Monthly EMI
₹0
Total Interest
₹0
Total Payment
₹0
Month-wise Breakdown (First 60 Months)
| Month | Principal | Interest | Balance |
|---|
Monthly EMI — How It Is Calculated
Your monthly EMI is calculated using the standard reducing balance formula used by all RBI-regulated banks:
EMI = [P × r × (1+r)^n] / [(1+r)^n - 1]
Where P = Principal, r = Monthly interest rate (annual rate/12/100), n = Total months.
Each month your EMI stays the same, but the split between principal and interest changes. Early EMIs have more interest; later EMIs reduce more principal.
Frequently Asked Questions
How do I reduce my monthly EMI?
You can reduce EMI by: (1) opting for a longer tenure, (2) making a larger down payment to reduce principal, (3) negotiating a lower interest rate, or (4) making part payments to reduce outstanding principal.
Is my EMI tax deductible?
The principal component of home loan EMI is deductible under Section 80C (up to ₹1.5L/year). The interest component is deductible under Section 24 (up to ₹2L/year for self-occupied property). For other loans, tax benefits vary.