Before applying for an online home loan of, say, 75 lakhs, it's crucial to have a thorough repayment strategy in place. Calculate your 75 lakh home loan EMI in advance as the first step to better planning your repayment. This would provide you with an estimate of the additional monthly payment you need to make to cover your home loan's EMI.
Utilise the NoBroker EMI calculator to determine your home loan EMIHow to calculate 75 lakhs housing loan EMI?
Your 75 lakh house loan EMI can be calculated manually or using the NoBroker home loan EMI calculator.
While using the NoBroker EMI calculator, you will just need to add 3 things to calculate the EMI;
Loan amount
Rate of interest
Loan tenure
Use the NoBroker home loan EMI calculator to make the process simpler.
However, if you want to calculate the EMI manually, you will need to use the following formula,
EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1}
In the above formula,
P is the principal amount
N denotes tenure
R implies the monthly interest rate divided by 100.
Considering the interest rate as 8.60%, here are the repayment calculation for different timelines;
| Loan amount- Rs. 7500000 | EMI Amount |
10 years |
Rs. 93, 391 |
15 years |
Rs. 74296 |
20 years |
Rs. 65562 |
Can I get 75 lakh home loan?
Yes! You can get a home loan of Rs. 75 Lakh provided you satisfy the following eligibility criteria;
- Nationality:
Indian resident
- Age:
25 to 62 years for salaried individuals. 25 years to 70 years of self-employed borrowers.
- Type of employment:
At least 3 years of experience as a salaried individual and 5 years as a self-employed borrower.
- CIBIL Score:
750 or higher
I’d like to conclude my answer here as I believe this suffices your query about calculating Rs. 75 lakh home loan EMI. I hope this helps:)
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Read More:
How to Calculate Home Loan EMI? How to calculate EMI using a simple calculator? Is buying a house and paying EMI make more sense than paying the rent?Your Feedback Matters! How was this Answer?
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Can I Get 75 Lakh Home Loan?
Riya
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2023-04-19T12:28:34+00:00 2023-04-19T12:37:33+00:00Comment
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