55 Lakh Home Loan EMI & Interest Rate
Enjoy attractive interest rates starting at 8.45% p.a. with flexible EMI options
₹55 Lakh Home Loan EMI
Planning to take a home loan of ₹55 lakh to purchase a property in one of the finest locales? Hold on for a second and ask yourself if you have a definitive loan repayment plan chalked out. If you don’t have a plan, let’s start creating a roadmap that would help you better manage your finances and plan your repayments. First thing first – calculate your ₹55 lakh home loan EMI to get a better understanding of your repayment capacity and how much you have to save every month to repay your loan.
You can use a ₹55 lakh home loan EMI calculator to check your EMIs. Vary the tenure to get better clarity on which repayment schedule could suit you best.
₹55 Lakh Home Loan EMI Details
When you opt for a home loan, you have to repay it within a stipulated time in the form of EMIs. The EMI amount of a home loan depends on its principal, rate of interest and tenure. Your EMI has two parts – one is the interest component, and the other one is the principal amount.
Let us calculate the ₹55 lakh home loan EMI with the help of an example. Let the rate of interest be 8.45% p.a., and the tenures are 10, 15, 20, 25 and 30 years, respectively. Using the Navi home loan EMI calculator, the EMI on a ₹55 lakh home loan would be:
| Loan Amount (₹) | Interest Rate (p.a.) | Tenure | EMI |
| ₹ 55,00,000 | 8.45% | 5 Years | ₹ 1,12,708 |
| ₹ 55,00,000 | 8.45% | 10 Years | ₹ 68,045 |
| ₹ 55,00,000 | 8.45% | 15 Years | ₹ 54,000 |
| ₹ 55,00,000 | 8.45% | 20 Years | ₹ 47,556 |
| ₹ 55,00,000 | 8.45% | 30 Years | ₹ 42,096 |
₹55 Lakh Home Loan EMI Calculator
Your home loan EMI is based on three factors: loan amount or principal, interest rate and tenure. Although it is possible to manually calculate the EMI on a ₹55 lakh home loan, the process might get complicated. A better option, in this case, is using the Navi Home Loan EMI Calculator.
This calculator will help you get an estimate on your housing loan EMI in a second.
All you need to do is provide the principal amount, interest rate and tenure, and the EMI amount will be visible on the screen.
Loan Amount
Rate of Interest (P.a)
%
Loan Tenure (Years)
Years
Monthly EMI
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Total Interest
Total Amount
55 lakh Homeloan Interest and Other Charges
₹55 Lakh Home Loan Interest Rate & Other Charges
Navi offers home loans up to ₹5 crore at competitive interest rates starting from 8.45% p.a. with flexible repayment tenures of up to 30 years. Here are the details below:
Competitive interest rates starting at 8.45% p.a.
How to Apply for ₹55 Lakh Home Loan
How to Apply For 55 lakh Homeloan?
₹55 Lakh Home Loan Eligibility & Documents Required
₹55 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
₹55 Lakh Home Loan EMI for 10 Years
| Loan Amount (₹) | Interest Rate (p.a.) | Tenure | EMI |
| ₹ 55,00,000 | 8.45% | 5 Years | ₹ 1,12,708 |
| ₹ 55,00,000 | 8.45% | 10 Years | ₹ 68,045 |
| ₹ 55,00,000 | 8.45% | 15 Years | ₹ 54,000 |
| ₹ 55,00,000 | 8.45% | 20 Years | ₹ 47,556 |
| ₹ 55,00,000 | 8.45% | 30 Years | ₹ 42,096 |
₹55 Lakh Home Loan EMI for 20 Years
For instance, you are about to take a home loan of ₹55 lakh for 20 years. What would be the ₹55 lakh home loan EMI for 20 years? To calculate it manually, you can use this formula:
EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1}
Here, P represents the principal or loan amount and R indicates the monthly interest rate divided by 100. N denotes the number of EMIs the borrower has to pay. For example, if your loan tenure is 20 years, N would be 240.
This is how the calculation of ₹55 lakh home loan EMI for 20 years is done manually:
EMI = ₹ {5500000 x 0.00615 x (1 + 0.00615)^240} / {(1 + 0.00615)^240-1} = ₹43,938
It is evident from the demonstration above that the calculation is complicated and time-consuming. Therefore, a good option would be to use the NAVI home loan EMI calculator.
The complete details are given below:
| Loan Amount (₹) | Interest Rate (p.a.) | Tenure | EMI |
| ₹ 55,00,000 | 8.45% | 5 Years | ₹ 1,12,708 |
| ₹ 55,00,000 | 8.45% | 10 Years | ₹ 68,045 |
| ₹ 55,00,000 | 8.45% | 15 Years | ₹ 54,000 |
| ₹ 55,00,000 | 8.45% | 20 Years | ₹ 47,556 |
| ₹ 55,00,000 | 8.45% | 30 Years | ₹ 42,096 |
₹55 Lakh Home Loan EMI for 30 Years
For curiosity’s sake, let us see what would be your ₹55 lakh home loan EMI for 30 years. This is the formula to calculate it manually:
EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1}
In the formula, P stands for principal amount and R is the monthly interest rate divided by 100. N represents the number of monthly EMIs a borrower has to pay. For example, if the loan tenure is 30 years, N would be 360.
This is how ₹55 lakh home loan EMI for 30 years is calculated manually:
EMI = ₹ {5500000 x 0.00615 x (1 + 0.00615)^360} / {(1 + 0.00615)^360-1} = ₹38,043
As you can see, the manual calculation can get excessively confusing. Thus, a good option would be to use our home loan EMI calculator.
The complete details are provided below:
| Loan Amount (₹) | Interest Rate (p.a.) | Tenure | EMI |
| ₹ 55,00,000 | 8.45% | 5 Years | ₹ 1,12,708 |
| ₹ 55,00,000 | 8.45% | 10 Years | ₹ 68,045 |
| ₹ 55,00,000 | 8.45% | 15 Years | ₹ 54,000 |
| ₹ 55,00,000 | 8.45% | 20 Years | ₹ 47,556 |
| ₹ 55,00,000 | 8.45% | 30 Years | ₹ 42,096 |
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