EMI Comparison — ₹75 Lakh Home Loan at Various Tenures
| Tenure | Monthly EMI | Total Interest | Total Payment |
|---|
Frequently Asked Questions
EMI = P × r × (1+r)ⁿ / [(1+r)ⁿ − 1], where P = principal loan amount, r = monthly interest rate (annual rate ÷ 12 ÷ 100), n = total months. For ₹75 lakh at 8.5%, the EMI varies by tenure — see the comparison table above.
Yes — prepayment reduces the principal balance, which significantly reduces total interest paid. Even a small prepayment in early years (when most EMI goes toward interest) can save lakhs in interest and reduce tenure by months to years.
Yes — Home Loan interest up to ₹2 lakh/year is deductible u/s 24(b) under the Old Regime. Principal repayment up to ₹1.5 lakh is deductible u/s 80C. Under New Regime, these deductions are not available.