Calculators

How to use the home loan calculator

It has four parts. Most people use them in this order:

1. How much can I borrow? Enter your monthly take-home pay and any EMIs you already pay. Pick how much of your income can go on EMIs: 50% is common. You'll see roughly how big a loan your income supports, and the home price that loan could cover.
2. Down payment. Enter the price of a property you like. You'll see the most a bank may lend under RBI rules and the least you must pay yourself. Stamp duty and registration come on top.
3. Monthly EMI. Enter the loan, the rate your bank offers and the number of years. You'll see the EMI, the total interest, and a year-by-year table of what you still owe. Either of the first two parts can fill the loan in for you with See the EMI for this loan.
4. Government subsidy (PMAY). If your family earns up to ₹9 lakh a year and doesn't own a pucca house, the Government may pay part of your interest, up to ₹1.8 lakh. Your loan and price are filled in from the parts above; answer a few questions to see your income group and a rough subsidy, or why it doesn't fit.

Try this: change 20 years to 15. The EMI goes up, but look at how much the total interest comes down. Then add 0.5% to the rate to see what a slightly worse offer costs you.