₹10 Lakh Home Loan EMI & Interest Rate
Enjoy attractive interest rates starting at 8.45% p.a. with flexible EMI options
₹10 Lakh Home Loan EMI
Most homebuyers in India prefer taking a home loan to purchase a house. While some homebuyers may prefer making a hefty down payment to ease their EMI burden, others may choose to apply for a big ticket loan due to lack of funds or any other reasons. For instance, let’s say you are planning to purchase a house that costs ₹40 lakh. You could either go for a down payment of ₹10 lakh and take a housing loan of ₹30 lakh or make a down payment of ₹30 lakh and take a housing loan of ₹10 lakh. Irrespective of the category you fall under, calculating your home loan EMI beforehand could help you plan better. Just for curiosity, let’s dive in to check what would be your ₹10 lakh home loan EMI.
Understanding your ₹10 lakh home loan EMI could help manage your finances in a better way. So, let’s dive in to check your EMI on ₹10 lakh home loan.
₹10 Lakh Home Loan EMI Details
When you take out a home loan or any loan for instance, you have to repay the amount to your lender within a specified tenure. The lender will charge an interest rate on your home loan based on your credit score, creditworthiness and other factors. Your home loan EMI consists of the principal loan amount and the interest component and are distributed over the months of your repayment tenure.
Loans are structured in such a way that during the initial years of the repayment tenure, the interest amount will be larger than the loan amount. Gradually, the interest is mostly paid off, and the principal amount gets higher during the last years of tenure.
Have a look at this example for ₹10 lakh home loan EMI. The interest rate at Navi for a home loan is 8.45% p.a., and tenures are 5, 7, 10, 15 and 20 years. With the help of a ₹10 lakh loan EMI calculator, we have figured out how much will be your ₹10 lakh home loan EMI:
| Loan Amount (₹) | Interest Rate (p.a.) | Tenure | EMI |
| ₹10,00,000 | 8.45% | 5 Years | ₹20,492 |
| ₹10,00,000 | 8.45% | 10 Years | ₹12,372 |
| ₹10,00,000 | 8.45% | 15 Years | ₹9,818 |
| ₹10,00,000 | 8.45% | 20 Years | ₹8,647 |
| ₹10,00,000 | 8.45% | 30 Years | ₹7,654 |
₹10 Lakh Home Loan EMI Calculator
Your home loan EMIs depend on the principal amount, repayment tenure and interest rate. The manual calculation of EMI requires using a lengthy formula which could be extremely time-consuming. Also, it leaves room for human error. A better alternative would be to opt for Navi’s ₹10 lakh home loan EMI Calculator.
Calculating the EMIs for your housing loan of ₹10 lakh through Navi’s EMI calculator is hassle-free and error-proof. Enter your loan amount, interest rate and tenure to get the EMI amount.
Loan Amount
Rate of Interest (P.a)
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Loan Tenure (Years)
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Monthly EMI
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Total Interest
Total Amount
10 lakh Homeloan Interest and Other Charges
₹10 Lakh Home Loan Interest Rate & Other Charges
Navi offers home loans up to ₹5 crore at competitive interest rates starting from 8.45% p.a.. with flexible repayment tenures of up to 30 years. Here are the details below:
Competitive interest rates starting at 8.45% p.a.
How to Apply for ₹10 Lakh Home Loan
Follow the steps below to apply for a ₹10 lakh home loan:
How to Apply For 10 lakh Homeloan?
₹10 Lakh Home Loan Eligibility & Documents Required
₹10 Lakh Home Loan Eligibility & Documents Required
- Nationality: Indian resident
- Age: 25 to 62 years
- Type of employment: Salaried or Self-employed
- PAN and Aadhaar card
- Bank statement or GST returns
₹10 Lakh Home Loan EMI for 5 Years
Are you thinking about taking out a ₹10 lakh home loan for, say, 5 years? You can use the Navi Home Loan EMI Calculator to know your EMI expenses. However, it is important to know how to calculate EMIs manually as well.
Here is the formula for EMI calculation:
EMI = {P x R x (1+R) ^N} / {(1 + R) ^N – 1}
Here, P stands for principal loan amount, R is the monthly rate of interest divided by 100, and N is the number of EMIs payable during repayment tenure. If your tenure is 5 years, N would be 60.
Now, look at the EMI estimation if calculated manually:
EMI = {10,00,000 x 0.00615 x (1+0.00615)^60} / {(1 + 0.00615)^60 – 1} = ₹19,886
As you can understand, manual calculations are pretty hectic and time-consuming. Hence, opting for our online home loan EMI calculator is better.
The details are as below:
| Loan Amount | ₹10,00,000 |
| Rate of Interest | 8.45% p.a. |
| EMI | ₹20,492 |
| Total Interest | ₹2,29,546 |
| Total Repayment | ₹12,29,546 |
₹10 Lakh Home Loan EMI for 10 Years
The Navi home loan EMI calculator also provides you with the option to choose a tenure of 10 years. Let’s look at how much will be your monthly obligations if you avail a housing loan of ₹10 lakh for 20 years.
As mentioned earlier, the formula for manual calculation of home loan EMIs is:
EMI = {P x R x (1+R) ^N} / {(1 + R) ^N – 1}
Here, P is for the loan amount, R stands for the monthly interest rate divided by 100, and N denotes the number of monthly instalments you have to pay.
Calculating your EMIs for a home loan of ₹10 lakh will go like this:
EMI = {10,00,000 x 0.00615 x (1+0.00615)^120} / {(1 + 0.00615)^120 – 1} = ₹11,813
Here are the details below:
| Loan Amount | ₹10,00,000 |
| Rate of Interest | 8.45% p.a. |
| EMI | ₹12,372 |
| Total Interest | ₹4,84,621 |
| Total Repayment | ₹14,84,621 |
₹10 Lakh Home Loan EMI for 20 Years
Just out of curiosity, let’s see the home loan EMI that you will have to pay if you avail a ₹10 lakh home loan from Navi for 20 years.
The formula for manual calculation, as previously mentioned, is:
EMI = {P x R x (1+R) ^N} / {(1 + R) ^N – 1}
R is the monthly rate of interest divided by a hundred, P denotes the principal amount, and N is the number of EMIs payable. If your tenure is of 30 years, your N would be 240.
Now, let’s put the value of these in the formula and see how the manual calculation goes:
EMI = {10,00,000 x 0.00615 x (1+0.00615) ^240} / {(1 + 0.00615) ^240 – 1} = ₹7,989
As you can see, manual calculations are time consuming and could be prone to human errors. Hence, it is wiser to opt for our home loan EMI calculator available online for a quick and error-free calculation.
The results of the calculation are given in the table below:
| Loan Amount | ₹10,00,000 |
| Rate of Interest | 8.45% p.a. |
| EMI | ₹8,647 |
| Total Interest | ₹10,75,187 |
| Total Repayment | ₹20,75,187 |
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