# 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

Note: that this table is for illustrative purposes only

## ₹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.

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

0

Total Interest

Total Amount

## ₹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.

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 ₹55 Lakh Home Loan

Follow the steps below to apply for a ₹55 lakh home loan:
Enter personal and employment details
Get instant loan approval and provisional sanction letter

## ₹55 Lakh Home Loan EMI for 10 Years

Planning on taking a housing loan of ₹55 lakh for 10 years? With the Navi Home Loan EMI Calculator, you can check your monthly EMI within seconds. However, you should also know how the ₹55 lakh home loan EMI for 10 years is calculated manually. The formula is given below: EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1} In the formula above, P stands for principal or loan amount, and R indicates the monthly interest rate divided by 100. On the other hand, N denotes the number of EMIs the borrower has to repay. Here is how your ₹55 lakhs home loan EMI for 10 years is calculated manually: EMI = ₹ {5500000 x 0.00615 x (1 + 0.00615)^120} / {(1 + 0.00615)^120-1} = ₹64,971. It is quite understandable that the calculation is time-taking and complex. An easy alternative would be to use the Navi Home Loan EMI Calculator. The detailed calculation is shown 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 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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## Home Loan for Different Budgets

Your home loan EMI is calculated on the basis of the loan amount, tenure and interest rate. The formula is EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1}, wherein 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.
If a borrower decides to completely repay the home loan before the loan tenure ends, it is known as home loan foreclosure or pre-closure. The borrower can either make repayments in part or in full to foreclose to prepay the loan. Navi doesn’t charge any home loan foreclosure fee.
Before the lender approves a loan, the loan request is considered against various parameters. These parameters include savings, income, credit score and employment status of the borrower. The lender also considers factors like monthly credit card dues, credit repayment behaviour, outstanding bills and so on. This entire process is known as credit appraisal.
Defaulting on a loan can have a terrible impact on your credit score. Missing out on EMI repayment can lead to substantial penalty charges. In addition, as home loans are secured loans and require collateral, being unable to repay your loan on time can lead to lenders seizing your property.
When two individuals apply for a single home loan together, it’s called a joint home loan. If one of the applicants has a high credit score, this works as an advantage as a higher credit score increases the chances of loan approval with preferential rates.
You can pay your ₹55 lakh home loan EMI by linking your bank account to the Navi app. Set up auto-debit and your EMI will get automatically deducted on the due date. Just ensure to maintain sufficient balance in your account so that you don’t miss your payments. Multiple missed payments can lead to loan default, which could be detrimental to your creditworthiness

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