Home Loan EMI Calculator - Plan Your Dream Home

Home loan EMI is calculated using the formula: EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is the principal, r is the monthly interest rate, and n is tenure in months. For example, a ₹50 lakh loan at 8.5% for 20 years gives an EMI of approximately ₹43,391 per month. Use the free Home Loan Calculator on AbacusHand to calculate your exact result instantly.

As of FY 2025-26, SBI, Bank of Baroda, and Union Bank offer some of the lowest home loan rates starting from 8.25% p.a. for salaried individuals with good CIBIL scores (750+). HDFC Bank and ICICI Bank rates start around 8.35-8.5%. Rates vary based on loan amount and credit profile. Use the free Home Loan Calculator on AbacusHand to calculate your exact result instantly.

Key documents include: KYC (Aadhaar, PAN), last 3 months salary slips, Form 16, 6-month bank statements, ITR for 2 years (self-employed), property documents, and sale agreement. For a ₹40 lakh home loan, most banks also require a property valuation report and approved building plan. Use the free Home Loan Calculator on AbacusHand to calculate your exact result instantly.

Under the old tax regime, you can claim deduction of up to ₹2 lakh per year on home loan interest under Section 24(b) and up to ₹1.5 lakh on principal repayment under Section 80C. On a ₹50 lakh loan at 8.5%, the annual interest in year 1 is approximately ₹4.19 lakh — you can save up to ₹62,400 in tax annually. Use the free Home Loan Calculator on AbacusHand to calculate your exact result instantly.

As per RBI guidelines, banks and NBFCs cannot charge prepayment penalty on floating-rate home loans for individual borrowers. Fixed-rate home loans may have a prepayment penalty of 2-3% of the prepaid amount. Prepaying ₹5 lakh on a ₹40 lakh home loan can save over ₹8 lakh in interest. Use the free Home Loan Calculator on AbacusHand to calculate your exact result instantly.