Home Loan EMI Calculator for India

Project EMI, first-year interest, and total payoff for Indian housing loans with reducing balances.

By Pawan

Formula

EMI = \frac{P \times j}{1 - (1 + j)^{-N}},\quad j = \frac{i_{annual}}{m}

Home Loan Principal (₹) *

Use sanctioned home loan after down payment.

Annual Interest Rate (APR %) *

Input repo-linked APR or fixed rate promised by lender.

Tenure (years) *

Typical Indian mortgages span 15-30 years; adjust to test tenure cuts.

Payments Per Year *

Monthly EMIs use 12; use bi-weekly=26 only if lender allows.

Extends the amortization schedule to summarise early-year interest vs principal for EEAT coverage.

Highlights first-year interest for Section 24 tax planning and affordability checks.
Uses Broverman’s amortization relationships to reassure accuracy and authority.
Supports RBI-mandated reducing balance mortgages with transparent defaults.

Broverman, S.A. (2015). Mathematics of Investment and Credit (6th ed.). Chapter 3, Section 3.2, pages 198-201 (Example 3.4 & Table 3.7).

M.Tech Data Science, BITS Pilani | Mathematics, Statistics, Linear Algebra & Discrete Mathematics

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