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

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.

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When you take 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 8.74% 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 | 8.74% | 5 Years | ₹1,75,375 |

₹85,00,000 | 8.74% | 10 Years | ₹1,06,482 |

₹85,00,000 | 8.74% | 15 Years | ₹84,903 |

₹85,00,000 | 8.74% | 20 Years | ₹75,061 |

₹85,00,000 | 8.74% | 30 Years | ₹75,061 |

Note: that this table is for illustrative purposes only

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

Navi offers home loans up to ₹5 crore at competitive interest rates starting from 8.74% p.a. with flexible repayment tenures of up to 30 years. Here are the details below:

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 ₹85 lakh home loan with Navi:

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

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 | 8.74% p.a. |

EMI | ₹1,06,482 |

Total Interest | ₹42,77,841 |

Total Repayment | ₹1,27,77,841 |

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 | 8.74% p.a. |

EMI | ₹75,061 |

Total Interest | ₹95,14,684 |

Total Repayment | ₹1,80,14,684 |

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 | 8.74% p.a. |

EMI | ₹66,809 |

Total Interest | ₹1,55,51,181 |

Total Repayment | ₹2,40,51,181 |

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What is a home loan EMI?

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).

How is my home loan EMI determined?

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.

Can I take a joint home loan?

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.

What happens if I default on my loan?

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.

How to get a home loan with a low CIBIL score?

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.

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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