Home Loan EMI Calculator

Typically you need: identity proof (Aadhaar, PAN), address proof, income proof (salary slips for 3-6 months or ITR for self-employed), bank statements (6-12 months), property documents (sale agreement, title deed, approved plan), and passport-size photographs. Requirements may vary slightly across banks.

Fixed rate remains constant for a set period (usually 2-5 years) giving you predictable EMIs. Floating rate fluctuates with the RBI repo rate and the bank's MCLR/EBLR — it starts lower but can increase or decrease. Most Indian borrowers prefer floating rates as they are generally lower and carry no prepayment penalty.

Banks typically lend 60-80% of the property value (Loan-to-Value ratio). Your eligibility depends on: monthly income, existing EMIs and liabilities, credit score (750+ is ideal), age, employment stability, and property value. As a rule of thumb, your total EMIs (including the new home loan) should not exceed 50-60% of your net monthly income.

Under the current tax regime: Section 24(b) allows deduction up to ₹2 lakh/year on interest paid for self-occupied property. Section 80C allows deduction up to ₹1.5 lakh/year on principal repayment. Section 80EEA provides an additional ₹1.5 lakh deduction on interest for first-time buyers (for affordable housing). These benefits can save you ₹4-5 lakh in taxes over the loan tenure.

Yes. For floating rate home loans, banks cannot charge any prepayment or foreclosure penalty (as per RBI guidelines). For fixed rate loans, banks may charge up to 2-3% of the outstanding amount. Prepayment is one of the best ways to save on interest — even small additional payments can significantly reduce your total interest burden.

Repo rate is the rate at which RBI lends to banks. EBLR (External Benchmark Lending Rate) is directly linked to repo rate — most new loans use this. MCLR (Marginal Cost of Funds Based Lending Rate) is an internal bank benchmark. EBLR loans reset faster when rates change, while MCLR loans may take longer. Since 2019, RBI mandates all new floating rate loans be linked to an external benchmark (mostly repo rate).

Your CIBIL score (ranging 300-900) significantly impacts both eligibility and interest rate. A score of 750+ typically gets you the best rates. Scores between 650-750 may still qualify but at higher rates. Below 650, most banks will decline the application. You can improve your score by paying existing EMIs/credit card bills on time, keeping credit utilization below 30%, and maintaining a healthy mix of credit.