Home Loan Calculator
EMI plus the Section 24(b) and 80C tax benefit a plain EMI number leaves out — and what vanishes under the new regime.
This is a calculator, not tax advice. It estimates outcomes based on publicly available rules and typical provider pricing — it does not account for your specific circumstances. Rules and rates change. Verify anything you rely on with a qualified CA before you act on it. Tax benefit figures are approximate, based on the first year's amortization — confirm the exact numbers with your CA at filing time.
Section 24(b) interest deduction is capped at ₹2L/year.
PPF, ELSS, insurance premiums, etc. — principal repayment shares the same ₹1.5L 80C cap as these.
Monthly EMI
₹34,713
Total interest
₹43,31,103
Total payment
₹83,31,103
Old-regime tax benefit — approximate first year
- Section 24(b) interest deduction
- ₹2,00,000(capped at ₹2L)
- Section 80C principal deduction
- ₹79,609
- Total deduction
- ₹2,79,609
Under the new regime, this deduction is ₹0 — neither Section 24(b) nor 80C apply there. This is the single biggest thing a plain EMI number hides about a home loan's real cost.
How this is calculated
EMI and amortization use the same reducing-balance math as any loan. The tax-benefit layer on top applies Section 24(b) to the first year's actual interest paid (capped at ₹2L for self-occupied property, uncapped for let-out), and Section 80C to the first year's principal repayment — but only up to whatever room is left in your ₹1.5L 80C cap after your other investments, since principal repayment shares that limit rather than getting its own.
Both benefits are old-regime only. Under the new regime, the deduction shown is always ₹0 — the calculator states this explicitly rather than letting you assume it still applies.
Frequently asked questions
Why does a home loan need its own calculator instead of a generic EMI calculator?
Because a home loan carries tax benefits a personal or car loan doesn't: Section 24(b) lets you deduct up to ₹2L/year in interest (self-occupied), and the principal portion counts toward your Section 80C limit. Those benefits change your loan's real, after-tax cost — a plain EMI number doesn't show that at all.
What happens to these benefits under the new tax regime?
They disappear entirely. Neither Section 24(b) nor Section 80C apply under the new regime — your home loan's tax benefit there is ₹0, full stop. This is one of the most consequential, least-advertised differences between the two regimes for homeowners.
Is there really no cap on the interest deduction for a let-out property?
Correct for the interest deduction itself — Section 24(b) has no cap for a property you rent out. But the overall loss you can set off against other income in a single year is capped at ₹2L, with the rest carried forward — a detail worth checking with a CA if your interest is unusually high.
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