Home Loan EMI on ₹20L at 8.5% for 10 Years
Complete home loan EMI calculation with amortization schedule
Monthly EMI
₹24,797
Total Interest
₹9,75,640
Total Payment
₹29,75,640
Your monthly home loan EMI is ₹24,797. Over 10 years, you pay ₹9,75,640 in interest — that's 49% of the loan amount. You can claim up to ₹2 lakh tax deduction on interest under Section 24(b).
| Year | Principal | Interest |
|---|---|---|
| 1 | ₹1,32,653 | ₹1,64,911 |
| 2 | ₹1,44,378 | ₹1,53,186 |
| 3 | ₹1,57,140 | ₹1,40,424 |
| 4 | ₹1,71,030 | ₹1,26,534 |
| 5 | ₹1,86,147 | ₹1,11,417 |
| 6 | ₹2,02,601 | ₹94,963 |
| 7 | ₹2,20,509 | ₹77,055 |
| 8 | ₹2,40,000 | ₹57,564 |
| 9 | ₹2,61,214 | ₹36,350 |
| 10 | ₹2,84,303 | ₹13,261 |
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | ₹1,32,653 | ₹1,64,911 | ₹18,67,347 |
| 2 | ₹1,44,378 | ₹1,53,186 | ₹17,22,969 |
| 3 | ₹1,57,140 | ₹1,40,424 | ₹15,65,829 |
| 4 | ₹1,71,030 | ₹1,26,534 | ₹13,94,799 |
| 5 | ₹1,86,147 | ₹1,11,417 | ₹12,08,652 |
| 6 | ₹2,02,601 | ₹94,963 | ₹10,06,051 |
| 7 | ₹2,20,509 | ₹77,055 | ₹7,85,542 |
| 8 | ₹2,40,000 | ₹57,564 | ₹5,45,542 |
| 9 | ₹2,61,214 | ₹36,350 | ₹2,84,329 |
| 10 | ₹2,84,303 | ₹13,261 | ₹26 |
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.