# ₹75 Lakh Home Loan EMI & Interest Rate

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

## ₹75 lakh Home Loan EMI

It’s important to have a detailed repayment plan in place before taking a Online home loan of, let’s say ₹75 lakh. The first thing you should do to better plan your repayment is calculate your ₹75 lakh home loan EMI in advance. This would give you an estimation of how much additional money you need every month to pay your home loan EMI.

You can calculate your EMI on ₹75 lakh home loan either manually or with our ₹75 lakh home loan EMI calculator.

## ₹75 lakh Home Loan EMI Details

Like all other loans, you must repay the amount within a predetermined tenure as decided by you or your lender. Your home loan EMI is based on the loan amount, tenure and rate of interest. Let’s check how your home loan EMI is affected with the change in home loan tenures. To calculate your ₹75 lakh home loan EMI, we have considered tenures of 10, 15, 20, 25, and 30 years and the rate of interest as 8.45% p.a. Here are the results of calculating your EMI for ₹75 Lakhs using an EMI calculator.

 Loan Amount (₹) Interest Rate (p.a.) Tenure EMI ₹ 75,00,000 8.45% 5 Years ₹ 1,53,693 ₹ 75,00,000 8.45% 10 Years ₹ 92,789 ₹ 75,00,000 8.45% 15 Years ₹ 73,636 ₹ 75,00,000 8.45% 20 Years ₹ 64,850 ₹ 75,00,000 8.45% 30 Years ₹ 57,403
Note: that this table is for illustrative purposes only

## ₹75 lakh Home Loan EMI Calculator

Calculating your home loan EMI in advance would help you better manage your finances. The home loan EMI depends upon the interest rate, tenure and the amount borrowed and consists of two components – the principal and the interest. You can calculate your loan EMI manually, but that could be extremely time-consuming and prone to errors. As a better alternative, use the Navi Home Loan EMI Calculator.

This online tool is user-friendly and provides quick and accurate results. Just enter the loan, tenure and interest rates to know the applicable EMI amount.

Loan Amount

Rate of Interest (P.a)

%

Loan Tenure (Years)

Years

Monthly EMI

0

Total Interest

Total Amount

## ₹75 Lakh Home Loan Interest Rates and 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
Pre-close your home loan at your convenience with no additional cost

## How to Apply for a ₹75 Lakh Home Loan?

Follow the steps below to apply for a ₹75 Lakh Home Loan EMI:
Download the Navi app from Play Store or App Store
Enter personal and employment details
Do your KYC with PAN, Aadhaar and bank statement
Get instant loan approval and provisional sanction letter

## ₹75 Lakh Home Loan EMI for 10 Years

Wondering how much EMI would be on a ₹75 lakh home loan for 10 years? You can check your EMI using the Navi Home Loan EMI calculator. However, it is also necessary to know how these calculations are done manually.

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

In the above formula, P is the principal amount, and N denotes tenure. Since EMI are monthly repayments, tenure indicates the number of EMI to be paid for the given years.
For a tenure of 10 years, the number of EMIs will be 120. R implies the monthly interest rate divided by 100. If the rate of interest is 7.39% p.a., we need to consider it as 0.615% per month.

Now, let’s calculate the EMI for a ₹75 lakh home loan for 10 years at 0.615% per month according to the formula:

EMI = ₹ {75,00,000 x 0.00615 x (1 + 0.00615) ^120} / {(1 +0.00615) ^120-1} = ₹88,596
You must have noticed that calculating your home loan EMI manually is not only a hard nut to crack but also time-consuming. To simplify the process, you can use our home loan EMI calculators.

Find the details of your loan below:

 Loan Amount ₹ 75,00,000 Rate of Interest 8.45% p.a. EMI ₹ 92,789 Total Interest ₹ 36,34,659 Total Repayment ₹ 1,11,34,659

## ₹75 Lakh Home Loan EMI for 20 years

Let us calculate the EMI on ₹75 lakh home loan for 20 years tenure. With the rate of interest being 7.39%, we use the same formula as before:

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

Here, P implies the loan amount, N is the number of EMIs you need to pay (if your tenure is 20 years; N will be 240), and R denotes the monthly rate of interest divided by 100 (R/12/100).

So, if we consider ₹75 lakh as the home loan amount, 20 years as the tenure and the monthly interest rate at 0.615% in the formula, it would look like this:

EMI = ₹{75,00,000 x 0.00615 x (1 + 0.00615)^240} / {(1 + 0.00615)^240-1} = ₹59,916

Calculating this manually can be extremely time-consuming. To avoid these complications, you can use our home loan EMI Calculator. Find the details below:

 Loan Amount ₹ 75,00,000 Rate of Interest 8.45% p.a. EMI ₹ 64,850 Total Interest ₹ 80,63,903 Total Repayment ₹ 1,55,63,903

## ₹75 Lakh Home Loan EMI for 30 years

Let us find out what would be ₹75 lakh home loan EMI for 30 years. The formula is:

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

Where P is the loan principal, R is the interest rate in months (R/12/100), while T is tenure or the number of repayments in months.

Now let’s assign values to the given formula to calculate EMI manually. We must remember that for a tenure of 30 years, N will be 360.

EMI = ₹ {75,00,000 x 0.00615 x (1 + 0.00615) ^360} / {(1 + 0.00615) ^360-1} = ₹ 51,877

For fast and quick calculations, use our ₹75 lakh home loan EMI calculator.

 Loan Amount ₹ 75,00,000 Rate of Interest 8.45% p.a. EMI ₹ 57,403 Total Interest ₹ 1,31,65,064 Total Repayment ₹ 2,06,65,064

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## Frequently Asked Questions

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).
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.
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.
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.
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.

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