# ₹80 Lakh Home Loan EMI & Interest Rate

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

## ₹80 Lakh Home Loan EMI

It’s important to have a detailed repayment plan chalked out before taking a home loan of, let’s say ₹80 lakh. The first thing you should do to plan your repayment is calculate your ₹80 lakh home loan EMI. This would give you a fair understanding of how much additional money you need every month to pay your home loan EMI. You can calculate your EMI on ₹80 lakh home loan either manually or with our ₹80 lakh home loan EMI calculator.

## ₹80 Lakh Home Loan EMI Details

Once you have taken the loan, you have to repay it in the form of EMIs or Equated Monthly Instalments. It’s a predetermined tenure usually decided by you. Your EMI on ₹80 lakh home loan is based on three factors – the loan amount, tenure and interest rate and consists of two components – the principal amount and the interest.

Let’s check how much impact the loan tenure has on your EMIs. For this example, we have considered the interest rate as 8.45% p.a. and tenures of 10, 15, 20, 25 and 30 years. This is what we can derive by using a home loan EMI calculator for a ₹80 lakh home loan:

 Loan Amount (₹) Interest Rate (p.a.) Tenure EMI ₹ 80,00,000 8.45% 5 Years ₹ 1,63,940 ₹ 80,00,000 8.45% 10 Years ₹ 98,975 ₹ 80,00,000 8.45% 15 Years ₹ 78,545 ₹ 80,00,000 8.45% 20 Years ₹ 69,173 ₹ 80,00,000 8.45% 30 Years ₹ 61,230

Note: that this table is for illustrative purposes only

## ₹80 Lakh Home Loan EMI Calculator

You can calculate your home loan EMI both manually and with an EMI calculator. However, annual calculations can be extremely time-consuming and can leave room for errors. Instead, use our ₹80 lakh home loan EMI calculator.

Navi’s user-friendly home loan EMI calculator is designed to provide quick and accurate results. Just enter the tenure, loan amount and interest rate and get the amount you need to pay monthly to repay your home loan.

Loan Amount

Rate of Interest (P.a)

%

Loan Tenure (Years)

Years

Monthly EMI

0

Total Interest

Total Amount

## ₹80 Lakh Home Loan Interest Rate & Other Charges

Navi offers Instant 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 a ₹80 Lakh Home Loan

Follow the steps below to apply for a ₹80 Lakh Home Loan EMI:

Enter personal and employment details
Get instant loan approval and provisional sanction letter

## ₹80 Lakh Home Loan EMI for 10 Years

Let’s calculate EMI for ₹80 lakh home loan for 10 years. Use the Navi Home Loan EMI Calculator to easily figure out the payable amount of your EMI. However, here’s the formula to calculate the same manually.

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

P, here, stands for the principal loan amount, and R refers to the monthly interest rate divided by 100. N denotes the number of EMI that you have to pay.

For example, assuming your tenure is 10 years, the value of N will be 120. This is what your EMI calculation will look like if you opt for a ₹80 lakh home loan:

EMI = ₹ {80,00,000 x 0.00615 x (1 + 0.00615) ^120} / {(1 + 0.00615) ^120-1} = ₹94,503.

Here is a detailed tabular representation:

 Loan Amount ₹ 80,00,000 Rate of Interest 8.45% p.a. EMI ₹ 98,975 Total Interest ₹ 38,76,970 Total Repayment ₹ 1,18,76,970

## ₹80 Lakh Home Loan EMI for 20 Years

Let’s find out the EMI for your ₹80 lakh home loan when the tenure is 20 years. As mentioned earlier, the formula to manually calculate the EMI for a home loan is:

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

P refers to the loan principal, R stands for interest rate per month divided by 100, and N is the number of EMIs you have to pay.

So, to manually calculate the EMI, you just need to put the numbers in the place of assigned alphabets. This is how your calculation will look for a ₹80 lakh home loan, which has a tenure extension of 20 years:

EMI = ₹ {80,00,000 x 0.00615 x (1 + 0.00615) ^240} / {(1 + 0.00615) ^240-1} = ₹63,910

Here is a detailed tabular representation:

 Loan Amount ₹ 80,00,000 Rate of Interest 8.45% p.a. EMI ₹ 69,173 Total Interest ₹ 86,01,496 Total Repayment ₹ 1,66,01,496

## ₹80 Lakh Home Loan EMI for 30 Years

Now let’s see how much the EMI will be for a ₹80 lakh home loan with a tenure of 30 years. The formula to find out home loan EMI manually is:

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

Where P represents loan principal, R stands for interest rate per month divided by 100, and N will be the number of EMIs that you have to pay.

So, for a tenure of 30 years, N will be 360. This is how the calculation will look like:
EMI = ₹ {80,00,000 x 0.00615 x (1 + 0.00615) ^360} / {(1 + 0.00615) ^360-1} = ₹55,336

Here is a detailed tabular representation:

 Loan Amount ₹ 80,00,000 Rate of Interest 8.45% p.a. EMI ₹ 61,230 Total Interest ₹ 1,40,42,735 Total Repayment ₹ 2,20,42,735

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## Home Loan for Different Budgets

LTV or a Loan-to-Value ratio refers to the ratio of loan to the value of the asset that is being purchased. In the case of a home loan, this is the value of the property against which you are planning to receive a loan from Navi. For example, if your LTV is 66%, you will receive 66% financing of the property from Navi.

The following are some measures you can take to improve your CIBIL score:

• Check your CIBIL report regularly and rectify if there are mistakes
• Pay your credit card bills and other loan EMIs (if any) on time
• Don’t make multiple applications of loans and cards in quick succession
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.

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