# ₹45 Lakh Home Loan EMI & Interest Rate

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

## ₹45 Lakh Home Loan EMI

Planning to purchase a spacious property in a semi-urban area of a metropolitan city but don’t have sufficient funds? Take a home loan if you think you have the repayment capacity to pay off the loan within the specified tenure. To better understand your financial standing, calculate your home loan EMI first. For example, if you are taking a ₹45 lakh home loan for 30 years, your ₹45 lakh home loan would be ₹31,126.

You can derive this value with the help of our ₹45 lakh home loan EMI calculator. More details below about EMI on ₹45 lakh home loan.

## ₹45 Lakh Home Loan EMI Details

Your EMI depends on three factors – loan amount, loan tenure and interest rate and consists of two parts – the principal component and the interest component. So, when you’re paying your EMIs, a portion of the amount goes towards the interest and the other portion towards the principal.

Let’s understand the EMI on your ₹45 lakh home loan with an example. Suppose the interest rate is 8.45% p.a., and tenures are 5, 10, 15, 20 and 30 years. The following table shows you the EMIs derived by using a ₹45 lakh home loan EMI calculator:

 Loan Amount (₹) Interest Rate (p.a.) Tenure EMI ₹ 45,00,000 8.45% 5 Years ₹ 92,216 ₹ 45,00,000 8.45% 10 Years ₹ 55,673 ₹ 45,00,000 8.45% 15 Years ₹ 44,181 ₹ 45,00,000 8.45% 20 Years ₹ 38,910 ₹ 45,00,000 8.45% 30 Years ₹ 34,442

Note: that this table is for illustrative purposes only

## ₹45 Lakh Home Loan EMI Calculator

You can calculate your ₹45 lakh house loan EMI either manually or with the help of an EMI calculator. Manual calculations can be extremely time consuming, so a better alternative can be using the Navi Home Loan EMI Calculator online.
This easy-to-use online tool is designed to give you accurate and quick results.

All you need to do is enter your loan details like the loan amount, tenure and interest rate, and you will be able to check your EMI in no time.

Loan Amount

Rate of Interest (P.a)

%

Loan Tenure (Years)

Years

Monthly EMI

0

Total Interest

Total Amount

## ₹45 Lakh Home Loan Interest Rate & Other Charges

With Navi, you can get home loan up to ₹5 crore at competitive interest rates, starting from 8.45% p.a. with a repayment tenure of up to 30 years. The details of our home loans have been discussed below:

Competitive interest rates starting at 8.45% p.a.

Zero processing fee charged
Get loans up to ₹5 crore to finance your dream house
Enjoy flexible repayment tenures of up to 30 years

## How to Apply for ₹45 Lakh Home Loan

Follow the steps below to apply for a ₹45 lakh home loan:
Enter personal and employment details
Get instant loan approval and provisional sanction letter

## ₹45 Lakh Home Loan EMI for 10 Years

Taking a ₹45 lakh home loan for 10 years will increase your monthly repayment obligations but can help you pay off your loan faster. You can calculate your ₹45 lakh home loan EMI for 10 years with our home loan EMI calculator, but you must know how to do the manual calculation as well.

The formula for calculating EMI is:

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

Here, P denotes the principal amount, R is the monthly interest rate (annual interest rate divided by 12), and N is the number of EMI payments.
Let’s see how much will be your ₹45 lakh home loan EMI for 10 years:

EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1} = {45,00,000 x 0.00615 x (1+0.00615)^120} / {(1 + 0.00615)^120 – 1} = ₹53,158
EMI= ₹53,157.

Instead of doing this complex calculation, you can simply use an online home loan EMI calculator.

The details are given below:

 Loan Amount ₹ 45,00,000 Rate of Interest 8.45% p.a. EMI ₹ 55,673 Total Interest ₹ 21,80,795 Total Repayment ₹ 66,80,795

## ₹45 Lakh Home Loan EMI for 20 Years

You can also decide to increase your repayment tenure from 10 years to 20 years if you wish to decrease the EMI amount. Let’s see how it will affect your EMI payments.

As discussed above, the formula for manual calculation is:

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

Here, P is the principal amount, R is the monthly interest rate divided by 100, and N denotes the number of EMIs that you have to pay throughout the repayment tenure.

Therefore, the ₹45 lakh home loan EMI for 20 years will be:

EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1} = {45,00,000 x 0.00615 x (1+0.00615)^240} / {(1 + 0.00615)^240 – 1}
EMI= ₹35,950

If you want to obtain your EMI estimation in an easier and hassle-free way, you use the Navi online EMI calculator.

Here are the particulars:

 Loan Amount ₹ 45,00,000 Rate of Interest 8.45% p.a. EMI ₹ 38,910 Total Interest ₹ 48,38,342 Total Repayment ₹ 93,38,342

## ₹45 Lakh Home Loan EMI for 30 Years

Finally, let’s see how much the EMI will be for a ₹45 lakh home loan for 30 years. As we discussed before, the mathematical formula is:

EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1}= {45,00,000x 0.00615 x (1+0.00615)^360} / {(1 + 0.00615)^360 – 1}
EMI= ₹31,126

An alternative to such troublesome and time-consuming calculations is using our online home loan EMI calculator.

Get the particulars in the table below:

 Loan Amount ₹ 45,00,000 Rate of Interest 8.45% p.a. EMI ₹ 34,442 Total Interest ₹ 78,99,039 Total Repayment ₹ 1,23,99,039

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## Home Loan for Different Budgets

The tax benefits on a home loan are available on the principal loan amount and the interest payable. Section 80C of the Income Tax Act allows a maximum deduction of ₹1.5 lakh on the principal amount paid. Additionally, Section 24(B) lets you claim a maximum deduction of ₹2 lakh on the interest payment. You can claim additional deduction of up to Rs.50,000 under section 80EE as well, subject to terms and conditions.
A top-up loan is an additional loan taken on an existing or ongoing housing loan. The amount is equal to the amount repaid. The interest rate is lower on the top-up loan than on a personal loan and requires minimal documentation. This loan amount can be used for various purposes.
Yes, you can have a co-applicant for a home loan. You should try to have a co-applicant if possible, as it provides multiple benefits, such as increasing the chances of getting loan approval. Having a co-applicant is especially beneficial if one of the applicants has a low credit score.
Yes, you can apply for a home loan with a low CIBIL or credit score. However, this increases your chances of loan rejection. Lenders also charge a higher interest rate in such cases. Consider applying for a home loan along with a co-applicant if you have a low credit score.

Here are some aspects that you should consider fulfilling to avail home loans with low interest rates:

• Credit score above 750
• Stable monthly income
• Proper repayment capacity

However, these factors may or may not be considered by a lender. The final interest rate will be decided after proper evaluation.

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