What is EMI for 8 Lakh Home Loan?

Getting a home loan gives people like us the chance to invest in a place they can call their own. It is a big step towards achieving the goal of homeownership. For prospective homebuyers, the Equated Monthly Instalment (EMI) is one of the most important factors. If you took an 8 lakhs home loan, then you must be thinking what is the 8 lakh home loan EMI. So, let me tell you, it depends on the interest rate and your loan tenure.

What is the Home Loan 8 Lakh EMI?

As I mentioned, an EMI for your Rs.8 lakh home loan depends on factors like the interest rate, loan tenure, and repayment structure. The interest rate typically ranges between 8% to 10% per annum for home loans in India. Talking about the loan tenure, here it is usually between 5 and 30 years. You can calculate your EMI from the below formula.

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

Here,

1. P = Principal amount (Rs.8,00,000)

2. R = Monthly interest rate (annual rate ÷ 12 ÷ 100)

3. N = Number of monthly installments (tenure in months)

Let’s take an example. Assuming an interest rate of 9%, here are approximate EMIs for various tenures:

Alternatively, you can use online EMI calculators. You simply input the loan amount, tenure, and interest rate to know the EMI for 8 lakh home loan easily.

Get Home Loan via NoBroker at Lowest Rates and with Minimal Documentation.

Read more

How to pay home loan EMI through credit card?

Hello, I would like to help you to know the home loan 8 lakh EMI. The EMI is a variable element that is dependent on many factors, including the loan tenure and the interest rate. So, instead of giving you a rough figure, I would like to share the EMI you’ll have to pay for a loan of Rs. 8 lakhs in different banks. I did my research while opting for a home loan in March this year. So, let me take you through the numbers below.

What is the Rs. 8 Lakh Home Loan EMI 5 Years?

Here, I am sharing the EMI for a Rs. 8 lakh home loan for a tenure of 5 years for three of the popular Indian banks.

Now that you know the EMI rates, I would also like to share that the EMI is dependent on the interest rate. The interest rate depends on your credit score and whether you are a salaried individual or a non-salaried individual. Apart from this, I would suggest you check NoBroker home loans, as it made it easier for me to compare the interest rates of different banks and find the best loan offer.

Here is a good

for you. I hope this helps.

Several aspects need to be considered before opting for a home loan. I availed of a home loan a few years ago, but before that, I wanted to know what will be the 8 lakh home loan EMI for 10 years. I asked a few relatives about it and go to learn that the EMI amount will also depend on the interest rate apart from the principal amount and tenure. So let me give you an idea about what is EMI for 8 lakh home loan so that you can also do the calculation accordingly. There is a formula to calculate the EMI you can use it. You can also search for an EMI calculator online.

To calculate the EMI, you will need to apply a formula that is- 

EMI = P × r × (1 + r)n/((1 + r)n

• Here P = Loan amount

• r= interest rate

• n=tenure 

So let's suppose 

• Here P = Rs. 800000

• r= 8%

• n= 5 years 

So the EMI will be Rs 16,221

Here P = Rs. 800000

r= 8%

n= 10 years 

So the EMI will be Rs 9,706

• Here P = Rs. 800000

• r= 8%

• n= 15 years 

So the EMI will be Rs 7,645

• Here P = Rs. 800000

• r= 8%

• n= 20 years 

So the EMI will be Rs 6,692

By now, you must have understood what will be the 8 lakh home loan EMI for 10 years.