8 Lakh Home Loan EMI With Calculator And Interest Rates

8 Lakh Home Loan EMI With Calculator And Interest Rates

Planning an 8 lakh home loan? Understanding your EMI is essential for smart financial planning. For a 20-year tenure, the 8 lakh home loan EMI for 20 years is approximately ₹6,892 at an 8.4% interest rate. Shorter tenures, like 5 years, will have higher EMIs, for example, the 8 lakh home loan EMI for 5 years will be significantly higher due to the shorter repayment period.

To calculate your exact EMI, use an online EMI calculator by entering your loan amount, interest rate, and loan tenure. This will help you plan your monthly budget effectively.

This guide covers EMIs for different loan terms—from 5 to 30 years—at an 8.4% annual interest rate and explains how factors like your credit score and lender requirements can impact approval.

Starting your journey towards homeownership with a 20-year tenure is budget-friendly, allowing you to begin with a manageable EMI of ₹6,892. Understanding these figures helps you confidently plan your 8 lakh home loan and move closer to owning your dream home.

Home Loan 8 Lakh EMI Details

A ₹8 lakh home loan repaid through Equated Monthly Instalments (EMIs) depends on factors like the loan tenure, interest rate, and type of interest (fixed or floating). For example, assuming a standard interest rate:

• 8 lakh home loan EMI for 10 years will have higher monthly payments due to the shorter repayment period.
• 8 lakh home loan EMI for 15 years offers moderate EMIs with a longer tenure, making monthly payments more manageable.

Typically, the EMI for a ₹8 lakh home loan can start around ₹7,198 per month for a 20-year tenure, depending on the specific terms and conditions. Borrowers should carefully evaluate their repayment options, financial capabilities, and long-term goals. Additional costs such as processing fees or insurance may also apply, so it’s important to consider them while planning your loan.

₹8 Lakh EMI Calculator

To calculate an 8 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. 8 lakh at an annual interest rate of 8.4% for a tenure of 20 years.

• Calculate the monthly interest rate (R):
  • 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 = 20 years x 12 = 240 months
• Plug the values into the EMI formula:
  • EMI = [8,00,000 x 0.007 x (1+0.007)^240] / [(1+0.007)^240-1]
• Calculate the EMI using a calculator or spreadsheet:
  • EMI = [8,00,000 x 0.007 x 5.33424468143] / 4.33424468143
  • EMI = 29871.770216 (approx.)

So, the Equated Monthly Installment (EMI) for a home loan of Rs. 8 lakh, with an annual interest rate of 8.40% and a tenure of 20 years, would be approximately Rs. 29871.77. This amount is payable every month for the entire loan tenure until the loan is fully repaid.

₹8 Lakh Loan EMI Calculator

An 8 lakh home loan EMI calculator is a valuable tool that helps borrowers estimate their monthly installment payments based on loan tenure, interest rates, and principal amount. It simplifies financial planning by providing clear insights into repayment schedules and total interest costs.

8 Lakh Home Loan Eligibility Criteria

Planning an 8 lakh home loan? Understanding the eligibility criteria is crucial before applying. Here’s what you need to know about Aavas Financiers’ home loan eligibility:

Basic Eligibility Requirements

• Nationality: Must be an Indian resident.
• Maximum Loan Tenure: Up to 30 years. Longer tenure can lower your monthly EMI, e.g., the 8 lakh home loan EMI for 20 years is more manageable compared to shorter tenures.
• Employment: Both salaried and self-employed individuals can apply.
• Work Experience: Minimum of 1 year to ensure a stable source of income.

Factors Affecting Eligibility

• Age: Younger applicants may have longer loan tenure options.
• Income: Higher income may allow a larger loan amount.
• Loan Tenure: Shorter tenures like 5 or 10 years will increase monthly EMIs (e.g., 8 lakh home loan EMI for 5 years, 8 lakh home loan EMI for 10 years), while longer tenures reduce EMIs but increase total interest.
• CIBIL Score: A good credit score improves your chances of approval.

Home Loan Eligibility Calculator

Aavas offers an online eligibility calculator to estimate your loan amount based on your age, income, tenure, and existing obligations. This tool helps you plan better before applying.

Documents Required for an 8 Lakh Home Loan

Documents differ slightly for salaried and self-employed applicants. Here’s a clear breakdown:

For Salaried Individuals

Identity Proof (PAN mandatory + any one):

• Passport
• Voter ID
• Aadhaar Card
• Driving License

Address Proof (any one):

• Passport
• Voter ID
• Aadhaar Card
• PAN Card
• Driving License

Income Proof:

• Salary slips, Form 16, or bank statements
• Salary certificate (if paid in cash)

Other Documents:

• Duly signed application form with photograph
• Processing fee cheque
• Last 6 months bank statements

Property Documents:

• Copy of allotment letter/seller’s agreement
• Receipts of payments made to the builder/developer

For Self-Employed Individuals

Identity Proof (PAN mandatory + any one):

• Passport
• Voter ID
• Aadhaar Card
• Driving License

Address Proof (any one):

• Passport
• Voter ID
• Aadhaar Card
• PAN Card
• Driving License

Income Proof:

• IT returns and/or financial statements of the last 3 years
• Informal income documents (if applicable)

Other Documents:

• Duly signed application form with photograph
• Processing fee cheque
• Proof of business existence
• Last 6 months bank statements

Property Documents:

• Copy of allotment letter/seller’s agreement
• Receipts of payments made to the builder/developer

₹8 Lakh Home Loan EMI for 5 Years

₹8 Lakh Home Loan EMI for 10 Years

₹8 Lakh Home Loan EMI for 15 Years

₹8 Lakh Home Loan EMI for 20 Years

₹8 Lakh Home Loan EMI for 30 Years

8 Lakhs Home Loan Amortization

An ₹8 lakh home loan amortization provides a clear breakdown of principal and interest payments over the loan tenure. It helps borrowers understand their repayment schedule, highlighting how each EMI gradually reduces the loan balance. This method ensures a systematic reduction of debt, making financial planning easier.

Below is the amortization table for the first year, assuming an 8.4% interest rate and 30-year tenure:

Comparison of Interest Rate & Processing Fee for ₹8 Lakh Home Loan EMI

When choosing an ₹8 lakh home loan, comparing interest rates and processing fees is crucial for finding the most cost-effective option. This section provides a detailed comparison of leading lenders, highlighting variations in rates and fees to help you make an informed decision and save on overall borrowing costs.

Interest Rates on ₹8 Lakh Home Loan EMI Across Different Banks

Navigating the home loan landscape can be overwhelming, especially when comparing interest rates and EMIs across different banks. Our comprehensive analysis breaks down the nitty-gritty details of 8 lakh home loans, helping you make an informed decision and find the most cost-effective financing option for your dream home.

Here, add the interest rates column only for 15 years (in reference blog table is for 30 years, but you will add here for 15 years)

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

Taking out a home loan is a significant financial decision. When considering a sum of 8 lakh, you’ll need to account for various factors to ensure a smooth borrowing experience.

• Credit Score: Your credit score reflects your creditworthiness. A high score can fetch you better interest rates and terms. Regularly check and maintain a good credit score, preferably above 750, to increase your chances of loan approval and to access favorable terms.
• Eligibility: Different lenders have different criteria, which may include age, employment type, and income. Ensure you meet the lender’s requirements to avoid rejection. Familiarize yourself with these criteria and gather necessary documents beforehand.
• Ability to Repay: Lenders assess your financial stability by examining your monthly income, savings, and existing debts. Before applying, assess your finances to determine if you can comfortably manage the loan repayments on top of your other expenses.
• EMI: Equated Monthly Instalments (EMI) are what you’ll pay monthly to clear off the loan. Use online EMI calculators to get an estimate. Choose a repayment tenure that ensures your EMI doesn’t exceed 30-40% of your monthly income.
• Overall Cost Calculations: The loan amount is just one part of the overall cost. Consider other charges like processing fees, legal charges, and interest over the loan tenure. This will give you a clearer picture of the total cost over the loan’s duration.

Do’s and Don’ts Table

By adhering to these guidelines and being well-prepared, you can navigate the home loan process with confidence and ease.

Securing an 8 lakh home loan EMI for 10 years is more than just about monthly repayments—it’s about making a significant step towards home ownership, an achievement many dream of. Every potential homeowner should be equipped with the right tools and knowledge to navigate this journey.

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How NoBroker Helps You

Planning your 8 lakh home loan can feel overwhelming with so many banks, interest rates, and EMI options to compare. NoBroker simplifies the process by helping you compare home loan offers from top banks in one place.

NoBroker guides you through:

• Checking your eligibility for different banks.

• Calculating exact EMIs based on loan amount, interest rate, and tenure.

• Understanding processing fees, interest rates, and repayment terms.

• Assisting with document preparation and submission, whether you’re salaried or self-employed.

With NoBroker, you get expert advice and a seamless loan application experience—all without paying broker fees—so you can focus on your dream home instead of paperwork.

Conclusion

An 8 lakh home loan is a crucial step toward owning your dream home. Understanding your EMIs, interest rates, and loan tenure options helps you plan your finances better and avoid surprises.

With tools like EMI calculators, eligibility checkers, and comparison tables, you can make informed decisions and choose a loan that fits your budget and lifestyle.

NoBroker makes this journey easier by providing transparent comparisons, expert guidance, and end-to-end support—helping you secure the best home loan deal quickly and conveniently. Start your journey toward homeownership today with NoBroker Home Loan Services.