Most banks offer a maximum tenure of 30 years.
Home Loan calculators
Calculate home loan EMIs and total interest payable easily.
How to Use?
- Enter loan amount, interest rate, and loan tenure.
- View calculated EMI and total interest payable.
Formula
EMI = [P × r × (1 + r)^n] / [(1 + r)^n – 1]
| EMI (Equated Monthly Installment) | Fixed Equated Monthly Installment (your monthly loan payment). |
| P | Principal Loan Amount (total amount borrowed). |
| r | Monthly Interest Rate . |
| n | Total number of months for repayment |
Advantages
- Clear insight into repayment structure
- Assists in long-term budgeting
- Enables informed comparison of home loans
- Supports prudent financial planning
FAQ's
What is the maximum home loan tenure?
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Can I get a home loan without a credit score?
It’s difficult, but some lenders may consider alternative credit history.
Are home loan EMIs tax-deductible?
Yes, under Section 24(b) for interest paid and Section 80C for principal repayment