₹40 Lakh Home Loan EMI & Interest Rate

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

₹40 Lakh Home Loan EMI

Planning to take a ₹40 lakh home loan to buy your dream house? Before you dive in, understand your ₹40 lakh home loan EMI first. Calculating your home loan EMI in advance could help you better plan and manage your finances. You can use our ₹40 lakh home loan EMI calculator to check your repayment obligations in a few seconds.

Let’s find out what would your EMI on ₹40 lakh home loan be for different tenures.

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₹40 Lakh Home Loan EMI Details

If you apply for a home loan, you get the option of repaying it through monthly payments or EMIs. Your home loan EMI consists of two components – the principal amount and interest.

Let’s understand your ₹40 lakh home loan EMI with the help of an illustration. We have considered the interest rate to be 8.74% per annum and tenures to be 5, 10, 15, 20 and 30 years, respectively. Using an EMI calculator, we have figured out how much your EMIs will be. Refer to the table below:

Loan Amount (₹)Interest Rate (p.a.)TenureEMI
₹40,00,0008.74%5 Years₹82,530
₹40,00,0008.74%10 Years₹50,109
₹40,00,0008.74%15 Years₹39,954
₹40,00,0008.74%20 Years₹35,323
₹40,00,0008.74%30 Years₹35,323


Note: that this table is for illustrative purposes only

₹40 Lakh Home Loan EMI Calculator

The EMI amount of your home loan depends on the principal amount, interest rate and loan tenure. There are two options for EMI calculations – manual and online calculators. The former involves a time-consuming process and can leave room for errors. Instead, you can use the Navi Home Loan EMI Calculator to get quick and accurate results.

The online tool is extremely easy to use. Just enter your loan details, such as the loan amount, tenure and interest rate to check your EMI.

Loan Amount

Rate of Interest (P.a)


Loan Tenure (Years)


Monthly EMI


Total Interest

Total Amount

40 lakh Homeloan Interest and Other Charges

HL City InterestRate&Charges

₹40 Lakh Home Loan Interest Rate & Other Charges

At Navi, we offer home loans up to ₹5 crore at attractive interest rates, starting from 8.74%. Here are the details of Navi home loans:

Get your loan approved and provisional sanction letter
Competitive interest rates starting at 8.39% p.a.
Get loans up to ₹5 crore to finance your dream house
Enjoy flexible repayment tenures of up to 30 years
Pre-close your home loan at your convenience with no additional cost

How to Apply for ₹40 Lakh Home Loan

Follow the steps below to apply for a ₹40 lakh home loan:
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

How to Apply For 40 lakh Homeloan?

How To Apply

₹40 Lakh Home Loan Eligibility & Documents Required

HL City DocumentsRequired (1)

₹40 Lakh Home Loan Eligibility & Documents Required

₹40 Lakh Home Loan EMI for 10 Years

If you have sufficient funds and strategically plan your loan repayment, you can pay off your ₹40 lakh home loan in 10 years. But to plan better, you should know your ₹40 lakh home loan EMI first. Doing the EMI calculation with an online calculator is a quick fix, but you should also know how the manual calculation works:

The formula for getting the value of EMI goes like this:

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

Here, P stands for the loan amount, R is the monthly interest rate (annual interest rate divided by 12), and N is the number of EMIs you will have to pay.

Now putting the value in this formula, we will figure out how much will be the ₹40 lakh home loan EMI for 10 years at an interest rate of 7.39% p.a. or 0.615% per month.

EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1}= {40,00,000 x 0.00615 x (1+0.00615)^120} / {(1 + 0.00615)^120 – 1} = ₹47,250

As you can see, the manual process is quite complex. As a better alternative, you could use our home loan EMI calculator.

Refer to the table right below for particulars:

Loan Amount₹40,00,000
Rate of Interest8.74% p.a.
Total Interest₹20,13,102
Total Repayment₹60,13,102


₹40 Lakh Home Loan EMI for 20 Years

Just out of curiosity, let’s see how much will be the EMI for ₹40 lakh home loan for 20 years.

As mentioned above, the formula for EMI calculation is:

EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1}, where P stands for principal amount, R is monthly rate of interest and N denotes number of EMIs payable throughout your tenure. So, if the tenure is 20 years, N would be 240 (number of years x 12).

Look at the calculation below for ₹40 lakh home loan EMI for 20 years at an interest rate of 7.39% p.a. or 0.615% per month.

EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1}= {40,00,000 x 0.00615 x (1+0.00615)^240} / {(1 + 0.00615)^240 – 1} = ₹31,955

Instead of going through this strenuous calculation, you can use our online home loan EMI calculator.

Here are the details:

Loan Amount₹40,00,000
Rate of Interest8.74% p.a.
Total Interest₹44,77,498
Total Repayment₹84,77,498


₹40 Lakh Home Loan EMI for 30 Years

Navi offers home loans with repayment tenure of up to 30 years. Let’s find out what would be your ₹40 lakh home loan EMI for 30 years?
The formula, as we know already, is:

EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1}; P denotes the principal component, R denotes monthly rate of interest because EMIs are monthly payments and n is the number of EMIs payable.

Now, let’s calculate how much the EMI will be for a ₹40 lakh home loan that is taken for 30 years at an interest rate of 7.39% (0.615% monthly).

EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1}= {40,00,000x 0.00615 x (1+0.00615)^360} / {(1 + 0.00615)^360 – 1}= ₹27,668

As you can see, manual calculation is time-consuming and can lead to errors. Alternatively, you can use our online EMI calculator.

Refer to the details given below:

Loan Amount₹40,00,000
Rate of Interest8.74% p.a.
Total Interest₹73,18,203
Total Repayment₹1,13,18,203


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Frequently Asked Questions

Link your bank account to the Navi app and set up auto-debit. Every month on the EMI due date, your EMI will get automatically deducted from your bank account. Just ensure that you have sufficient balance in your bank account to pay your EMI. Multiple missed EMI payments can hurt your credit score.
Encumbrance on property means it is involved in some kind of legal issue. These disputes can be due to unpaid debts or bills. When taking out a home loan, you should check whether the property is free from any such dispute. Otherwise, your loan application might get rejected.
The maximum loan amount depends on the lender. The amount usually ranges from 75% to 90% of the property value. The rest, 10% to 25%, is known as a margin or down payment, which you have to pay upon loan approval. Navi offers up to 90% financing of the property value.
Longer repayment tenure means lower EMIs compared to shorter tenure. However, for long-term home loans, the total interest payable increases, which in turn increases the total repayment amount and overall cost of the loan. In contrast, a shorter loan tenure will result in higher EMI payments, but will lower your interest component quickly compared to a long-term loan. This will help you pay off your loan faster.
It depends on how low your credit score is. Having an extremely poor credit score could lead to home loan rejection. Similarly, an excellent credit score could help you fetch better deals on interest rates. It’s always advantageous to have an above average credit score.

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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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