Results:
EMI:
Interest for the Year:
Principal for the Year:
Annual Home Loan Interest, Principal & Tax Declaration Calculator
Purpose
The calculator is designed to:
- Compute the Equated Monthly Installment (EMI) for a home loan.
- Calculate the total interest and principal repaid within a selected financial year.
- Help with tax declarations by summarizing the amounts for tax benefits.
Features
- Loan Details Input: Enter details about the loan amount, interest rate, and tenure.
- Financial Year Selection: Choose the financial year for which you want to calculate interest and principal.
- Country-Specific Financial Year: Adapt the financial year format based on the country selected.
- Tax Declaration Summary: Provide a summary of interest paid for the financial year.
How to Use the Calculator
1. Enter Loan Details
- Loan Amount:
- Input the total amount of the home loan. Example:
500000
- Input the total amount of the home loan. Example:
- Annual Interest Rate (%):
- Enter the annual interest rate. Example:
8
- Enter the annual interest rate. Example:
- Loan Start Date:
- Select the date when the loan started. Example:
2023-01-15
- Select the date when the loan started. Example:
- Loan Tenure:
- Choose the tenure type (Years or Months) and enter the duration. Example: Select "Years" and enter
5.
- Choose the tenure type (Years or Months) and enter the duration. Example: Select "Years" and enter
2. Select Country
- Country:
- Select your country to determine the financial year format (e.g., India, USA, Australia).
3. Select Financial Year
- Financial Year:
- Choose the financial year for which you want to calculate the interest and principal. This list is populated based on the selected country and loan start date.
4. Calculate
- Calculate Button:
- Click the "Calculate" button to generate the EMI, interest, and principal details.
Example Calculation
Let’s go through an example calculation:
Loan Details:
- Loan Amount: ₹5,00,000
- Annual Interest Rate: 8%
- Loan Start Date: January 15, 2023
- Loan Tenure: 5 years
- Country: India
- Financial Year: FY 2023-2024
Steps:
- Enter Loan Details:
- Loan Amount:
500000 - Annual Interest Rate:
8 - Loan Start Date:
2023-01-15 - Loan Tenure: Select "Years" and enter
5
- Loan Amount:
- Select Country:
- Choose
India (April-March)
- Choose
- Select Financial Year:
- Choose
FY 2023-2024
- Choose
- Calculate:
- Click the "Calculate" button.
Results:
- EMI: The tool will display the EMI amount, e.g.,
₹10,000. - Interest for the Year: Total interest paid in FY 2023-2024, e.g.,
₹40,000. - Principal for the Year: Total principal repaid in FY 2023-2024, e.g.,
₹30,000.