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

Everyone dreams of living in their dream home. However, buying a new house is expensive. The cost can range from ₹50 lakh to ₹80 lakh, depending on the city you are living in. Taking a home loan could be a viable option to finance the property you are planning to buy. But consider the EMI obligations first before applying for a home loan. For instance, a ₹65 lakh home loan EMI for 10 years would be far higher than ₹65 lakh home loan EMI for 20 years.

Now that we have considered ₹65 lakh as the home loan amount, let’s calculate what would be your ₹65 lakh home loan EMI for different tenures. While you could calculate the EMI manually, using a ₹65 lakh home loan EMI calculator would give you quick and accurate results. Let’s dive in!

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If you take a home loan, you must repay the loan within a specified tenure via EMIs. Your ₹65 lakh home loan EMI is based on three factors—loan amount, rate of interest, and tenure.

Let us understand ₹65 lakh home loan EMI with an example. Suppose the interest rate is 8.74% p.a. and the loan tenures are 10, 15, 20, 25, and 30 years. Using the Navi Home Loan EMI Calculator, your EMI would be:

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

₹65,00,000 | 8.74% | 5 Years | ₹1,34,111 |

₹65,00,000 | 8.74% | 10 Years | ₹81,427 |

₹65,00,000 | 8.74% | 15 Years | ₹64,926 |

₹65,00,000 | 8.74% | 20 Years | ₹57,400 |

₹65,00,000 | 8.74% | 30 Years | ₹57,400 |

Note: that this table is for illustrative purposes only

Home loan EMIs depend on the loan amount, tenure, and interest rate. You can calculate the EMI manually. But pen and paper calculations are always extremely time-consuming and could leave room for errors. Instead, you can use the Navi Home Loan EMI Calculator to get quick and accurate results.
This simple and easy-to-use online EMI calculator helps you calculate your housing loan EMI in a few seconds. All you need to do is select the loan amount, tenure and interest rest to check your home loan EMI.

Loan Amount

Rate of Interest (P.a)

%

Loan Tenure (Years)

Years

Monthly EMI

0

Total Interest

Total Amount

With Navi, you can apply for home loans of up to ₹5 crore at attractive interest rates starting from 8.74% p.a. with flexible repayment tenures of up to 30 years. Details are as follows:

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

Given below are the steps to apply for a ₹65 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

To better understand what would be your EMI on a ₹65 lakh home loan, let’s consider various tenures. You will be able to check how your EMI changes drastically with the change in loan tenure. Let’s first calculate ₹65 lakh home loan EMI for 10 years. Since it is also important for you to know the manual calculation, we have used the home loan EMI calculation formula to show you the manual calculation process. The formula for calculating home loan EMIs is:

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

Here, P is the principal loan amount. R is the monthly rate of interest divided by 100. N stands for the number of EMIs you need to pay. For example, if the loan tenure is 10 years, then N will be 120.

If calculated manually, the EMI for a ₹65 lakh home loan for 10 years would be as follows:

EMI = ₹{6500000 x 0.00615 x (1 + 0.00615)^120} / {(1 + 0.00615)^120-1} = ₹76,783

As illustrated above, the calculations are quite time-consuming and complicated.

Using the Navi Home Loan EMI calculator is easy and saves valuable time.

Given below are your EMI details as calculated via our loan EMI calculator:

Loan Amount | ₹65,00,000 |

Rate of Interest | 8.74% p.a. |

EMI | ₹81,427 |

Total Interest | ₹32,71,290 |

Total Repayment | ₹97,71,290 |

Now, let us check the EMI and total repayment amount of a home loan of ₹65 lakh taken for 20 years. The same formula will be applicable:

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

Here, P is the principal loan amount. R is the rate of monthly interest divided by 100. N stands for the number of EMIs you need to pay. For example, if this loan’s tenure is 20 years, then N will be 240.

If calculated manually, the EMI for a ₹65 lakh home loan for 20 years would be as follows:

EMI = ₹{6500000 x 0.00615 x (1 + 0.00615)^240} / {(1 + 0.00615)^240-1} = ₹51,927

The following table further illustrates this calculation:

Loan Amount | ₹65,00,000 |

Rate of Interest | 8.74% p.a. |

EMI | ₹57,400 |

Total Interest | ₹72,75,935 |

Total Repayment | ₹1,37,75,935 |

What could be the EMI if you get ₹65 lakh home loan for a 30-year tenure. Let’s apply the formula and find out:

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

Here, P is the principal loan amount. R is the rate of interest divided by 100. N stands for the number of EMIs you need to pay. For example, if the loan tenure is 30 years, then N will be 360.

If calculated manually, the EMI for a ₹65 lakh home loan for 30 years would be as follows:

EMI = ₹{6500000 x 0.00615 x (1 + 0.00615)^360} / {(1 + 0.00615)^360-1} = ₹44,960

The following table further illustrates this calculation:

Loan Amount | ₹65,00,000 |

Rate of Interest | 8.74% p.a. |

EMI | ₹51,089 |

Total Interest | ₹1,18,92,079 |

Total Repayment | ₹1,83,92,079 |

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What are floating and fixed home loan interest rates?

There are two types of home loan interest rates—fixed and floating. In a fixed interest rate, the rate of interest remains the same throughout the repayment tenure. But for floating home loan interest rates, the interest rates will keep changing based on current market rates.

How should I pay my ₹65 lakh home loan EMI?

You can link your bank account to the Navi app and set up auto-debit. Once done, the EMI will get automatically deducted from your bank account on the EMI due date. Just make sure that you have sufficient balance in your bank account so that there are no missed payments.

What is a home loan amortisation schedule?

An amortisation schedule is a detailed chart giving a breakdown of the interest and principal component of loan EMIs. It contains the following information:

- Amount of payable EMI
- Contribution towards repayment of the principal amount
- Contribution towards repayment of interest amount
- Outstanding balance before EMI payment
- Outstanding loan balance after payment of EMI

How do I pre-close my home loan?

You can pre-close your home loan either paying a lump-sum amount at one go or making part-prepayments in lump sum towards the outstanding principal. Making part-prepayments can help you reduce the outstanding principal. Lower outstanding principal means you have to pay less towards the interest. This could help you pay off your loan faster.

Can I get a home loan with a low CIBIL score?

Having a low CIBIL score is never a good thing. Lenders approve your credit score and decide on your loan eligibility based on your CIBIL score among other factors. Also, if you have an excellent credit score, you might get preferential interest rates. Whereas, a poor credit score could lead to home loan rejection.

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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Jun 21

Do you know about the different home loan types? Click here to learn about the different types of housing finance options, interest rates, eligibility & more!

May 31

Want to prepay home loan? Here's how to prepay your home loan, RBI rules & calculate prepayment loan EMI in simple steps.

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