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Loan Interest Tax Savings

The document provides details of a loan taken for 1,200,000 INR at an interest rate of 11% to be repaid over 84 months. It includes calculations of the monthly EMI amount, interest paid each financial year, total interest paid over the life of the loan, and principal amount due each month as the loan is repaid.

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Bharat Dhoot
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59 views6 pages

Loan Interest Tax Savings

The document provides details of a loan taken for 1,200,000 INR at an interest rate of 11% to be repaid over 84 months. It includes calculations of the monthly EMI amount, interest paid each financial year, total interest paid over the life of the loan, and principal amount due each month as the loan is repaid.

Uploaded by

Bharat Dhoot
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Only alter the numbers in red

Total Loan amount


Interest rate
Repayment period (in months)

1,200,000.00 INR
11% %
84 Months

EMI
Total interest paid during
FY 2014 (July-Mar)
FY 2015 (Apr-Mar)
FY 2016
FY 2017
FY 2018
FY 2019
FY 2020
FY 2021
Total interest payment till the end
Total money paid till the end

20546.92
INR

Corresponding tax saving @ 20%


95781.19
115728.63
100588.61
83696.62
64849.90
43822.26
20361.33
1113.05

19156.24
23145.73
20117.72
16739.32
12969.98
8764.45
4072.27
222.61

525941.59
1725941.59

(assumption- Loan repayment starting in July 2014 and maximum repayment period of 7 years. In case you have started
repaying from June 2014, please take first 10 months in FY-2014)

Calculations
Month
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

Oct
Nov
Dec
Jan
Feb
Mar
(and so on)

16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40

EMI per month


Interest Payment
Principal Payment
20546.92
11000.00
9546.92
20546.92
10912.49
9634.44
20546.92
10824.17
9722.75
20546.92
10735.05
9811.88
20546.92
10645.10
9901.82
20546.92
10554.34
9992.59
20546.92
10462.74
10084.19
20546.92
10370.30
10176.62
20546.92
10277.01
10269.91
20546.92
10182.87
10364.05
20546.92
10087.87
10459.05
20546.92
9991.99
10554.93
20546.92
9895.24
10651.68
20546.92
9797.60
10749.32
20546.92
9699.07
10847.86
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92

9599.63
9499.28
9398.01
9295.81
9192.67
9088.59
8983.56
8877.56
8770.59
8662.64
8553.70
8443.76
8332.82
8220.86
8107.87
7993.84
7878.77
7762.65
7645.46
7527.19
7407.85
7287.41
7165.86
7043.20
6919.42

10947.30
11047.65
11148.92
11251.12
11354.25
11458.33
11563.37
11669.36
11776.33
11884.28
11993.22
12103.16
12214.11
12326.07
12439.06
12553.08
12668.15
12784.28
12901.47
13019.73
13139.08
13259.52
13381.06
13503.72
13627.51

41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84

20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92
20546.92

6794.50
6668.43
6541.21
6412.83
6283.27
6152.52
6020.57
5887.41
5753.03
5617.42
5480.56
5342.46
5203.08
5062.43
4920.49
4777.25
4632.69
4486.81
4339.59
4191.03
4041.10
3889.79
3737.10
3583.01
3427.51
3270.58
3112.22
2952.40
2791.12
2628.35
2464.10
2298.34
2131.06
1962.25
1791.89
1619.97
1446.47
1271.38
1094.69
916.38
736.43
554.84
371.58
186.64

13752.43
13878.49
14005.71
14134.10
14263.66
14394.41
14526.36
14659.52
14793.89
14929.51
15066.36
15204.47
15343.84
15484.49
15626.43
15769.68
15914.23
16060.11
16207.33
16355.90
16505.83
16657.13
16809.82
16963.91
17119.41
17276.34
17434.71
17594.53
17755.81
17918.57
18082.82
18248.58
18415.86
18584.67
18755.03
18926.95
19100.45
19275.54
19452.23
19630.54
19810.49
19992.09
20175.35
20360.29

Principal Due
1,190,453.08
1,180,818.64
1,171,095.89
1,161,284.01
1,151,382.19
1,141,389.60
1,131,305.42
1,121,128.79
1,110,858.88
1,100,494.83
1,090,035.78
1,079,480.85
1,068,829.16
1,058,079.84
1,047,231.98
1,036,284.69
1,025,237.04
1,014,088.12
1,002,837.00
991,482.75
980,024.42
968,461.06
956,791.69
945,015.36
933,131.07
921,137.85
909,034.69
896,820.59
884,494.52
872,055.46
859,502.38
846,834.23
834,049.95
821,148.48
808,128.76
794,989.68
781,730.16
768,349.10
754,845.37
741,217.87

727,465.44
713,586.95
699,581.24
685,447.14
671,183.48
656,789.08
642,262.72
627603.20
612809.31
597879.80
582813.44
567608.98
552265.14
536780.64
521154.21
505384.53
489470.30
473410.19
457202.86
440846.96
424341.13
407684.00
390874.18
373910.27
356790.86
339514.52
322079.81
304485.28
286729.48
268810.91
250728.08
232479.50
214063.64
195478.96
176723.93
157796.98
138696.52
119420.99
99968.75
80338.21
60527.72
40535.63
20360.29
0.00

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