Home Loan EMI on ₹15L at 8% for 10 Years
Complete home loan EMI calculation with amortization schedule
Monthly EMI
₹18,199
Total Interest
₹6,83,880
Total Payment
₹21,83,880
Your monthly home loan EMI is ₹18,199. Over 10 years, you pay ₹6,83,880 in interest — that's 46% of the loan amount. You can claim up to ₹2 lakh tax deduction on interest under Section 24(b).
| Year | Principal | Interest |
|---|---|---|
| 1 | ₹1,02,077 | ₹1,16,311 |
| 2 | ₹1,10,549 | ₹1,07,839 |
| 3 | ₹1,19,725 | ₹98,663 |
| 4 | ₹1,29,662 | ₹88,726 |
| 5 | ₹1,40,424 | ₹77,964 |
| 6 | ₹1,52,079 | ₹66,309 |
| 7 | ₹1,64,701 | ₹53,687 |
| 8 | ₹1,78,372 | ₹40,016 |
| 9 | ₹1,93,176 | ₹25,212 |
| 10 | ₹2,09,210 | ₹9,178 |
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | ₹1,02,077 | ₹1,16,311 | ₹13,97,923 |
| 2 | ₹1,10,549 | ₹1,07,839 | ₹12,87,374 |
| 3 | ₹1,19,725 | ₹98,663 | ₹11,67,649 |
| 4 | ₹1,29,662 | ₹88,726 | ₹10,37,987 |
| 5 | ₹1,40,424 | ₹77,964 | ₹8,97,563 |
| 6 | ₹1,52,079 | ₹66,309 | ₹7,45,484 |
| 7 | ₹1,64,701 | ₹53,687 | ₹5,80,783 |
| 8 | ₹1,78,372 | ₹40,016 | ₹4,02,411 |
| 9 | ₹1,93,176 | ₹25,212 | ₹2,09,235 |
| 10 | ₹2,09,210 | ₹9,178 | ₹25 |
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.