10 Lakh Home Loan EMI With Calculator And Interest Rates 2024

Embarking on the journey of homeownership is a significant decision, and understanding the intricacies of financing is crucial. One popular loan segment many consider is the 10 lakh home loan EMI for 10 years. With the interest rates and tenure combined, it impacts the monthly outlay you would commit to this loan. This article delves deep into the nuances of 10 lakh housing loan EMI, with detailed breakdowns for various tenures, helping you plan your finances better for a smooth homeownership transition.

For those eager to commence their journey towards homeownership with a 30-year loan tenure, the figures are telling: you can initiate it with a budget-friendly initial EMI of ₹7,618, empowering you to confidently embark on the path to your dream home with a ₹10 Lakhs home loan.

10 Lakh Home Loan EMI Details

When dealing with a 10 lakh home loan, your monthly EMI is influenced by factors such as the interest rate, loan tenure, and the concept of compound interest. Compound interest involves computing interest on both the initial loan amount and the accumulated interest from prior periods, resulting in interest on top of interest.

• Loan Amount: ₹10 lakhs
• Interest Rate: 8% (Compound Interest)

Loan Amount	Tenure	Monthly EMI
10 Lakh	5 Years	₹20,468
10 Lakh	10 Years	₹12,345
10 Lakh	15 Years	₹9,789
10 Lakh	20 Years	₹8,615
10 Lakh	30 Years	₹7,618

How to Calculate EMI of 15 lakh home loan?

To calculate 15 lakh home loan EMI, use the following formula:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

Where:

• P = Loan amount
• R = Interest rate per month
• N = Loan tenure in months

Example:

Suppose you have taken a home loan of  Rs. 10 lakh at an annual interest rate of 8.4% for a tenure of 10 years.

Calculate the monthly interest rate (R):
Read: Cosmos Bank Home Loan Interest Rates – Updated in May 2024

Monthly Interest Rate = Annual Interest Rate / 12

R = 8.40% / 12 =0.007

Calculate the loan tenure in months (N):

Loan Tenure in Months = Loan Tenure in Years x 12

N = 10 years x 12 = 120 months

Plug the values into the EMI formula:

EMI = [10,00,000 x 0.007 x (1+0.007)^120] / [(1+0.007)^120-1]

Calculate the EMI using a calculator or spreadsheet:

EMI = [10,00,000 x 0.007 x 2.30959838098] / 1.30959838098

EMI = 12345.1501633 (approx.)

So, the Equated Monthly Installment (EMI) for a home loan of Rs. 10 lahks, with an annual interest rate of 8.40% and a tenure of 10 years, would be approximately Rs. 12345.15. This amount is payable every month for the entire loan tenure until the loan is fully repaid. The EMI for a 10 lakh home loan with SBI will depend on the interest rate and loan tenure you choose.

10 Lakh Home Loan EMI Calculator

Navigating the complex world of home loans is now simpler with the NoBroker Home Loan EMI Calculator. Just input your principal amount of 10 lakhs and choose your preferred tenure and interest rate. Within seconds, get a clear picture of your monthly EMI. No more guesswork or tedious calculations; let our calculator do the heavy lifting, ensuring you make informed decisions on your home financing journey.

Eligibility Criteria for a 10 Lakh Home Loan

Getting a 10 lakh home loan is a significant step towards realizing your dream of becoming a homeowner. It’s essential to understand the prerequisites and the documentation required by lenders to ensure a smooth application process.
Read: Home Loan NOC: Importance and Process

• Eligibility Requirements: Lenders usually set specific age limits. Typically, you should be at least 21 years old, with a maximum age at loan maturity ranging from 60 to 65 years.

• Income Evaluation: Your income plays a crucial role in determining eligibility. Lenders often require a minimum annual income, generally around three to four times the monthly EMI.

• Credit Assessment: Maintaining a good credit score is vital, with most lenders favouring scores above 750, reflecting responsible financial habits.

• Employment Stability: Lenders appreciate applicants with a consistent work history. A stable employment record demonstrates your ability to maintain a steady income, and a longer tenure with your current employer can enhance your eligibility.

Documents Required for a 10 Lakh Home Loan

The documentation process is a crucial aspect of your home loan application. To expedite the approval process, ensure you provide accurate and complete documents as required. Here is a compilation of the standard documents typically requested:

• Identity Verification: Valid government-issued identification documents such as a passport, Aadhaar card, PAN card, or driver’s license.

• Address Confirmation: Documents that confirm your residential address, which may include electricity bills, telephone bills, or rental agreements.

• Income Proof: Documentation related to your income is essential for assessing your repayment capacity. This often includes salary slips for the last 3-6 months, income tax returns (ITR) for the past 2-3 years, and Form 16 from your employer.

• Employment Verification: Documents that verify your employment status, such as an employment letter or offer letter from your current employer, along with income details.

• Bank Records: Bank statements from the previous 6 months, showcasing your financial transactions and income sources.

• Property Documentation: If you’ve selected a property, you’ll need relevant property documents like the sale agreement, title deed, and property tax receipts.

• Photographs: Passport-sized photographs for official purposes.

• Loan Application Form: The lender’s application form, accurately completed and duly signed.

• Investment Records (if applicable): Documentation of your investments, such as fixed deposits, stocks, or mutual funds, providing evidence of additional financial stability.

Remember that specific document requirements may slightly vary depending on the lender and your employment situation. Some lenders may have additional conditions, particularly for self-employed individuals or applicants with diverse income sources.

₹10 Lakh Home Loan EMI for 5 Years 

Curious about your monthly EMI on 10 lakh home loan with a 5-year repayment period at an 8.4% annual interest rate? To manually calculate the EMI, you can use the following formula:

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

Here, P represents the principal amount (₹10,00,000), R is the monthly interest rate (8.4% divided by 12 months, or approximately 0.007 when converted to a decimal), and N is the total number of monthly installments (5 years, or 60 months).

Using this formula, the EMI of a 10 lakh home loan with a 5-year tenure at an 8.4% annual interest rate would be approximately ₹20,468.

Budget	10 Lakh
Rate of Interest	8.4%
Total Interest Amount	₹228,102
Total Repayment Amount	₹1,228,102

₹10 Lakh Home Loan EMI for 10 Years

If you’re considering a ₹10 lakh home loan with a 10-year repayment period and an 8.4% annual interest rate, you can calculate your monthly EMI using the formula:

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

In this scenario, P represents the principal amount (₹10,00,000), R is the monthly interest rate (8.4% divided by 12 months, or approximately 0.007 when converted to a decimal), and N is the total number of monthly installments (10 years, or 120 months).

Using the formula, your EMI for a ₹10 lakh home loan with a 10-year tenure at an 8.4% annual interest rate would be approximately ₹12,345.

Budget	10 Lakh
Rate of Interest	8.4%
Total Interest Amount	₹481,418
Total Repayment Amount	₹1,481,418

₹10 Lakh Home Loan EMI for 15 Years 

Planning for a ₹10 lakh home loan with a 15-year repayment period and an 8.4% annual interest rate? You can manually calculate your monthly EMI using this formula:

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

Here, P stands for the principal amount (₹10,00,000), R is the monthly interest rate (8.4% divided by 12 months, or approximately 0.007 when converted to a decimal), and N represents the total number of monthly installments (15 years, or 180 months).

By applying this formula, your EMI for a ₹10 lakh home loan with a 15-year tenure at an 8.4% annual interest rate would be approximately ₹9,789.

Budget	10 Lakh
Rate of Interest	8.4%
Total Interest Amount	₹761,996
Total Repayment Amount	₹1,761,996

₹10 Lakh Home Loan EMI for 20 Years 

Considering a ₹10 lakh home loan with a 20-year repayment period at an 8.4% annual interest rate? To manually calculate your monthly EMI, use the following formula:

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

In this case, P represents the principal amount (₹10,00,000), R is the monthly interest rate (8.4% divided by 12 months, or approximately 0.007 when converted to a decimal), and N is the total number of monthly installments (20 years, or 240 months).

Using this formula, your EMI for a ₹10 lakh home loan with a 20-year tenure at an 8.4% annual interest rate would be approximately ₹8,615.

Budget	10 Lakh
Rate of Interest	8.4%
Total Interest Amount	₹1,067,611
Total Repayment Amount	₹2,067,611

₹10 Lakh Home Loan EMI for 30 Years  

Planning for a ₹10 lakh home loan with a 30-year repayment period and an 8.4% annual interest rate? You can manually calculate your monthly EMI using the following formula:

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

In this scenario, P represents the principal amount (₹10,00,000), R is the monthly interest rate (8.4% divided by 12 months, or approximately 0.007 when converted to a decimal), and N stands for the total number of monthly installments (30 years, or 360 months).

By applying this formula, your EMI for a ₹10 lakh home loan with a 30-year tenure at an 8.4% annual interest rate would be approximately ₹7,618.

Budget	10 Lakh
Rate of Interest	8.4%
Total Interest Amount	₹1,742,616
Total Repayment Amount	₹2,742,616

Things to Keep in Mind While Applying for an 8 Lakh Home Loan

Taking a leap into homeownership is exhilarating but demands astute financial planning. Here are essential facets to consider when eyeing that 8 lakh home loan:

1. Credit Score

Your credit score is a mirror of your creditworthiness. A higher score can secure favourable interest rates and loan terms. Regularly check and maintain a good score by timely payments and debt management.

2. Eligibility

Lenders have specific criteria, including age, income, and employment stability. Ensure you meet these prerequisites to prevent application rejection and any subsequent negative mark on your credit history.

3. Ability to Repay

It’s vital to evaluate your financial stability. Consider your monthly expenses, other debts, and emergency funds. A comprehensive assessment ensures that you can manage EMIs without straining your budget.

4. EMI

Equated Monthly Installments (EMIs) should align with your monthly budget. Use online EMI calculators to ascertain the amount you’d need to set aside each month, factoring in interest rates and loan tenure.

5. Overall Cost Calculations

Beyond the principal loan amount, there are processing fees, possible penalties, and other charges. Get a holistic view of all expenses to prevent any financial surprises later.

Do’s and Don’ts for 8 Lakh Home Loan

Do’s	Don’ts
Regularly monitor and enhance your credit score.	Avoid multiple loan applications in a short time span.
Research and compare different lender offerings.	Don’t bypass reading the loan’s terms and conditions.
Keep an emergency fund to tackle unforeseen circumstances.	Don’t borrow more than you can comfortably repay.
Update yourself on prevailing interest rates.	Avoid hidden fees; always ask for a comprehensive cost.

Embarking on the journey to homeownership involves understanding the nuances of home loans, and the 10 lakh home loan EMI for 10 years segment is a crucial milestone for many. Having garnered insights on various EMI calculations, interest rates, and factors affecting your loan decisions, you’re now better equipped to make informed choices. If you’re ready to take the plunge or need further clarity, explore the comprehensive services provided by NoBroker Home Loan Services to guide you every step of the way.

Disclaimer: The interest rates and calculations mentioned in this guide are for illustrative purposes only. Actual rates and terms may vary depending on the lender and prevailing market conditions.

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