A ₹75 Lakh home loan becomes more manageable when you select the right interest rate and repayment tenure. Knowing how your EMI changes with different tenures helps you plan your finances better.

For example:

If you take a home loan of ₹75 Lakhs at an interest rate of 7.99% per annum for a tenure of 5 years, your monthly EMI will be approximately ₹1,52,037. Over the loan period, the total interest payable would be around ₹16,22,224.

This means the total repayment amount, including both principal and interest, will be ₹91,22,224.

Choosing the right home loan repayment tenure for a ₹75 Lakh loan is pivotal. Assume that your interest rate is 8.50% p.a. Here is how the monthly instalment would differ over tenures ranging from 5 to 30 years:

The EMI and total interest payable on a ₹75 Lakh home loan vary based on the loan tenure. At an interest rate of 7.99% per annum, your EMI will vary based on the loan tenure you select. 

Opting for a shorter tenure results in higher monthly EMIs but reduces the overall interest paid. In contrast, selecting a longer tenure lowers your monthly EMI but increases the total interest over time.

Here is how the figures change depending on whether you choose a repayment period of 5, 10, 15, 20, 25, or 30 years.

₹75 Lakh Home Loan EMI for 5 Years

Check out the following table to understand the ₹75 Lakh Home Loan EMI for 5 Years:

To calculate the EMI manually you can use the following formula:

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

Where:

• P = Principal loan amount

• R = Monthly interest rate (Annual interest rate / 12 / 100)

• N = Loan tenure in months

For example, when you borrow ₹75 Lakhs on Bajaj Markets at an annual interest rate of 7.99% for 120 months, your EMI comes to approximately ₹90,956. You have to pay a total interest of ₹34,14,728, bringing the overall repayment amount to ₹1,09,14,728.

Instead of performing manual calculations for monthly EMIs, use our house loan EMI calculator online to save time and quickly compare results for different values.

Find and compare ₹75 Lakh home loans on Bajaj Markets from top financial providers. The table below details the EMI and total interest for a 5-year tenure based on each lender’s applicable rate: