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

Let’s face it. Purchasing a new house is a costly affair. You would need at least ₹50 lakh to 80 ₹80 lakh to buy a new house in a metro. Arranging such a substantial amount of money could be difficult for many. In such a situation, getting a home loan to finance your house could be a good option. However, before taking a housing loan, it’s important that you calculate your home loan EMI in advance. It would help you plan and manage your finances in a better way. Let’s say you have taken a home loan of ₹50 lakh. So, what would be your ₹50 lakh home loan EMI?

Use a ₹50 lakh home loan EMI to calculate your home loan EMI. The EMI calculation on your home loan is detailed below.

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When you take a home loan, you have to repay the same within a specified tenure in EMIs. For instance, your ₹50 lakh home loan EMI is based on three factors – the loan amount, the interest rate and the tenure. The EMI comprises the principal and interest components which are structured in a way that in the initial years of your loan, the interest component is much larger than the principal component, while towards the latter half of the loan, the principal component is much larger.

Let’s understand your ₹50 lakh home loan EMI with an example. We have considered the interest rate as 8.74% p.a. and tenures of 10, 15, 20, 25 and 30 years. Upon using a home loan EMI calculator, we derived that your EMI on ₹50 lakh home loan would be:

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

₹50,00,000 | 8.74% | 5 Years | ₹1,03,162 |

₹50,00,000 | 8.74% | 10 Years | ₹62,636 |

₹50,00,000 | 8.74% | 15 Years | ₹49,943 |

₹50,00,000 | 8.74% | 20 Years | ₹44,154 |

₹50,00,000 | 8.74% | 30 Years | ₹44,154 |

Note: that this table is for illustrative purposes only

Your home loan EMI depends on the loan amount, tenure and interest rate. Though you can calculate your EMI for housing loan of ₹50 lakh manually, it could be extremely time consuming and might not give you accurate results. A better alternative could be Navi Home Loan EMI Calculator.

This easy to use online EMI calculator lets you calculate your housing loan EMI in a quick and hassle-free way. All you need to do is enter the loan amount, tenure and interest rate to quickly check your monthly repayment obligations.

Loan Amount

Rate of Interest (P.a)

%

Loan Tenure (Years)

Years

Monthly EMI

0

Total Interest

Total Amount

Navi offers home loans up to ₹5 crore at competitive interest rates starting from 8.74% p.a. with flexible repayment tenures of up to 30 years. Here are the details below:

Attractive interest rates

Competitive interest rates starting at 8.74% p.a.

No processing fee

Zero processing fee charged

Loan amount of your choice

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

Flexible EMI options

Enjoy flexible repayment tenures of up to 30 years

Pre-close your loan at your convenience

Pre-close your home loan at your convenience with no additional cost

Follow the steps below to apply for a ₹50 lakh home loan:

Get the Navi app

Download the Navi app from Play Store or App Store

Fill in details

Enter personal and employment details

Complete your KYC

Do your KYC with PAN, Aadhaar and bank statement

Get your home loan approved

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

Wondering what would be EMI on home loan of ₹50 lakh for a 10-year tenure? You can use the Navi Home Loan EMI Calculator to check your EMI. However, it’s also important to know how home loan EMIs are calculated manually.

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

Here P stands for loan principal and R denotes the interest rate divided by 100. N is the number of EMIs you will have to pay. For instance, if your loan tenure is 10 years, then N would be 120.

Here’s what your EMI for ₹50 lakh home loan for 10 years would look like if calculated manually:

EMI = ₹{5000000 x 0.789 x (1 + 0.789)^120} / {(1 + 0.789)^120-1} = ₹60,374.

As you could see, the calculations are quite complex and time-consuming. Instead, you could use our home loan EMI calculator. Here are the details below:

Loan Amount | ₹50,00,000 |

Rate of Interest | 8.74% p.a. |

EMI | ₹62,636 |

Total Interest | ₹25,16,377 |

Total Repayment | ₹75,16,377 |

Just for curiosity, let’s calculate ₹50 lakh house loan EMI on 20 years tenure? As mentioned earlier, the formula for home loan EMI is:

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

Here P stands for loan principal and R denotes the interest rate divided by 100. N is the number of EMIs you will have to pay. For instance, if your loan tenure is 10 years, then N would be 120.

Here’s what your EMI for ₹50 lakh home loan for 20 years would look like if calculated manually:

EMI = ₹{5000000 x 0.789 x (1 + 0.789)^240} / {(1 + 0.789)^240-1} = ₹41,480

As you could see, the calculations are quite complex and time-consuming. Instead, you could use our home loan EMI calculator. Here are the details below:

Loan Amount | ₹50,00,000 |

Rate of Interest | 8.74% p.a. |

EMI | ₹44,154 |

Total Interest | ₹55,96,873 |

Total Repayment | ₹1,05,96,873 |

Now let’s see what would be the home loan EMI for a ₹50 lakh loan with 30 years tenure. As mentioned earlier, the formula for home loan EMI is:

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

Here P stands for loan principal and R denotes the interest rate divided by 100. N is the number of EMIs you will have to pay. For instance, if your loan tenure is 30 years, then N would be 360.

Here’s what your EMI would look like if calculated manually:

EMI = ₹{5000000 x 0.789 x (1 + 0.789)^360} / {(1 + 0.789)^360-1} = ₹36,306

As you could see, the calculations are quite complex and time-consuming. Instead, you could use our home loan EMI calculator. Here are the details below:

Loan Amount | ₹50,00,000 |

Rate of Interest | 8.74% p.a. |

EMI | ₹39,299 |

Total Interest | ₹91,47,753 |

Total Repayment | ₹1,41,47,753 |

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What is a home loan EMI?

When you take a home loan, you are supposed to repay the loan in EMIs or Equated Monthly Instalments. There are two ways of calculating EMI on home loan – manually or via a home loan EMI calculator. The formula is {P x R x (1+R)^N} / {(1 + R)^N – 1}. Here P stands for loan principal and R denotes the interest rate divided by 100. N is the number of EMIs you will have to pay (in months).

How is my home loan EMI determined?

Your home loan EMI is based on three factors – the loan amount, interest rate and tenure. If the tenure is more, your EMIs would be less, however you would end up paying more as interest. This increases the overall cost of your loan. Similarly, for a shorter tenure, your EMIs would be on the higher side, however, you would end up paying less interest.

Can I take a joint home loan?

Yes, you can take a joint home loan with your spouse or relative. The benefit of a joint home loan is that if either of you has a good credit score, you can get preferential interest rates on your loan. Secondly, since a joint home loan involves more than one person, it automatically brings down the risk-factor. This automatically increases the chance of getting your loan approved.

What happens if I default on my loan?

Defaulting Home loans are secured loans where you have to pledge collateral. In this case, the collateral would be the home you have taken the loan for. In case you default on your loan, the lender has every right to seize your house to recover the amount. Also, missed EMIs could call for heavy penalty charges. Your credit score and creditworthiness would take a hit as well.

How to get a home loan with a low CIBIL score?

First, you need to plan things better. If your credit score is too low, apply for a loan once the numbers show some improvement. To do that, pay your other EMIs or bills on time. Following the best financial practices could help improve your credit score slowly and steadily. Another option would be jointly applying for a loan with someone having an above average score.

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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