80 Lakh Home Loan EMI With Calculator And Interest Rates
Planning to take an ₹80 lakh home loan? Whether you’re buying your first house or upgrading to a larger one, it’s important to understand how much EMI you’ll need to pay. At an interest rate of 8.45% for a 30-year tenure, your monthly EMI could be as low as ₹61,230.
80 Lakh Home Loan EMI With Calculator And Interest Rates
Deciding to purchase a home is of great importance, and understanding the financial workings of a home loan is crucial. In this blog, we uncover the essential insights surrounding 80 lakh home loan EMIs, addressing their calculation, eligibility criteria, and necessary documentation. By delving into these aspects, you can empower yourself to make well-informed decisions about your path to homeownership.
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 ₹61,230, empowering you to confidently embark on the path to your dream home with a ₹80 Lakh home loan.
80 Lakh Home Loan EMI Details
The EMI for a home loan amounting to 80 lakh will change based on factors such as the interest rate, loan tenure, and additional considerations. Nevertheless, you have the option to utilize an EMI calculator to obtain an approximation of your monthly repayment amounts.
The following table illustrates the monthly Equated Monthly Installment (EMI) amounts for an 80 lakh home loan at a fixed interest rate of 8.45% across different loan tenures, ranging from 5 to 30 years.
| TENURE | EMI AMOUNT(INR) |
| 5 Years | ₹163,940 |
| 10 Years | ₹98,975 |
| 15 Years | ₹78,545 |
| 20 Years | ₹69,173 |
| 25 Years | ₹64,149 |
| 30 Years | ₹61,230 |
How to Calculate 80 Lakh Home Loan EMI?
Calculating the EMI for your 80 lakh home loan is a critical step in managing your finances. You can effortlessly compute it using the 80 Lakh home loan EMI formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Where:
EMI = Equated Monthly Installment
P = Principal Loan Amount (80,00,000 INR)
R = Monthly Interest Rate (Annual Interest Rate divided by 12 and converted to a decimal)
N = Loan Tenure in Months (Loan Tenure in Years multiplied by 12)
With this formula, you can determine the monthly EMI required for your 80 lakh home loan, enabling you to effectively manage your financial planning.
80 Lakh Home Loan EMI Calculator
You have the option to utilize an EMI calculator to obtain an approximation of your monthly repayment amounts for an 80 lakh home loan.
Numerous online EMI calculators are accessible, including options like the tool offered by NoBroker.
To use an EMI calculator, you will need to enter the following information:
- Loan amount
- Interest rate
- Loan tenure
Afterwards, the EMI calculator will compute both your monthly repayments and the total interest you’ll pay throughout the loan’s duration.
Eligibility Criteria for an 80 Lakh Home Loan
Securing an 80 lakh home loan to fulfill your dream of owning a home is a significant financial decision. Lenders have specific eligibility criteria and documentation requirements to ensure borrowers can responsibly manage their repayments.
- Age: Typically, the minimum age is around 21 years, while the maximum age at loan maturity usually falls between 60 and 65 years.
- Income: Your income plays a crucial role in determining eligibility for an 80 lakh home loan. The minimum annual income requirement varies among lenders but is often set at around 3 to 4 times the EMI amount.
- Credit Score: Generally, a credit score above 750 is considered favourable as it reflects responsible financial behavior.
- Employment Stability: Lenders prefer borrowers with a stable job history. A consistent employment record indicates your ability to generate a steady income for repaying the loan. A longer tenure at your current employer may also be advantageous.
Documents Required for an 80 Lakh Home Loan
The documents required for an 80 lakh home loan vary from lender to lender.
However, some of the common documents that you will need to provide include:
- Proof of identity (passport, PAN card, driving license)
- Proof of residence (electricity bill, water bill, rent agreement)
- Proof of income (salary slips, tax returns)
- Credit report
- Property documents (sale deed, architect’s plan)
80 Lakh Home Loan EMI for 5 Years
Are you considering an ₹80 lakh (8 million) home loan with a 5-year repayment period at an 8.45% annual interest rate? To calculate your monthly EMI manually, you can use the formula:
EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}
For a 5-year term:
EMI = ₹ {80,00,000 x 0.00704 x (1 + 0.00704)^60} / {(1 + 0.00704)^60 – 1}
EMI ≈ ₹163,940
With an ₹80 lakh loan amount, your monthly EMI would be approximately ₹163,940 over 5 years, resulting in a total repayment of ₹9,836,372, including ₹1,836,372 in interest.
| Time Period | 5 |
| Loan Amount | 8000000 |
| Rate of Interest (p.a.) | 8.45 |
| EMI | ₹163,940 |
| Total Interest | ₹1,836,372 |
| Total Repayment | ₹9,836,372 |
80 Lakh Home Loan EMI for 10 Years
Planning an ₹80 lakh home loan with a 10-year tenure at an 8.45% annual interest rate? Calculate your EMI manually:
EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}
For a 10-year term:
EMI = ₹ {80,00,000 x 0.00704 x (1 + 0.00704)^120} / {(1 + 0.00704)^120 – 1}
EMI ≈ ₹98,975
An ₹80 lakh loan over 10 years translates to a monthly EMI of ₹98,975, resulting in a total repayment of ₹11,876,970, including ₹3,876,970 in interest.
| Time Period | 10 |
| Loan Amount | 8000000 |
| Rate of Interest (p.a.) | 8.45 |
| EMI | ₹98,975 |
| Total Interest | ₹3,876,970 |
| Total Repayment | ₹11,876,970 |
80 Lakh Home Loan EMI for 15 Years
Considering an ₹80 lakh home loan with a 15-year repayment period and an 8.45% annual interest rate? Calculate your EMI manually:
EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}
For a 15-year term:
EMI = ₹ {80,00,000 x 0.00704 x (1 + 0.00704)^180} / {(1 + 0.00704)^180 – 1}
EMI ≈ ₹78,545
With this loan, your monthly EMI for 15 years would be ₹78,545, resulting in a total repayment of ₹14,138,077, which includes ₹6,138,077 in interest.
| Time Period | 15 |
| Loan Amount | 8000000 |
| Rate of Interest (p.a.) | 8.45 |
| EMI | ₹78,545 |
| Total Interest | ₹6,138,077 |
| Total Repayment | ₹14,138,077 |
80 Lakh Home Loan EMI for 20 Years
Thinking of an ₹80 lakh (8 million) home loan with a 20-year tenure at an 8.45% annual interest rate? Calculate your EMI manually:
EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}
For a 20-year term:
EMI = ₹ {80,00,000 x 0.00704 x (1 + 0.00704)^240} / {(1 + 0.00704)^240 – 1}
EMI ≈ ₹69,173
Your monthly EMI for 20 years would amount to ₹69,173, resulting in a total repayment of ₹16,601,496, including ₹8,601,496 in interest.
| Time Period | 20 |
| Loan Amount | 8000000 |
| Rate of Interest (p.a.) | 8.45 |
| EMI | ₹69,173 |
| Total Interest | ₹8,601,496 |
| Total Repayment | ₹16,601,496 |
80 Lakh Home Loan EMI for 25 Years
Planning an ₹80 lakh home loan with a 25-year repayment period at an 8.45% annual interest rate? Calculate your EMI manually:
EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}
For a 25-year term:
EMI = ₹ {80,00,000 x 0.00704 x (1 + 0.00704)^300} / {(1 + 0.00704)^300 – 1}
EMI ≈ ₹64,149
Your monthly EMI for 25 years would be ₹64,149, resulting in a total repayment of ₹19,244,650, which includes ₹11,244,650 in interest.
| Time Period | 25 |
| Loan Amount | 8000000 |
| Rate of Interest (p.a.) | 8.45 |
| EMI | ₹64,149 |
| Total Interest | ₹11,244,650 |
| Total Repayment | ₹19,244,650 |
80 Lakh Home Loan EMI for 30 Years
Thinking of an ₹80 lakh (8 million) home loan with a 30-year tenure at an 8.45% annual interest rate? Calculate your EMI manually:
EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}
For a 30-year term:
EMI = ₹ {80,00,000 x 0.00704 x (1 + 0.00704)^360} / {(1 + 0.00704)^360 – 1}
EMI ≈ ₹61,230
With this loan, your monthly EMI for 30 years would be ₹61,230, resulting in a total repayment of ₹22,042,735, including ₹14,042,735 in interest.
| Time Period | 30 |
| Loan Amount | 8000000 |
| Rate of Interest (p.a.) | 8.45 |
| EMI | ₹61,230 |
| Total Interest | ₹14,042,735 |
| Total Repayment | ₹22,042,735 |
Things to Keep in Mind When Applying for an 80 Lakh Home Loan
When considering an 80 Lakh home loan, it’s crucial to contemplate various essential factors that can influence your borrowing experience. Here’s a concise overview to assist you:
- Credit Score: Maintaining a robust credit score, typically above 750, is vital as it significantly impacts your loan approval and interest rates.
- Eligibility: Ensure that you fulfill the lender’s eligibility criteria, which might include factors like age, nationality, and income.
- Repayment Capacity: Evaluate your ability to repay the loan by assessing your current financial situation and job stability.
- EMI Evaluation: Calculate EMIs for various loan tenures to determine the one that best aligns with your monthly budget.
- Comprehensive Cost Analysis: Obtain insights into the total interest payable over the loan’s duration, empowering you to make well-informed borrowing decisions.
Do’s and Don’ts for a Successful 80 Lakh Home Loan Application
| Do’s | Don’ts |
| Review Your Credit Report: Check for errors and improve if needed. | Apply with Multiple Lenders: Avoid submitting applications to multiple lenders. |
| Research Interest Rates: Compare rates for the best deal. | Borrow Beyond Your Means: Stick to a budget-friendly EMI. |
| Consider Additional Costs: Account for registration, insurance, and taxes. | Neglect Your Credit History: Be mindful of your credit history. |
| Maintain Financial Stability: A steady income and job security enhance approval chances. | Underestimate Hidden Costs: Be aware of unexpected charges. |
| Factor in Future Contingencies: Plan for emergencies or financial changes. | Forget to Read the Fine Print: Carefully review loan terms. |
Following these guidelines will help you effectively navigate the 30 Lakh home loan application process and make informed decisions.
How NoBroker Can Help?
To summarize, you have obtained a comprehensive understanding of the specifics concerning “EMI for an 80 Lakh Home Loan.” This knowledge equips you to navigate home loan-related matters effectively. While aspects like interest rates and eligibility might appear complex when approached independently, there’s no need to worry. NoBroker is here to provide expert advice and streamline the process for you. Feel free to reach out to NoBroker today, and we’ll assist you in smoothly progressing towards your dream home, ensuring a hassle-free experience.
