What is the EMI for 7 Lakh Home Loan?

Last year, my husband and I had our eyes set on a beautiful house worth 27 lakh. We had arranged for ₹ 20 lakhs but we were getting short of ₹ 7 lacs. So, to fulfill our dream, we approached a bank for a home loan. We had no idea

what is the EMI for 7 lakh home loan for 10 years or 5 years. So, the bank employees explained everything tous.

After careful consideration, the bank approved their loan with an interest rate of 8%. 

What is the EMI for 7 lakh home loan?

To calculate the EMI for a home loan, we need to consider the loan amount, interest rate, and loan tenure. Let's calculate the EMI for a 7 lakh home loan for both 10 years and 5 years.

• 7 lakh home loan EMI for 10 years

  :

Assuming an interest rate of 8% per annum, the formula to calculate EMI is:

EMI = (P * r * (1 + r)^n) / ((1 + r)^n - 1)

where P is the loan amount, r is the monthly interest rate, and n is the number of monthly installments.

Loan amount (P) = 7,00,000

Interest rate (r) = 8% per annum = 8/12% per month = 0.0067

Loan tenure (n) = 10 years = 10 * 12 = 120 months

Using the formula:

EMI = (7,00,000 * 0.0067 * (1 + 0.0067)^120) / ((1 + 0.0067)^120 - 1)

EMI = 9,213.61 (approx.)

Therefore, the EMI for a 7 lakh home loan for 10 years would be approximately Rs. 9,213.61.

• 7 lakh home loan EMI for 5 years

  :

Assuming the same interest rate of 8% per annum, the loan tenure (n) would be 5 years = 5 * 12 = 60 months.

Using the formula:

EMI = (7,00,000 * 0.0067 * (1 + 0.0067)^60) / ((1 + 0.0067)^60 - 1)

EMI = 15,265.32 (approx.)

Therefore, the EMI for a 7 lakh home loan for 5 years would be approximately Rs. 15,265.32.

Please note that the calculations I have explained above are based on the assumption of a fixed interest rate throughout the loan tenure. Actual EMIs may vary depending on the terms and conditions of the loan, including any changes in interest rates. I hope this helps you understand

7 lakh home loan EMI for 10 and 5 years.

Hi, we got a loan of 7 lakhs for 10 years at an interest rate of 9%, and our monthly EMI was Rs. 8867. It actually depends on a few factors like loan amount, tenure, and interest rates too. We calculated this using a formula of EMI, which I shared below. You can use the same to get the exact 7 lakh home loan EMI for 10 years.

How to Calculate 7 Lakh Home Loan EMI?

Assuming your interest rate to be 9%, the EMI will be closely around Rs. 8867, but to calculate the exact amount, here’s what you can do:

EMI = P

x

R

x

(1 + R) ^N / [(1 + r) ^ N- 1] 

Debjani and Nelson have already given the details of this formula, so I won’t bore you with the same. If the formula looks tricky, you can calculate your EMI easily using an online EMI calculator.

Here are a few things you should know while applying for a home loan:

1. The EMI will depend on the loan amount, interest rate, and tenure. 

2. The repayment period is inversely proportional to the EMI, which means larger the tenure, lesser will be the monthly installments. 

3. To apply for a loan, first check your eligibility, which largely depends on your work experience and credit worthiness.

4. To save time and manage finances better, just use online tools like home loan EMI and home loan eligibility calculators.

5. The documentation process will be slightly different for salaried and self-employed people, so just confirm this with your bank. 

6. Before applying for a home loan, check your credit score. A good credit score, which sometimes varies according to the bank, will give you a better interest rate, and you can negotiate with the lenders.

That’s all about the home loan. I hope this gives you a better idea on what is the EMI for 7 lakh home loan. 

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How to Reduce EMI for Existing Home Loan?

You can follow a formula to find out the 7 lakh home loan EMI for 10 years. Here it is: EMI = P * r * (1 + r)^n / ((1 + r)^n - 1). “P” here stands for the principal amount, “r” means the monthly interest rate, and “n” denotes the loan tenure. However, I am too bad at maths hence I used NoBroker’s EMI calculator for free. I would suggest you use it too so let me share the process of using it.

What will be the EMI for 7 Lakh Home Loan?

You can use the NoBroker’s EMI calculator to get the exact EMI amount in seconds. Here is how you can get the answer to what will be the 7 lakh home loan EMI for 5 years:

• Visit

  NoBroker’s Home Loan portal

• Scroll down a little and select EMI Calculator

• Enter the loan amount, rate of interest, and loan tenure

• Take for example P= 700000, r= 8.75% and n= 5 years

• You will get the answer: Rs 14,446 as EMI

• Similarly, for 10 years it will be Rs 8,773

I find this method the easiest to get the exact answer in seconds, if you want, you can also use the formula as Nelson mentioned and proceed. Go with which you find better and easier.

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