Questions people ask
How is a home loan EMI calculated?
EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the loan, r is the yearly interest rate divided by 12 and by 100, and n is the number of months. Every bank in India uses this same formula; the calculator above does it for you.
Is a longer loan cheaper?
The EMI is lower, but you pay far more interest in total. On a ₹40 lakh loan at 8.5%, stretching 20 years to 30 lowers the EMI but adds lakhs in interest. Choose the shortest tenure whose EMI you can comfortably pay every month.
Can I pay my home loan off early?
Yes. Under RBI rules, banks cannot charge an individual a prepayment or foreclosure penalty on a floating-rate home loan. Even one extra EMI a year shortens the loan noticeably.
Will I get the interest rate shown here?
It is a typical rate, not a quote. Your rate depends on your credit score, income, the bank and the property. Change the rate box to whatever your bank offers you.
These figures are estimates to help you plan, worked out from the rates published today. Your bank and the sub-registrar's office have the final word. Skyrise Property is a MahaRERA-registered agent (A51800034573), not a bank or a lawyer.