MoneyLens · Home & secured borrowing

Your home loan, explained.

What your home loan actually costs, why it changes, what options your agreement gives you, and what to check over its 15 to 30 years, with every number worked out by code from your own documents.

Rate reset intelligencePrepayment intelligenceProperty document intelligence

See a sample home-loan report →All MoneyLens products →

Check your home loanPrivate

Choosing between two loan offers? Put them side by side

Loan purpose

Myra reads the purpose from your sanction letter; it decides which rules and tax treatment apply.

Or see a sample: where are you with this loan?

Open the sample report →

Documents stay private to your account, and you can delete them any time. Myra never shares them with lenders.

What you see first

Your loan today, from your latest statement.

Open the full report →

Your loan today

AccountStatement 5 OctContractAgreement + 2 rate notices

Outstanding principal

₹42,16,462

Statement · 5 Oct 2026

Current interest rate

8.50%

RBI repo rate 5.50% + 3.00% spread

Remaining loan period

16.3 years

196 EMIs · ends Feb 2043

Interest structure

Floating

RBI repo rate-linked · resets every 3 months

Balance, rate and remaining tenure come from your statement dated 5 Oct 2026 and the Jul 2025 rate notice, not the original sanction letter.

Myra's most important observations

Six questions, answeredSample: existing floating-rate loan · Kaveri Bank Ltd

Q1What is my current outstanding balance and actual repayment obligation?₹42,16,462EMI ₹39,943 · Statement · 5 Oct 2026 Q2How is my interest rate calculated, and when can it change?RBI repo rate + 3.00%Resets every 3 months · next 1 Jan 2027 Q3How much interest am I projected to pay over the remaining tenure?₹35.77 Lover 196 EMIs if 8.50% holds Q4What happens if I make an additional repayment?Save ₹5.44 L₹2 L prepaid now · EMI unchanged Q5Are my loan's charges and conditions consistent with the applicable rules?3 of 3 checks ✓Nothing open Q6What do I need to know about my property documents, balance transfer or closure?7 originals heldBack within 30 days of closure

What Myra finds

In rupees, from the documents.

On the samples: money you may be owed, could save, or have at risk. Each figure is a finding's own, with its calculation and source; options are never added together.

You may be owedUp to ₹1,09,662Foreclosure charge on a floating-rate loanSample: ClosingOpen →You could save₹5,76,478Switching to Narmada Bank LtdSample: Balance transferOpen →At risk₹5,10,200Own money needed beyond the down paymentSample: New offerOpen →

Real Indian home-loan situations

Eleven situations, one report.

Same six tabs every time. The calculations, findings and checks change with your situation.

— 01New home-loan offerSanctioned amount, your own contribution, rates, tenure, conditions before disbursement

Sample: New offerOpen →

— 02Existing floating-rate loanBenchmark, spread, reset dates, EMI and tenure changes

Sample: Existing loanOpen →

— 03Fixed-rate or hybrid loanFixed period, later floating conversion, prepayment during the fixed period

Sample: New offerOpen →

— 04Under-construction propertyStage-wise disbursement, pre-EMI, full EMI, construction delays

Sample: Under constructionOpen →

— 05Ready-to-move or resale propertyDisbursement conditions, property documents, lender security

Sample: New offerOpen →

— 06Loan balance transferClosure amount, the new lender's costs, savings over the remaining period

Sample: Balance transferOpen →

— 07Part-prepaymentEffect on outstanding principal, tenure, EMI and future interest

Sample: Existing loanOpen →

— 08Joint home loanCo-borrower obligations, ownership versus borrowing

Sample: Existing loanOpen →

— 09Statement checkRebuilt balance, rate changes and part-prepayments against your statement

Sample: Existing loanOpen →

— 10Missed EMI or repayment disputeOverdue amounts, disclosed charges, what a missed EMI triggers

Sample: Existing loanOpen →

— 11Home-loan closureOriginal property documents, charge release, no-dues certificate

Sample: ClosedOpen →

Loan purpose matters

Home purchaseReady, resale or under construction

Self-constructionOn land you own, paid out by stage

RenovationImprovements, often with lower limits

ExtensionAdding floors or rooms

Loan against propertyNot a housing loan for many rules or tax

These loans can look alike but don't always share the same terms, tax treatment or rules. Myra identifies the purpose first.

01 · Rate reset intelligence

What happens when the interest rate changes?

A higher EMI, a longer tenure or both, checked against your tenure limit and for negative amortisation. Free, no sign-in.

Rate reset · EMI versus tenure

Prefilled from Statement · 5 Oct 2026

Outstanding balance₹42,16,462

Current rate8.50%

Rate change+0.50 pts

Remaining tenure16.3 years

Option A · keep tenure

Recalculated monthly EMI

₹41,133

Change: +₹1,190 a month

Option B · keep EMI at ₹39,943

Revised estimated duration

17.5 years

+1.2 years · interest +₹5.6 L

Rules check

✓

EMI still covers the interest

First month's interest at 9.00% is ₹31,623, below your EMI of ₹39,943.

✓

Within your tenure limit

The new end date stays within your 30-year limit (276 EMIs left under it).

✓

Your choices at a reset

Raise the EMI, extend the tenure, combine both, prepay, or switch to a fixed rate where the lender offers one (its charges must be disclosed).

Total interest over the remaining loan

Option B · keep EMI₹41.7 L

Option A · keep tenure₹38.5 L

At 8.50%₹36.1 L

Assumptions & limits. A fixed hypothetical rate after the reset; monthly reducing balance. It doesn't predict interest rates or include lender fees or exact reset dates. Your sanction letter's tenure limit is applied.

02 · Loan cost timeline

Every rupee, from disbursement to the last EMI.

See the reset reconstruction →

Principal and interest paid to date, projected for the rest of the loan

Sample · Kaveri Bank Ltd

1234567

'19'22'25'26'28'31'34'37'40'43

Interest rate by year6% – 10%

Principal paidPrepaymentInterest paidPrincipal projectedInterest projected

12019 · Disbursed ₹50 L at 8.15%

22020 · Rate down to 7.40% · Rate down to 7.00%

32022 · Rate up to 7.90% · Rate up to 8.90%

42023 · Tenure limit reached: EMI raised to ₹39,126 · Tenure limit reached: EMI raised to ₹39,943

52024 · ₹1.5 L prepaid

62025 · Rate down to 9.00% · Rate down to 8.50%

72026 · Today · statement 5 Oct 2026

Tax benefit

What your home loan saves you this year.

See it on the sample →

About ₹74,773 less tax in tax year 2026-27 (old regime)

Sample · joint loan

In tax year 2026-27, 12 EMIs carry ₹3,59,974 of interest and ₹1,19,342 of principal. Your 50% share: interest ₹1,79,987, principal ₹59,671. Interest: ₹1,79,987 deductible (limit ₹2 lakh for a self-occupied home). Principal: ₹59,671 counts towards the ₹1.5 lakh limit, shared with PF, PPF, ELSS and life insurance. At a 30% slab plus 4% cess, that's about ₹74,773.

How Myra works it out

Interest and principalFrom the EMIs due April–March
Self-occupied homeInterest up to ₹2 lakh, old regime
PrincipalWithin ₹1.5 lakh, with PF, PPF, ELSS
Joint loanEach co-owner claims on their share
New regimeNothing for a self-occupied home

On the sample: About ₹74,773 less tax in tax year 2026-27 (old regime).

03 · Property document intelligence

Closure isn't done until your documents are back.

Open the closed-loan sample →

Home loan closure & property documents

Sample · closed loan

2 of 6 verified · 2 steps are overdue · originals due 30 Oct 2026Day 18 of 30

✓Final repaymentVerify lender receipt and account settlementDone 30 Sep

✓No-dues certificateObtain closure confirmation and loan account statementDone 5 Oct

3Original property documentsTrack document handover and acknowledgementBy 30 Oct

4Charge / lien releaseVerify CERSAI, registry or other charge satisfactionBy 30 Oct

!Auto-debit cancellationCheck NACH / e-mandate terminationDebited 5 Oct after closure

!Credit-report updateVerify that the loan is reported as closedOverdue since 12 Oct

India-specific rules

Rules, not search results.

A loan sanctioned in 2018, one in 2024 and one under newer directions can be covered by different rules. Myra never labels a charge prohibited without checking which apply.

Area	What Myra establishes for your loan
Floating interest-rate resets	Whether the change was disclosed, which choices you have (higher EMI, longer tenure, both, prepay), and whether the EMI and tenure changes match your documents and limits.
Prepayment charges	The directions that apply by sanction date, borrower, purpose, rate type and lender category, including the transition for loans sanctioned before 2026.
Key Facts Statement	Whether a KFS was required for your loan, and the APR, fees and schedule it discloses.
Penal charges	Penal charges kept apart from interest, never added to the rate or capitalised.
Original property documents	The 30-day return, removal of the charge from CERSAI and registries, and ₹5,000 a day for lender delay.
Loan-to-value and tax	LTV limits by loan size; the home-loan tax deduction by regime, use and your share.

Applied byLoan typeBorrower typeLender category: bank · HFC · NBFC · co-operative bankSanction dateRule effective date

Insurance sold with your loan

Does the cover keep up with the loan?

Add the certificate of insurance to your loan's check, with the loan's documents: Myra puts the cover beside the loan. A certificate on its own gets its own report.

Cover beside the loan
The cover as the certificate sets it out, beside what you owe, year by year; and what a rate rise, which makes a loan run longer, leaves unpaid when the cover ends.
Who's paid, and the premium
The lender first, any balance to the nominee; a co-borrower's share; the premium taken from or added to the loan, and the interest on it.
Closing the loan early
What the certificate says happens to the cover and the premium when you prepay, close or move the loan; a ready request to the insurer when it says nothing.
Optional, by the rules
Insurance with a loan is voluntary, and where cover is needed you can choose the insurer. RBI's stricter rules for banks, NBFCs and housing finance companies start on 1 Jan 2027.

Sample: with a home loan

Invented

Cover at the start₹45,00,000
Cover now₹42,61,040
Loan owed now₹42,61,040
Against the loanKeeps up today
After a 1-point rate rise₹14,13,715 left

Open the sample report →

More samples:With a home loan A co-borrower With a personal loan Certificate only

Ask Myra

Questions home-loan borrowers actually ask.

Answered from your latest document, with the clause, the calculation and what's still unconfirmed. Drafts a request when one would help; you send it, not Myra.