How is EMI calculated?

EMI = P × r × (1+r)^n / ((1+r)^n − 1), where P = principal, r = monthly interest rate (annual rate ÷ 12 ÷ 100), n = tenure in months.

Can I claim tax deduction on home loan EMI?

Yes, under the old tax regime: interest component up to ₹2,00,000/year under Section 24(b), and principal component up to ₹1,50,000/year under Section 80C. These deductions are not available under the new tax regime.

What is the difference between flat rate and reducing balance EMI?

This calculator uses the reducing balance method (standard for all bank loans in India). Flat rate EMI is higher because interest is calculated on the original principal throughout the tenure.

Free EMI Calculator — Home Loan, Car Loan, Personal Loan | RushTax

EMI Formula

P × r × (1+r)^n

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(1+r)^n − 1

Reducing balance method

Home Loan Tax Benefits

Section 24(b): Interest up to ₹2L/year

Section 80C: Principal up to ₹1.5L/year

Old regime only

What's included

• Monthly EMI
• Full amortisation schedule
• Year-wise summary
• Principal vs interest chart

EMI calculations are based on the reducing balance method. Actual EMI may vary due to processing fees, GST on fees, rounding by the bank, and prepayment terms. Home loan tax benefits are available only under the old tax regime. RushTax is a freelance consulting service — not a CA firm.

Frequently Asked Questions

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EMI Calculator — Home, Car & Personal Loan

Frequently Asked Questions

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EMI Calculator — Home, Car & Personal Loan

Frequently Asked Questions

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