Rs.15 Lakh Home Loan In India – Interest Rates, EMI Calculator and How to Apply
Purchasing a house is an impressive milestone in a person’s life, and it offers a sense of security to the buyer. Since the cost of real estate is increasing day by day, it is somewhat challenging for an individual to buy a property through a one-time payment. One of the effective ways to finance a house purchase is to avail a home loan.
If you wish to avail a 15 lakh home loan and are wondering about the expenses related to it, then read below to know how EMI on home loan functions!
Avail a 15 Lakh Home Loan
You can use a home loan of Rs. 15 lakh to purchase an apartment or a house. You can also construct a building in a plot using a loan. Besides, the funds can facilitate the repair, extension or renovation of an old house.
Several private banks, public banks and financial institutions provide house loans to purchase residential property. Read the next section to understand the payment procedure!
House Loan EMI Calculator
Calculate Your Home Loan EMI
Loan Amount
Rate of Interest (P.a)
%
Loan Tenure (Years)
Years
Monthly EMI
0
Total Interest
Total Amount
EMI for home loans covers principal sum repayment and interest payables. A longer repayment period reduces the EMI amount. With subsequent payments, the interest amount falls and the principal amount rises.
The formula for computing EMI is as follows:
E = P x r x (1 + r) ^n ÷ [(1 + r) ^n – 1]
Now, E = EMI, P = principal repayment amount, n = repayment period in months, r = interest rate each month. Here r is calculated in the following way = (per annum interest rate/ 12) x 100).
Manual EMI calculation can be time-consuming and arduous. You can take the help of an online home loan EMI calculator to avoid mistakes.
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Advantages of Home Loan EMI Calculator
An online EMI calculator can be a highly beneficial tool for prospective home loan applicants. Let’s see how it will benefit you:
- Convenience – You should not make mathematical errors while calculating the cost of your loan. An online calculator eliminates the chances of errors and it is accurate, quick and simple to use. You can get the right result with just a few clicks.
- Financial management – This tool helps you to manage all your finances efficiently. Knowing a loan cost ahead of time can enable you to manage your bills better. While paying EMI, some individuals may have extra money for prepayment. With an EMI calculator, they can examine how a prepayment will affect the loan tenure and repayment sum and thereby make decisions accordingly.
- Comparing interest rates – Individuals can compare the monthly outflow for home loans from different lenders via an EMI tool. These tools are easily adjustable where one can readjust and re-enter different values. They can find out the outcome of borrowing home loans from various lenders with different interest rates. Hence, applicants can select the most suitable option as per their needs.
Parameters Affecting Home Loan EMI
The following pointers will determine your EMI amounts for a loan of Rs. 15 lakh:
- A consumer’s financial profile
- Time period of repayment
- Step-down or step-up option
- Kind of interest rate (fixed or floating rate)
- Balance transfer
Navi provides a user-friendly EMI calculator to assist home loan applicants. You can enter the annual interest rate, tenure and loan amount in the Navi calculator to get accurate results. This entity offers a home loan of Rs. 15 lakh at attractive interest rates.
You can opt for a house loan of up to Rs. 5 crores and repay the amount for up to 30 years. Navi also facilitates top-up loans and balance transfers at affordable rates. You can send a loan application online via Navi App.
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EMIs for 15 Lakh Home Loan Under Various Tenures
A chart below showcases house loan EMI amounts for Rs. 15 lakh against different loan periods. The calculation applies a fixed interest rate of 6.9%.
| Repayment Tenure | EMI (Rs.) |
| 25 years | 10,506 |
| 20 years | 11,540 |
| 15 years | 13,399 |
| 10 years | 17,339 |
| 5 years | 29,631 |
Interest Rates for 15 Lakh Home Loan in 2022
Various banks and financial organisations offer competitive interest rates for home loans. The list below highlights a few of them:
| Lending Institutions | Interest Rates Starting From (per annum) | Processing Fees |
| Navi Home Loans | 7.39% onwards | 1% |
| Kotak Mahindra Bank | 7.50% onwards | 0.5% |
| Axis Bank | 7.60% onwards | 1% |
| Yes Bank | 8.95% onwards | 1.5% |
| ICICI Bank | 7.60% onwards | 0.5% – 2% |
| HDFC Bank | 7.55% onwards | 0.50% |
| Bank of Baroda | 7.45% onwards | 0.50% |
| Bank of India | 7.40% onwards | 0.25% |
| LIC Housing Finance | 7.50% onwards | Check with lender |
| Federal Bank | 8.55% onwards | 0.50% |
| Union Bank of India | 7.40% onwards | 0.50% |
| Reliance Home Finance | 9.75% onwards | 0.5% – 1% |
Final Word
Financial entities make a 15 lakh home loan affordable through their reasonable interest rates and monthly instalments. Based on the requirement, you can choose between fixed and floating lending rates. So keep an EMI calculator handy while diving for a loan.
FAQs
Ans: A fixed lending rate remains the same across the repayment period. It ensures that you can compute the loan cost and interest rates before opting for a home loan. It is suitable in situations when the lending rate tends to rise during the coming years.
Ans: Floating interest rates keep changing over the loan tenure. Such rates fall or rise depending on the benchmark rate. They are ideal when market fluctuations bring about a downward movement in lending rates.
Ans: The financial profile of a consumer determines a lender’s risk margin. Financial entities prefer individuals who are:
Self-employed with high credit scores and stable incomes
Salaried employees of reputed companies
They offer attractive interest rates to such applicants as they involve limited risk.
Ans: Loans in which there are higher EMIs during the initial years and lower instalment amounts during the end are known as step-down. Conversely, a loan that engages lower instalment sums at the starting years and higher EMIs towards the end is called step-up.
Ans: Often, some home loan customers shift their outstanding repayment amount to a different lender who offers a comparatively lower rate of interest. This is known as the balance transfer of a loan. The lender will levy a charge for loan transfer.
Before you go…
Are you looking to buy that house you’ve been eyeing 🏠 and you need a loan of up to ₹5 crore. Install the Navi app now and get instant in-principle approval right away! Interest rates starting at 8.60% p.a.
Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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