Calculate EMI, interest payable, and plan early closure
Tell us when you want to be debt-free, we'll calculate the prepayment needed.
| Year | Principal | Interest | Prepaid | Balance |
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| Mo | EMI | Principal | Interest | Prepaid | Balance |
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EMI (Equated Monthly Installment) is a fixed payment made every month that includes both principal and interest components.
EMI = P × r × (1+r)n / ((1+r)n - 1), where P = loan amount, r = monthly interest rate, n = total months.
Rates range from 8.25% to 9.5%. SBI from 8.25%, HDFC from 8.35%, ICICI from 8.40%.
Prepayment reduces outstanding principal directly. Since interest is calculated on the remaining balance, even small prepayments early on save lakhs over the loan term.
No. RBI mandates zero prepayment penalty on floating rate home loans. Fixed rate loans may have 2-3% charges.