₹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.

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₹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.)TenureEMI
₹ 10,00,0008.45%5 Years₹ 20,492
₹ 10,00,0008.45%10 Years₹ 12,372
₹ 10,00,0008.45%15 Years₹ 9,818
₹ 10,00,0008.45%20 Years₹ 8,647
₹ 10,00,0008.45%30 Years₹ 7,654
Note: that this table is for illustrative purposes only

₹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)


Loan Tenure (Years)


Monthly EMI


Total Interest

Total Amount

10 lakh Homeloan Interest and Other Charges

HL City InterestRate&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.

Zero processing fee charged
Get loans up to ₹5 crore to finance your dream house
Enjoy flexible repayment tenures of up to 30 years
Pre-close your home loan at your convenience with no additional cost

How to Apply for ₹10 Lakh Home Loan

Follow the steps below to apply for a ₹10 lakh home loan:

Download the Navi app from Play Store or App Store
Enter personal and employment details
Do your KYC with PAN, Aadhaar and bank statement
Get instant loan approval and provisional sanction letter

How to Apply For 10 lakh Homeloan?

How To Apply

₹10 Lakh Home Loan Eligibility & Documents Required​

HL City DocumentsRequired (1)

₹10 Lakh Home Loan Eligibility & Documents Required

₹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 Interest8.45% 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 Interest8.45% 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 Interest8.45% p.a.
EMI₹ 8,647
Total Interest₹ 10,75,187
Total Repayment₹ 20,75,187

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Frequently Asked Questions

When you take a home loan, you are supposed to repay the loan in EMIs or Equated Monthly Instalments. There are two ways of calculating EMI on home loan – manually or via a home loan EMI calculator. The formula is {P x R x (1+R)^N} / {(1 + R)^N – 1}. Here P stands for loan principal and R denotes the interest rate divided by 100. N is the number of EMIs you will have to pay (in months).
Your ₹10 lakh home loan EMI is based on three factors – the loan amount, interest rate and tenure. If the tenure is more, your EMIs would be less, however you would end up paying more as interest. This increases the overall cost of your loan. Similarly, for a shorter tenure, your EMIs would be on the higher side, however, you would end up paying less interest.
Yes, you can take a joint home loan with your spouse, relative or parents. The benefit of a joint home loan is that if either of you have a good credit score, then you can get preferential interest rates on your loan. Secondly, since a joint home loan involves more than one person, it automatically brings down the risk-factor, so the chances of getting your home loan application approved is much higher.
It’s not too difficult to pay your home loan EMI with the Navi app. All you need to do is link your bank account to the Navi app and set up auto-debit. Your EMI shall get deducted on the due date. Just ensure that you have sufficient balance in your account on or before the due date.
If your credit score is too low, work towards improving your score and apply for a loan once your CIBIL score shows some improvement. Practice best financial habits like paying your other EMIs or credit card bills on time. Following the best financial practices could help improve your credit score slowly and steadily. Another option would be jointly applying for a loan with someone having a good credit score.

What our customers say about us

I had experience with two home loans in the past and I have wasted a lot of time into providing unnecessary documents. With Navi, I was surprised how convenient it was. I would highly recommend Navi to anyone looking for a home loan.
Navi made the process of securing a home loan very easy. everything was available at fingertips. Legal verification and valuation of the property went smoothly. Digital process really made the mortgage process simple.
Highly recommend this for home loan. Good interest rates, transparent process and fees. Whole process is streamlined and most of it is done online. Had a great experience!


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