# ₹85 Lakh Home Loan EMI & Interest Rate

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

## ₹85 Lakh Home Loan EMI

It is important to have a detailed repayment plan chalked out before taking a home loan of, let’s say ₹85 lakh. And the first step to better plan your loan repayment should be calculating your ₹85 lakh home loan EMI in advance. This would give you a rough estimate of how much money you have to keep aside every month for repaying your loan.

You can calculate your EMI on ₹85 lakh home loan calculator either manually or with our ₹85 lakh home loan EMI calculator – the latter being a far more effective and time-saving tool.

## ₹85 Lakh Home Loan EMI Details

When you get a home loan, you need to repay it within a specified tenure via EMIs. For a ₹85 lakh home loan, the EMI is dependent on three factors – the interest rate, loan amount and tenure.

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. Here’s how your ₹85 lakh home loan EMI would look like:

 Loan Amount (₹) Interest Rate (p.a.) Tenure EMI ₹ 85,00,000 8.45% 5 Years ₹ 1,74,186 ₹ 85,00,000 8.45% 10 Years ₹ 1,05,161 ₹ 85,00,000 8.45% 15 Years ₹ 83,454 ₹ 85,00,000 8.45% 20 Years ₹ 73,496 ₹ 85,00,000 8.45% 30 Years ₹ 65,057

Note: that this table is for illustrative purposes only

## ₹85 Lakh Home Loan EMI Calculator

Your home loan EMI consists of two components – the interest and principal. You can calculate the EMI on ₹85 lakh home loan both manually and with the help of a home loan EMI calculator. However, manual calculations can be exhausting and are prone to errors. To mitigate any chance of miscalculations and save time, use Navi Home Loan EMI Calculator.

This easy-to-use online tool is extremely easy-to-use and offers quick and accurate calculations. All you need to do is enter the loan amount, tenure and interest rate.

Loan Amount

Rate of Interest (P.a)

%

Loan Tenure (Years)

Years

Monthly EMI

0

Total Interest

Total Amount

## ₹85 Lakh Home Loan Interest Rate 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

## How to Apply for ₹85 Lakh Home Loan

Given below are the steps to apply for a ₹85 lakh home loan with Navi:
Enter personal and employment details
Get instant loan approval and provisional sanction letter

## ₹85 Lakh Home Loan EMI for 10 Years

Let’s find out your home loan EMI for different tenures. For your understanding, we have included manual calculations too. Here’s how your ₹85 lakh home loan EMI would look like:

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

Here, P stands for 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 a loan’s tenure is 10 years, then N will be 120.

If you calculate manually, the EMI for a ₹85 Lakh home loan for 10 years would be as follows:

EMI = ₹{85,00,000 x 0.00615 x (1 + 0.00615)^120} / {(1 + 0.00615)^120-1} = ₹1,00,409

Use the Navi Home Loan EMI Calculator to check your EMI in a few seconds. It will save you considerable time and effort.

 Loan Amount ₹ 85,00,000 Rate of Interest 8.45% p.a. EMI ₹ 1,05,161 Total Interest ₹ 41,19,280 Total Repayment ₹ 1,26,19,280

## ₹85 Lakh Home Loan EMI for 20 Years

Now let’s calculate ₹85 lakh home loan EMI for 20 years. The formula is:

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

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

If you calculate manually, the EMI would be as follows:

EMI = ₹{85,00,000 x 0.00615 x (1 + 0.00615)^240} / {(1 + 0.00615)^240-1} = ₹67,905

The break-up of the calculation is detailed below:

 Loan Amount ₹ 85,00,000 Rate of Interest 8.45% p.a. EMI ₹ 73,496 Total Interest ₹ 91,39,090 Total Repayment ₹ 1,76,39,090

## ₹85 Lakh Home Loan EMI for 30 Years

Now, let us proceed to calculate a ₹85 lakh home loan EMI for a tenure of 30 years.
Use the following formula:
EMI = {P x R x (1+R) ^ N} / {(1 + R) ^ N – 1}

Here, P is equal to the principal loan amount. R stands for rate of interest per month divided by 100. N stands for the number of EMIs to pay over the loan’s tenure.

For example, if the loan tenure is 30 years, then N will be 360.

Upon manual calculation, EMI will be as follows:

EMI = ₹{85,00,000 x 0.00615 x (1 + 0.00615)^360} / {(1 + 0.00615)^360-1} = ₹58,794

EMI calculation is detailed below:

 Loan Amount ₹ 85,00,000 Rate of Interest 8.45% p.a. EMI ₹ 65,057 Total Interest ₹ 1,49,20,406 Total Repayment ₹ 2,34,20,406

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## Home Loan for Different Budgets

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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