Home Loan EMI on ₹20L at 10.5% for 10 Years
Complete home loan EMI calculation with amortization schedule
Monthly EMI
₹26,987
Total Interest
₹12,38,440
Total Payment
₹32,38,440
Your monthly home loan EMI is ₹26,987. Over 10 years, you pay ₹12,38,440 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 | ₹1,19,486 | ₹2,04,358 |
| 2 | ₹1,32,653 | ₹1,91,191 |
| 3 | ₹1,47,272 | ₹1,76,572 |
| 4 | ₹1,63,502 | ₹1,60,342 |
| 5 | ₹1,81,521 | ₹1,42,323 |
| 6 | ₹2,01,525 | ₹1,22,319 |
| 7 | ₹2,23,734 | ₹1,00,110 |
| 8 | ₹2,48,390 | ₹75,454 |
| 9 | ₹2,75,763 | ₹48,081 |
| 10 | ₹3,06,153 | ₹17,691 |
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | ₹1,19,486 | ₹2,04,358 | ₹18,80,514 |
| 2 | ₹1,32,653 | ₹1,91,191 | ₹17,47,861 |
| 3 | ₹1,47,272 | ₹1,76,572 | ₹16,00,588 |
| 4 | ₹1,63,502 | ₹1,60,342 | ₹14,37,086 |
| 5 | ₹1,81,521 | ₹1,42,323 | ₹12,55,565 |
| 6 | ₹2,01,525 | ₹1,22,319 | ₹10,54,040 |
| 7 | ₹2,23,734 | ₹1,00,110 | ₹8,30,307 |
| 8 | ₹2,48,390 | ₹75,454 | ₹5,81,917 |
| 9 | ₹2,75,763 | ₹48,081 | ₹3,06,153 |
| 10 | ₹3,06,153 | ₹17,691 | ₹0 |
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.