Home Loan EMI on ₹20L at 8% for 10 Years
Complete home loan EMI calculation with amortization schedule
Monthly EMI
₹24,266
Total Interest
₹9,11,920
Total Payment
₹29,11,920
Your monthly home loan EMI is ₹24,266. Over 10 years, you pay ₹9,11,920 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 | ₹1,36,111 | ₹1,55,081 |
| 2 | ₹1,47,408 | ₹1,43,784 |
| 3 | ₹1,59,643 | ₹1,31,549 |
| 4 | ₹1,72,893 | ₹1,18,299 |
| 5 | ₹1,87,243 | ₹1,03,949 |
| 6 | ₹2,02,784 | ₹88,408 |
| 7 | ₹2,19,615 | ₹71,577 |
| 8 | ₹2,37,843 | ₹53,349 |
| 9 | ₹2,57,584 | ₹33,608 |
| 10 | ₹2,78,875 | ₹12,229 |
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | ₹1,36,111 | ₹1,55,081 | ₹18,63,889 |
| 2 | ₹1,47,408 | ₹1,43,784 | ₹17,16,481 |
| 3 | ₹1,59,643 | ₹1,31,549 | ₹15,56,838 |
| 4 | ₹1,72,893 | ₹1,18,299 | ₹13,83,945 |
| 5 | ₹1,87,243 | ₹1,03,949 | ₹11,96,702 |
| 6 | ₹2,02,784 | ₹88,408 | ₹9,93,918 |
| 7 | ₹2,19,615 | ₹71,577 | ₹7,74,303 |
| 8 | ₹2,37,843 | ₹53,349 | ₹5,36,459 |
| 9 | ₹2,57,584 | ₹33,608 | ₹2,78,875 |
| 10 | ₹2,78,875 | ₹12,229 | ₹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.