Enjoy attractive interest rates starting at 8.74% p.a. with flexible EMI options

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.

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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 8.74% per annum, 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 | 8.74% | 5 Years | ₹30,949 |

₹15,00,000 | 8.74% | 10 Years | ₹18,791 |

₹15,00,000 | 8.74% | 15 Years | ₹14,983 |

₹15,00,000 | 8.74% | 20 Years | ₹13,246 |

₹15,00,000 | 8.74% | 30 Years | ₹13,246 |

Note: that this table is for illustrative purposes only

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

Navi offers home loans of up to ₹5 crores at attractive interest rates starting from 8.74% p.a. with flexible repayment tenures of up to 30 years. Further details are mentioned below:

Loan amount of your choice

Get loans up to ₹5 crore or 90% financing of the property value

Competitive interest rates

Enjoy attractive interest rates starting from 8.39% p.a.

Flexible EMI tenure

Choose a repayment tenure of up to 30 years based on your convenience

Zero processing fee

No processing or upfront fee charged

No Pre-closure fee

Prepay your home loan at no additional cost.

Here are the steps that you can follow to apply for a ₹15 lakh home loan:

Get the Navi app

Download the Navi app from Play Store or App Store

Fill in details

Enter personal and employment details

Complete your KYC

Do your KYC with PAN, Aadhaar and bank statement

Get your home loan approved

Get instant loan approval and provisional sanction letter

- Nationality: Indian resident
- Age: 25 to 62 years
- Type of employment: Salaried or Self-employed
- PAN and Aadhaar card
- Bank statement or GST returns

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 | 8.74% p.a. |

EMI | ₹18,791 |

Total Interest | ₹7,54,913 |

Total Repayment | ₹22,54,913 |

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 | 8.74% p.a. |

EMI | ₹13,246 |

Total Interest | ₹16,79,062 |

Total Repayment | ₹31,79,062 |

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 | 8.74% p.a. |

EMI | ₹11,790 |

Total Interest | ₹27,44,326 |

Total Repayment | ₹42,44,326 |

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How does EMI work on a home loan?

Equated Monthly Instalment, also known as EMI of a loan, has two parts – the principal component and the interest component. EMI is the amount that you are required to pay monthly in order to pay off both the principal amount and the accumulated interest. The EMI remains fixed for the entire repayment tenure.

What is a home loan amortisation schedule?

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.

Can my credit score impact my home loan interest rate?

Yes, the credit score of a borrower does have an impact on home loan interest rate. Although home loans are secured loans, lenders usually consider credit score before approving a loan to gauge your repayment capacity. If your credit score is average, lenders might offer you a higher interest rate. However, you can get preferential rates if you have an excellent credit score.

How to avail of home loans with low interest rates?

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.

How to get a home loan with a low CIBIL score?

If you have a low credit score, it is better to improve your score before applying for the loan again. You can pay the outstanding loan EMIs on time to improve your credit score. All other monthly financial commitments should be fulfilled on time. This can help improve your score.
However, if you urgently need a loan, you might take it jointly with someone who has a high credit score.

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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