 in interest — that's 62% of the loan amount. You can claim up to ₹2 lakh tax deduction on interest under Section 24(b).
| Year | Principal | Interest |
|---|---|---|
| 1 | ₹89,611 | ₹1,53,269 |
| 2 | ₹99,487 | ₹1,43,393 |
| 3 | ₹1,10,450 | ₹1,32,430 |
| 4 | ₹1,22,622 | ₹1,20,258 |
| 5 | ₹1,36,136 | ₹1,06,744 |
| 6 | ₹1,51,138 | ₹91,742 |
| 7 | ₹1,67,794 | ₹75,086 |
| 8 | ₹1,86,286 | ₹56,594 |
| 9 | ₹2,06,815 | ₹36,065 |
| 10 | ₹2,29,607 | ₹13,273 |
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | ₹89,611 | ₹1,53,269 | ₹14,10,389 |
| 2 | ₹99,487 | ₹1,43,393 | ₹13,10,902 |
| 3 | ₹1,10,450 | ₹1,32,430 | ₹12,00,452 |
| 4 | ₹1,22,622 | ₹1,20,258 | ₹10,77,829 |
| 5 | ₹1,36,136 | ₹1,06,744 | ₹9,41,694 |
| 6 | ₹1,51,138 | ₹91,742 | ₹7,90,555 |
| 7 | ₹1,67,794 | ₹75,086 | ₹6,22,761 |
| 8 | ₹1,86,286 | ₹56,594 | ₹4,36,475 |
| 9 | ₹2,06,815 | ₹36,065 | ₹2,29,660 |
| 10 | ₹2,29,607 | ₹13,273 | ₹53 |
Tax Benefits on Home Loan
Under Section 24(b), you can claim a deduction of up to ₹2 lakh per year on home loan interest for self-occupied property. Under Section 80C, principal repayment up to ₹1.5 lakh qualifies for deduction. These benefits can save you significant tax over the loan tenure.