Know about the EMI payable for a home loan of ₹80 Lakhs
With a home loan of ₹80 Lakhs, you can comfortably purchase the house of your dreams. However, before you apply for the loan it is essential to check the probable EMIs. This can help you plan your finances better and repay the loan effectively. Several factors like the loan tenure and interest rate have a major impact on the instalment amount payable. Lenders decide the interest rate on the basis of your loan eligibility.
You usually get some flexibility to choose a tenure that suits your needs the best. It is essential to know how the EMI can vary based on your choice of tenure. Let’s understand this better with the help of an example. The following table shows the EMI amount you may have to pay across tenures if the interest rate is set at 9% p.a.
Tenure |
EMI |
10 years |
₹1,01,340.62 |
15 years |
₹81,141.33 |
20 years |
₹71,978.08 |
25 years |
₹67,135.71 |
30 years |
₹64,369.81 |
*Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.
Let’s continue the example and check the impact of change in tenure on your EMIs in further detail. See the table below for a quick look at your EMI for a home loan of ₹80 Lakhs when you choose a 10-year tenure:
Loan Amount |
₹80 Lakhs |
Interest Rate |
9% p.a. |
Loan Tenure |
10 Years |
EMI |
₹1,01,340.62 |
Total payable Interest |
₹41,60,874.28 |
Total Repayment Amount |
₹1,21,60,874.28 |
*Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.
Here is what your EMI on a home loan of ₹80 Lakhs will look like when you choose a 20-year tenure:
Loan Amount |
₹80 Lakhs |
Interest Rate |
9% p.a. |
Loan Tenure |
20 Years |
EMI |
₹71,978.08 |
Total payable Interest |
₹92,74,738.35 |
Total Repayment Amount |
₹1,72,74,738.35 |
*Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.
Here is the breakdown of your loan costs if you opt for a tenure of 30 years:
Loan Amount |
₹80 Lakhs |
Interest Rate |
9% p.a. |
Loan Tenure |
30 Years |
EMI |
₹64,369.81 |
Total payable Interest |
₹1,51,73,131.37 |
Total Repayment Amount |
₹2,31,73,131.37 |
*Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.
Lenders |
Starting Interest Rate |
PNB Housing Finance |
8.50% p.a. |
Union Bank of India |
8.50% p.a. |
Bajaj Housing Finance Limited |
8.55% p.a. |
LIC Housing Finance |
8.65% p.a. |
ICICI Bank |
9.00% p.a. |
Shriram Housing Finance |
11.50% p.a. |
*Disclaimer: The rates are subject to change at the lender’s discretion.
Here are some simple criteria you need to fulfil to be eligible for a home loan of ₹80 Lakhs:
You should reside in India
For salaried applicants
Your age should be between 23 and 62 years
You must have a work experience at least 3 years
For self-employed applicants
Your age should be between 25 and 70 years
The business vintage must be at least 5 years
Also, you must submit the following documents on time for a smooth, hassle-free loan application process:
Identity proof: Aadhaar card, PAN card, voter ID, driving licence, etc.
Address proof: Aadhaar card, passport, utility bills, etc.
For Self-employed:
Certificates proving their qualification for self-employed professionals
TDS certificate
Business licence details
Latest balance sheet of the business, audited by a certified CA
Profit and loss statement of the previous 3 years
ITR filings of the previous 2 years
For Salaried:
Form 16
ITR filings of the previous 2 years
Salary slips of the previous 3 months
The maximum repayment term for a home loan is 30 years.
The minimum salary for a home loan of ₹80 Lakhs depends on the lender. As a general rule, your debt obligation shouldn’t take up more than 50% of your income. For example, considering that the ₹80 Lakh home loan EMI for 20 years, with an interest rate of 9% p.a., is set at ₹71,978.08, you would need an income of at least ₹1.5 Lakhs to qualify comfortably.
Yes. As home loans are secured loans, the credit score requirements for these are quite lenient. However, the loan terms in this case may not be as favourable. You may be offered a higher interest rate or limited flexibility in loan repayments.
Yes. You can have a co-applicant when applying for a home loan of ₹80 Lakhs. However, do note that their income, age, employment, etc. will be considered when assessing your loan eligibility. Selecting the right can help you get favourable loan terms and vice versa.
If you wish to save on your total repayment costs, a shorter tenure may be preferable. This is because the interest accrued during a short term is usually lower. However, if you are looking for affordable monthly instalments which do not burden your finances, consider opting for a longer tenure. Thus, the choice of tenure depends on your financial situation and the total borrowing cost.