30 Lakh Home Loan EMI & Interest Rate
Enjoy attractive interest rates starting at 8.45% p.a. with flexible EMI options
₹30 Lakh Home Loan EMI
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.
₹30 Lakh Home Loan EMI Details
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 8.45% p.a. 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 | 8.45% | 5 Years | ₹61,477 |
| ₹30,00,000 | 8.45% | 10 Years | ₹37,116 |
| ₹30,00,000 | 8.45% | 15 Years | ₹29,454 |
| ₹30,00,000 | 8.45% | 20 Years | ₹25,940 |
| ₹30,00,000 | 8.45% | 30 Years | ₹22,961 |
₹30 Lakh Home Loan EMI Calculator
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
30 lakh Homeloan Interest and Other Charges
₹30 Lakh Home Loan Interest Rate & Other Charges
Navi offers home loans of up to ₹5 crore at attractive rates starting from 8.45% p.a. Enjoy 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 8.45% p.a.
How to Apply for ₹30 Lakh Home Loan
How to Apply For 30 lakh Homeloan?
₹30 Lakh Home Loan Eligibility & Documents Required
₹30 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
₹30 Lakh Home Loan EMI for 10 Years
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 | 8.45% p.a. |
| EMI | ₹37,116 |
| Total Interest | ₹14,53,864 |
| Total Repayment | ₹44,53,864 |
₹30 Lakh Home Loan EMI for 20 Years
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 | 8.45% p.a. |
| EMI | ₹25,940 |
| Total Interest | ₹32,25,561 |
| Total Repayment | ₹62,25,561 |
₹30 Lakh Home Loan EMI for 30 Years
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 | 8.45% p.a. |
| EMI | ₹22,961 |
| Total Interest | ₹52,66,026 |
| Total Repayment | ₹82,66,026 |
Trusted by Millions of Users
Navi Approved Builders
Godrej Properties
Casagrand
Signature Global
VTP Realty
Brigade Group
Assetz Property
Shriram Properties
Sunteck Realty
Provident Housing Limited
Prestige Group
Puranik
DRA Home
Frequently Asked Questions
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.
What our customers say about us
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!
May 31
Learn about Home Loan Prepayment & the Charges Involved
Want to prepay home loan? Here's how to prepay your home loan, RBI rules & calculate prepayment loan EMI in simple steps.
Sep 02
Everything You Need to Know About Home Loan Interest Rates
Home loan interest rates, additional fees & charges vary across banks & NBFCs. Click here to get the list of home loan interest rates.
Explore our videos
