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Mortgage Calculator – Find Your Dream Home in India

Mortgage Calculator – Find Your Dream Home

Calculate your home loan affordability with taxes, insurance, stamp duty & processing fees in India

India’s Most Accurate Mortgage Calculator

Plan your home purchase with confidence using our comprehensive tool that includes all costs: EMI, taxes, insurance, stamp duty, and processing fees

Mortgage Details

50,00,000
10,00,000
20%
20 years
years
8.4%
%
6%
Verify official rates on SHCIL website
1%

Results

Monthly Payment
₹34,762
Loan Amount
₹40,00,000
Total Interest
₹43,42,880
Total Payment
₹87,42,880
Affordability Status
Manageable

Your mortgage payment is 32% of your income

Affordable Manageable Expensive

Payment Breakdown

  • Principal & Interest ₹32,762
  • Property Tax ₹1,000
  • Home Insurance ₹417
  • Monthly Total ₹34,179

Cost Breakdown

  • Property Cost ₹50,00,000
  • Down Payment ₹10,00,000
  • Total Interest ₹43,42,880
  • Taxes & Insurance ₹3,70,000
  • Stamp Duty ₹3,00,000
  • Processing Fee ₹40,000
  • Total Cost ₹90,52,880

Amortization Schedule

  • Loan Start Date Aug 2023
  • Loan End Date Aug 2043
  • Total Payments 240
  • Principal Paid ₹40,00,000
  • Interest Paid ₹43,42,880

Financial Recommendations

  • Consider making a larger down payment to reduce your EMI burden and total interest paid
  • Your mortgage payment should not exceed 40% of your monthly income
  • Explore government schemes like PMAY for interest subsidies if eligible
  • Compare rates from multiple banks – current best rates are around 8.25%
  • Consider a shorter loan term (15 years) to save significantly on interest
  • Negotiate processing fees with your bank – many offer discounts or waivers

Complete Mortgage Cost Analysis for Indian Home Buyers New

Buying a home in India involves several additional costs beyond the property price. Our comprehensive mortgage calculator now includes stamp duty and processing fees to give you a complete picture of your home affordability.

Understanding Stamp Duty in India

Stamp duty is a state government tax levied on property transactions. Rates vary significantly across states:

  • Maharashtra: 5-7% of property value
  • Delhi: 4-6% of property value (discounts for women)
  • Gujarat: 4.9% of property value
  • Karnataka: 5% of property value
  • Tamil Nadu: 7% of property value

Our calculator automatically adjusts stamp duty based on your selected state to provide accurate estimates.

Loan Processing Fees Explained

Banks charge processing fees for evaluating and approving your home loan application:

  • Typically 0.5% to 2% of loan amount
  • May include GST (currently 18%)
  • Often negotiable, especially during promotional periods
  • Some banks offer complete fee waivers for premium customers

Frequently Asked Questions

How can I reduce stamp duty costs in India?
While stamp duty is mandatory, you can potentially reduce costs by:
  • Registering property in the name of a female family member (some states offer discounts)
  • Checking for government rebates (e.g., for first-time buyers)
  • Registering during government amnesty schemes
  • Accurately declaring property value (but don’t under-report as it’s illegal)
Are processing fees refundable if my loan is rejected?
Most banks have a non-refundable processing fee policy. However:
  • Some banks may refund a portion if rejection occurs early
  • Premium banking customers sometimes get conditional refunds
  • Always get the refund policy in writing before applying
If rejection was due to bank error, you have grounds for full refund.
What other costs should I consider when buying property in India?
Beyond the costs in our calculator, budget for:
  • Registration charges (0.5-1% of property value)
  • Brokerage fees (1-2% of property value)
  • Maintenance deposits for apartments (₹50,000-₹5 lakhs)
  • Interior decoration and furnishing costs
  • Moving expenses
A good rule is to add 5-7% of property value for these additional costs.

© 2023 Mortgage Affordability Calculator | Designed for Home Buyers in India

Disclaimer: This calculator provides estimates only. Actual loan terms may vary based on lender policies and individual eligibility.