Enjoy attractive interest rates starting at 8.39% p.a. with flexible EMI options

Purchasing a new apartment with good amenities and facilities in a metropolitan city can cost you a minimum of ₹90 lakh to ₹2.5 crore. Not everyone has such a huge corpus in their savings account. This is where taking a home loan can be a viable option. However, to better plan your loan repayments, it’s important to calculate your home loan EMI in advance. Let’s say you are planning to take a home loan of ₹30 lakh. Now, let’s find out what will be your ₹30 lakh home loan EMI.

You can use a ₹30 lakh home loan EMI calculator to calculate your monthly repayment obligations. Here’s everything you need to know about your EMI on ₹30 lakh home loan with examples.

Taking a home loan means you are ready to take additional financial responsibility. You have to pay off the loan amount within a fixed tenure in the form of Equated Monthly Instalments or EMIs.

Your loan repayment amount consists of the principal amount and interest while your EMI depends on the loan amount, tenure and interest rate.

Let’s understand this with the help of an illustration. Suppose you have availed a home loan of ₹30 lakh with an interest rate of 8.39%. With the help of ₹30 lakh loan EMI calculator, we have worked out how much your ₹30 lakh house loan EMI would be for 5, 10, 15, 20 and 30 years, respectively.

Look at the table given below:

Loan Amount (₹) |
Interest Rate (p.a.) |
Tenure |
EMI |

₹30,00,000 | 8.39% | 5 Years | ₹61,391 |

₹30,00,000 | 8.39% | 10 Years | ₹37,019 |

₹30,00,000 | 8.39% | 15 Years | ₹29,349 |

₹30,00,000 | 8.39% | 20 Years | ₹25,826 |

₹30,00,000 | 8.39% | 30 Years | ₹25,826 |

Note: that this table is for illustrative purposes only

You can calculate your EMIs either manually with the help of a formula or use our online Navi Home Loan EMI Calculator.

Manual calculations can be time consuming and might lead to inaccurate results. You can use the Navi Home Loan EMI calculator to calculate your ₹30 lakh home loan EMI. The online tool is extremely easy to use and designed to give you quick and accurate results in no time. All you need to do is enter the loan amount, interest rate and tenure and get your EMI details in a few seconds.

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 crore at attractive rates starting from 8.39% p.a. njoy flexible repayment tenures of up to 30 years. Here are the details regarding the charges associated with Navi Home Loan:

Navi offers competitive rates of interest that start from 8.39% p.a.

Choose the repayment tenure of your home loan at you convenience, which can be extended up to 30 years

Enjoy zero pre-closure charges if you wish to close your loan account ahead of the specified tenure

No processing fee is charged for any loan amount

Get home loans up to ₹5 crore to finance your dream house

You can follow the steps given below to apply for a ₹30 lakh home loan with Navi:

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

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

Let’s say you are planning to clear your ₹30 lakh home loan in 10 years. So, to give you a better understanding, let’s calculate what would be ₹30 lakh home loan EMi for 10 years tenure.

Although you can use the Navi online EMI calculator, it is important for you to know how to calculate EMIs manually.

Here is the formula for EMI calculation:

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

Here, P denotes the principal component, R is for the monthly interest rate divided by 100, as per the lender, and N is the number of EMIs you have to pay, which is basically the number of months throughout the tenure. For a loan of 10 years, N would be 120, and the interest rate is 7.39%. Hence, the monthly interest or R would be (7.39/12) X100 = 0.615%.

Now, placing these values in the formula, the EMI for a ₹30 lakh home for 10 years will be:

EMI = {P x R x (1+R) ^N} / {(1 + R) ^N – 1} = {30,00,000 x 0.00615 x (1+0.00615) ^120} / {(1 + 0.00615) ^120– 1} = ₹35,439.

You can see that the manual calculations can be pretty lengthy and laborious. As an alternative, you can use our online EMI calculator:

Loan Amount | ₹30,00,000 |

Rate of Interest | 8.39% p.a. |

EMI | ₹37,019 |

Total Interest | ₹14,42,334 |

Total Repayment | ₹44,42,334 |

If you think a 10-year tenure could put financial stress on you, let’s check what would be the ₹30 lakh home loan EMI for 20 years.

As we have mentioned before, the formula for manual calculation is:

EMI = {P x R x (1+R) ^N} / {(1 + R) ^N – 1}, where P is the loan component, R is your lender’s chargeable monthly rate of interest, and N is the number of EMIs you will have to pay. For a tenure of 20 years, your N would be 240. As the annual rate of interest is 7.39%, monthly interest would be 0.615%.

Putting these values in the formula, let’s derive how much would be the EMI:

EMI = {P x R x (1+R) ^N} / {(1 + R) ^N – 1} = {30,00,000 x 0.00615 x (1+0.00615) ^240} / {(1 + 0.00615) ^240 – 1} = ₹23,966.

The entire manual calculation can be time-consuming and laborious. Hence, it will be wiser to use our online EMI calculator instead.

Given below are the particulars:

Loan Amount | ₹30,00,000 |

Rate of Interest | 8.39% p.a. |

EMI | ₹25,826 |

Total Interest | ₹31,98,291 |

Total Repayment | ₹61,98,291 |

Now that we have seen how the EMIs will be for 10 and 20 years, let’s increase the tenure to 30 years and find out the exact value for ₹30 lakh home loan EMI for 30 years.

As we already know, the formula for manual calculation is:

EMI = {P x R x (1+R) ^N} / {(1 + R) ^N – 1}, where P stands for principal amount, R is the monthly rate of interest divided by 100, and N is the number of EMIs you have to pay.

Let’s put the values in the formula:

EMI = {P x R x (1+R) ^N} / {(1 + R) ^N – 1} = {30,00,000 x 0.00615 x (1+0.00615) ^360} / {(1 + 0.00615) ^360– 1} = ₹20,751

As you can see, manual calculation can be quite hectic, and it leaves room for errors. It is better to use our online calculator instead.

Here are the details of your loan:

Loan Amount | ₹30,00,000 |

Rate of Interest | 8.39% p.a. |

EMI | ₹22,834 |

Total Interest | ₹52,20,218 |

Total Repayment | ₹82,20,218 |

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You can avail tax benefits on both the principal and interest components of a home loan. As per Section 80C of the Income Tax Act, you are allowed a maximum deduction of ₹1.5 lakh annually on the principal repayment. Under Section 24(b), you can also avail a tax deduction of up to ₹2 lakh on the interest paid if the loan is for a self-occupied property.

You can claim an additional deduction of ₹50,000 under section 80EE, subject to terms and conditions. Homebuyers can also claim additional deduction of ₹50,000 under section 80EEA. However, individuals opting for this particular tax benefit cannot claim tax deductions under section 80EE.

A top-up loan is an additional loan you can get on your existing loan. If you have an ongoing home loan and have paid your EMIs without any default, you can avail of a top-up loan. The primary benefit of top-up home loans is that you can use the loan amount to meet any financial requirement. This is in contrast to generic home loans where you can use the loan amount only for home purchase.

You can pre-close your home loan by making paper prepayments towards the outstanding principal. The part payment amount is above your normal EMI amount. You can follow this practice, that is, to prepay your loan at regular intervals. This would significantly bring down the outstanding principal leading to reduction of the interest component. That way you will be able to pre-close your loan quickly.

A balance transfer is the process of transferring your remaining debt from your existing lender to another lender. Usually, borrowers choose to transfer their balance debt to another lender to avail better interest rates. The maximum repayment term that a borrower can avail while transferring balance is 30 years or the retirement age, whichever is sooner.

PMAY, or Pradhan Mantri Awas Yojana, was launched by the Indian Government to aid some sections of people in terms of housing. Citizens belonging to the Economically Weaker Section, Lower Income Group and Middle-Income Group can benefit from this scheme with the Credit Linked Subsidy System. The scheme provides discounts on the interest payable, which reduces the repayment burden of the borrower.

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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