15 Lakh Home Loan EMI & Interest Rate
Enjoy attractive interest rates starting at 8.45% p.a. with flexible EMI options
₹15 Lakh Home Loan EMI
A spacious house with modern amenities that’s located in a well-connected area could cost a minimum of ₹40 lakh. Affording such might not be possible for many. However, thanks to financial service providers like Navi, you can get a home loan to finance your dream house without burning your life’s savings. However, lenders usually don’t offer 100% financing of your house. Based on your eligibility, you can get 75% to 90% financing. Let’s say you are planning to buy a property that costs ₹40 lakh. You have a down payment budget of ₹25 lakh. In such a situation, you can get a ₹15 lakh home loan. But before you do that, it’s important to calculate your ₹15 lakh home loan EMI, so that you can better plan your finances.
You can use a ₹15 lakh home loan EMI calculator to calculate your monthly repayment obligations. Here’s a detailed breakdown of your ₹15 lakh home loan EMI along with examples.
₹15 Lakh Home Loan EMI Details
When you take a home loan, you have to repay the loan amount within a stipulated period in the form of EMIs. Your ₹15 lakh home loan EMI will be based on the principal loan amount, interest rate and tenure. The EMI payment is structured in such a way that the interest component is larger in the initial years while the principal component becomes larger at the end.
We will now understand the ₹15 lakh home loan EMI with an example in the form of a table below. Let’s say that the interest rate is 8.45% p.a., and the repayment tenure is 5, 10, 15, 20 and 30 years, respectively. If we use the home loan EMI calculator, 15 lakh home loan EMI would be:
| Loan Amount (₹) | Interest Rate (p.a.) | Tenure | EMI |
| ₹ 15,00,000 | 8.45% | 5 Years | ₹ 30,739 |
| ₹ 15,00,000 | 8.45% | 10 Years | ₹ 18,558 |
| ₹ 15,00,000 | 8.45% | 15 Years | ₹ 14,727 |
| ₹ 15,00,000 | 8.45% | 20 Years | ₹ 12,970 |
| ₹ 15,00,000 | 8.45% | 30 Years | ₹ 11,481 |
₹15 Lakh Home Loan EMI Calculator
Your home loan EMI depends on three factors – principal, interest rate and tenure. You can calculate the EMI manually or with the help of a home loan EMI calculator. However, manually calculating the home loan EMI is a time-consuming process. Also, manual calculations leave room for errors. A better alternative would be using the Navi Home Loan EMI Calculator.
Our online EMI calculator will help you calculate the EMI on your housing easily. All you need to do is input the principal, interest rate and tenure in the calculator to get quick results.
Loan Amount
Rate of Interest (P.a)
%
Loan Tenure (Years)
Years
Monthly EMI
0
Total Interest
Total Amount
15 lakh Homeloan Interest and Other Charges
₹15 Lakh Home Loan Interest Rate & Other Charges
Navi offers home loans of up to ₹5 crores at attractive interest rates starting from 8.45% p.a. with flexible repayment tenures of up to 30 years. Further details are mentioned below:
Enjoy attractive interest rates starting from 8.45% p.a.
How to Apply for ₹15 lakh Home Loan
How to Apply For 15 lakh Homeloan?
₹15 Lakh Home Loan Eligibility & Documents Required
₹15 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
₹15 Lakh Home Loan EMI for 10 years
Confused as to what the EMI on your ₹15 lakh home loan would be for a tenure of 10 years? Although you can calculate the EMI by using an online EMI calculator, it is advisable to also understand the manual calculation of the same. The formula that you can use to calculate the EMI manually is:
EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1}
In this formula, P stands for principal or loan amount, and R denotes the monthly interest rate divided by 100. N is the number of monthly EMIs you have to pay.
Here’s how you will calculate the EMI for a ₹15 lakh home loan for 10 years manually:
EMI = ₹ {1500000 x 0.00615 x (1 + 0.00615)^120} / {(1 + 0.00615)^120-1} = ₹17,719
As it is visible that the calculation is quite complicated and time-consuming, it is wise to use the ₹15 lakh home loan EMI calculator.
The details are given below:
| Loan Amount | ₹ 15,00,000 |
| Rate of Interest | 8.45% p.a. |
| EMI | ₹ 18,558 |
| Total Interest | ₹ 7,26,932 |
| Total Repayment | ₹ 22,26,932 |
₹15 Lakh Home Loan EMI for 20 Years
You can also calculate the EMI on a ₹15 lakh house loan for a period of 20 years. A point to note – stretching the repayment tenure decreases the monthly EMI amount.
As mentioned above, the formula for manual calculation of EMI is:
EMI= {P x R x (1+R)^N} / {(1 + R)^N – 1}
In the formula mentioned above, P is the loan amount or principal, R denotes monthly interest rate divided by 100 and N is loan tenure (in months).
EMI= ₹ {1500000 x 0.00615 x (1 + 0.00615)^240} / {(1 + 0.00615)^240-1} = ₹11,983
As you can see, the calculations are quite complex and time-consuming; using our home loan EMI calculator would be helpful.
The details are provided below:
| Loan Amount | ₹ 15,00,000 |
| Rate of Interest | 8.45% p.a. |
| EMI | ₹ 12,970 |
| Total Interest | ₹ 16,12,781 |
| Total Repayment | ₹ 31,12,781 |
₹15 Lakh Home Loan EMI for 30 Years
Just out of curiosity, let’s take a look at the EMI if you avail a ₹15 lakh home loan for 30 years.
As mentioned above, the formula for calculating home loan EMI is:
EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1}
Here P denotes principal or loan amount, R stands for monthly interest rate divided by 100 and N denotes the number of EMIs you will have to pay. For example, if your loan tenure is 30 years, then N would be 360.
This is what your EMI will be after calculating it manually:
EMI = ₹ {1500000 x 0.00615 x (1 + 0.00615)^360} / {(1 + 0.00615)^360-1} = ₹10,375
As you can see that the calculation is extremely complex, you can use our home loan EMI calculator to calculate it.
Here are the details below:
| Loan Amount | ₹ 15,00,000 |
| Rate of Interest | 8.45% p.a. |
| EMI | ₹ 11,481 |
| Total Interest | ₹ 26,33,013 |
| Total Repayment | ₹ 41,33,013 |
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Frequently Asked Questions
The EMI amount remains the same throughout the loan repayment tenure. However, the principal and interest components of the EMI keeps changing as you keep on repaying the loan amount on a month-on-month basis.
Typically, the initial EMI repayment goes towards paying most of the interest amount, and the later instalments are focused on paying off the principal amount. An amortisation schedule gives a holistic overview of how much of how much you have or will be paying towards the principal and the interest. It also shows your outstanding loan balance based on the EMIs pai .
Simply put, amortisation is a road map that helps us keep a tab on where you stand in our loan repayment journey.
The following parameters must be kept in mind to get lowest home loan interest rates:
- A credit score above 750
- Repayment capacity
- Stable monthly income
However, these are only a few factors that a lender may consider. The final interest rate will be decided after proper evaluation. You can check your home loan eligibility on the Navi app in a matter of seconds.
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