# ₹20 Lakh Home Loan EMI & Interest Rate

Enjoy attractive interest rates starting at 8.45% p.a. with flexible EMI options

## ₹20 Lakh Home Loan EMI

Planning to buy a spacious house in a prime location? Why worry when you have Navi by your side? Just download the Navi app, apply and get the loan amount of your choice – be it ₹20 lakh or ₹5 crore. But there are certain factors that you need to look into before applying for a housing loan – one of them would be your home loan EMI. So, if you are planning to apply for a ₹20 lakh home loan, understand your ₹20 lakh home loan EMI first to better manage your finances.

How to calculate? You can use a home loan EMI calculator to estimate your monthly repayment obligations.

## ₹20 Lakh Home Loan EMI Details

When you take a home loan, you are required to repay the loan amount over a predetermined period of time. Your ₹20 lakh home loan EMI depends on three factors – the loan amount, the interest rate and the tenure. The principal and interest components of the EMI are decided in such a manner that during the initial phase of your loan, the interest component will be bigger than the principal.

Let’s understand your ₹20 lakh home loan EMI with an example. We have considered the interest rate as 8.45% p.a. with tenures of 5, 10, 15, 20 and 30 years. After using a home loan EMI calculator, the calculation of the EMI on ₹20 lakh home loan would be:

 Loan Amount (₹) Interest Rate (p.a.) Tenure EMI ₹20,00,000 8.45% 5 Years ₹40,985 ₹20,00,000 8.45% 10 Years ₹24,744 ₹20,00,000 8.45% 15 Years ₹19,636 ₹20,00,000 8.45% 20 Years ₹17,293 ₹20,00,000 8.45% 30 Years ₹15,307

Note: that this table is for illustrative purposes only

## ₹20 Lakh Home Loan EMI Calculator

The EMI on your housing loan depends on the loan amount, tenure and interest rate. Although it’s possible to calculate the EMI for your ₹20 lakh home loan with the home loan EMI formula, it can be extremely time-consuming. A better alternative can be using the Navi Home Loan EMI Calculator.

You can use our online calculator to get an estimate on your housing loan EMI quickly and accurately. You are required to enter the loan amount, tenure and interest rate to quickly calculate your monthly EMI payment.

Loan Amount

Rate of Interest (P.a)

%

Loan Tenure (Years)

Years

Monthly EMI

0

Total Interest

Total Amount

## ₹20 Lakh Home Loan Interest Rate & Other Charges

With flexible repayment terms of up to 30 years, Navi offers house loans of up to ₹5 crore at attractive interest rates starting from 8.45% p.a. The details are below:

Enjoy attractive interest rates on home loans, starting from 8.45% p.a.

Get instant approval loans of up to ₹5 crore to buy your dream house
Zero processing fees charged on home loans
Select the repayment tenure based on your convenience up to 30 years
You can pre-close your housing loan anytime without incurring any additional cost.

## How to Apply for a ₹20 Lakh Home Loan

Here are the steps that you can follow to apply for a ₹20 lakh home loan:
Enter personal and employment details
Get instant loan approval and provisional sanction letter

## ₹20 Lakh Home Loan EMI for 10 Years

Are you thinking what your home loan EMI would be if you apply for a home loan of ₹20 lakh for a 10-year tenure? Although you can use the Navi Home Loan EMI Calculator to get quick results, it’s important to know how home loan EMIs are manually calculated. The formula is:

EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}

Here, P stands for the principal amount, R stands for the monthly interest rate divided by 100, and N is the number of instalments you would be required to pay. For example, if your loan tenure is 10 years, N would be 120.

Here’s what your manual EMI calculation for ₹20 lakh home loan for 10 years would look like:

EMI = ₹ {20,00,000 x 0.00615 x (1 + 0.00615)^120} / {(1 + 0.00615)^120-1} = ₹23,626

As you can see, manual calculations are not that simple and can be tedious. Rather, you could use our home loan EMI calculator.

The details have been discussed below:

 Loan Amount ₹20,00,000 Rate of Interest 8.45% p.a. EMI ₹24,744 Total Interest ₹9,69,242 Total Repayment ₹29,69,242

## ₹20 Lakh Home Loan EMI for 20 Years

Let’s estimate the EMI if you took out a ₹20 lakh house loan for a time period of 20 years. As mentioned previously, the formula for home loan EMI is:

EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}

Here, P stands for the principal amount, and R stands for the monthly interest rate divided by 100. N is the number of instalments you would be required to pay throughout the repayment tenure. For example, if your loan tenure is 20 years, N would be 240.

Here’s what your EMI would be if you took a ₹20 lakh home loan for 20 years:

EMI = ₹ {20,00,000 x 0.00615 x (1 + 0.00615)^240} / {(1 + 0.00615)^240-1} = ₹15,978

As you can see, manual calculations are quite time consuming and can lead to errors. Rather, you could use our home loan EMI calculator.

The details are below:

 Loan Amount ₹20,00,000 Rate of Interest 8.45% p.a. EMI ₹17,293 Total Interest ₹21,50,374 Total Repayment ₹41,50,374

## ₹20 Lakh Home Loan EMI for 30 Years

Just out of curiosity, let’s estimate the EMI for a home loan of ₹20 lakh with 30 years tenure. As mentioned previously, the formula for home loan EMI is:

EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}

Here, P stands for the principal amount, and R stands for the monthly interest rate divided by 100. N is the number of instalments you would be required to pay. For example, if your loan tenure is 30 years, N would be 360.

Here’s what your EMI for ₹20 lakh home loan for 30 years would look like if calculated manually:

EMI = ₹ {20,00,000 x 0.00615 x (1 + 0.00615)^360} / {(1 + 0.00615)^360-1} = ₹13,834

Manual calculations like this can get wrong if not done properly. Rather, you could use our online home loan EMI calculator.

The details are below:

 Loan Amount ₹20,00,000 Rate of Interest 8.45% p.a. EMI ₹15,307 Total Interest ₹35,10,684 Total Repayment ₹55,10,684

## Trusted by Millions of Users

1 M+
1 L+
Loan Sanctioned
1 Cr+
Loan amount disbursed
1 L+
Active Loans

## Navi Approved Builders

Godrej Properties

Casagrand

Signature Global

VTP Realty

Assetz Property

Shriram Properties

Sunteck Realty

Provident Housing Limited

Prestige Group

Puranik

DRA Home

## Home Loan for Different Budgets

The repo rate is the interest rate on which the RBI lends money to banks. The funds are then used by the banks to provide loans to the borrowers. Therefore, there is a correlation between the interest rates we pay to the banks and the repo rate. Hence, any change in the repo rate affects the home loan interest rates.
The EMI of a home loan primarily depends on three aspects– the amount of the loan, rate of interest and tenure. All three factors are dependent on each other. For example, if the repayment tenure is longer, the value of EMIs goes down, but the interest component increases. Similarly, if you wish to pay less interest, you will have to get a loan with a shorter tenure.
Defaulting on EMI payments can harm your credit score considerably. Also, missed payments could result in heavy penalties. Moreover, as housing loans are secured loans, a lender has the right to seize your property to recover the outstanding amount if you are unable to repay the loan.
Individuals with a low CIBIL score are advised to improve their credit statements before applying for a home loan. This can be done by paying outstanding amounts, if any, and making sure that the statement is correct and up to date. Another option would be to apply for a joint loan with someone who has a strong CIBIL score.
Yes, it is possible for you to get a home loan with a co-applicant. Taking a joint home loan has its own set of benefits. Since the home loan is being availed by two people, it usually brings down the repayment risk factor, especially if you or the other person has an excellent repayment history and CIBIL 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!

## Blogs

Jun 21

### 9 Different Home Loan Types And Options Available In India: Eligibility And Interest Rates

Do you know about the different home loan types? Click here to learn about the different types of housing finance options, interest rates, eligibility & more!

## Explore our videos

4 Factors to Consider Before Taking a Home Loan
How to Save Tax on Home Loans: A Complete Guide
Everything You Need to Know About Home Loan Eligibility