Calculating a home loan EMI involves the use of a standard formula. Understanding this formula helps you see how tenure and interest rate affect your monthly repayment.

EMI Formula:

EMI = [P × r × (1 + r)^n] ÷ [(1 + r)^n – 1]

Where:

• P = Loan amount (Principal)

• r = Monthly interest rate (Annual interest rate ÷ 12 ÷ 100)

• n = Total number of monthly instalments (Loan tenure in years × 12)

Let’s understand this with an example:

Calculate the EMI for a loan of ₹80 Lakhs at 7.15% p.a. for 20 years:

• Principal (P): ₹80,00,000

• Annual Interest Rate: 7.15% → Monthly rate r = 7.15 ÷ 12 ÷ 100 = 0.005958

• Tenure: 20 years → n = 20 × 12 = 240 months

Applying the values into the formula:

EMI = [80,00,000 × 0.005958 × (1 + 0.005958)^240] ÷ [(1 + 0.005958)^240 – 1]

After solving step by step, the EMI for an ₹80 Lakh home loan over 20 years comes to about ₹62,752

The below table shows how the ₹80 Lakhs home loan EMI varies across tenures at an interest rate of 7.15% p.a., along with the approximate repayment and interest amount payable:

Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.

₹80 Lakh Home Loan EMI for 5 Years

Here is the complete EMI and repayment breakdown if you choose to repay a home loan of ₹80 Lakhs over a 5-year tenure:

Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.

₹80 Lakh Home Loan EMI for 10 Years

Here is how your EMI and total loan cost shape up when you opt for a 10-year repayment period on an ₹80 Lakh home loan:

Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.

₹80 Lakh Home Loan EMI for 15 Years

Here is what your EMI and interest outgo look like when an ₹80 Lakh home loan is spread over a 15-year tenure:

Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.

₹80 Lakh Home Loan EMI for 20 Years

Here is what your EMI on a home loan of ₹80 Lakhs will look like when you choose a 20-year tenure:

Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.

₹80 Lakh Home Loan EMI for 25 Years

Here is the repayment structure for an ₹80 Lakh home loan when you extend the tenure to 25 years for lower EMI amounts:

Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.

₹80 Lakh Home Loan EMI for 30 Years

Here is the breakdown of your loan costs if you opt for a tenure of 30 years for an ₹80 Lakh home loan:

Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.

This home loan is designed to offer long-term affordability, flexible repayment, and easier access to higher loan amounts. By choosing the right tenure and interest rate, you can keep your ₹80 Lakhs home loan EMI aligned with your financial capacity.

Key features and benefits include:

• Competitive interest rates

Access to multiple lenders helps you secure favourable rates, which directly impacts your EMI and total interest outgo.

• Long repayment tenure

Tenures of up to 32 years allow you to lower your monthly outflow and manage your ₹80 Lakhs home loan EMI more comfortably.

• Balance transfer facility

You can switch your existing loan to another lender offering better terms, helping reduce the EMI or overall repayment burden.

• Quick loan disbursal

Once approved and documents are verified, the loan amount is disbursed within a short turnaround time.

• Flexible repayment for under-construction properties

Part-EMI options help reduce financial pressure during the construction phase.

• Simple application process

A streamlined digital journey makes it easier to apply, compare options, and estimate repayments using an ₹80 Lakh home loan EMI calculator.

• Tax benefits

Repayments on an ₹80 Lakh home loan may qualify for tax deductions on principal and interest under Sections 80C and 24(b) of the Income Tax Act, 1961, subject to applicable limits and conditions.

Here are the eligibility criteria for an ₹80 Lakh home loan:

• You should reside in India
  

• For salaried applicants
  

  • Your age should be between 21 and 67 years
    

  • You must have a work experience at least 3 years
    

• For self-employed applicants
  

  • Your age should be between 23 and 70 years
    

  • The business vintage must be at least 5 years

Lenders require a standard set of documents to assess your eligibility, income stability, and repayment capacity before approving a home loan of ₹80 Lakhs.

Here are the details of the required documents:

Documents Required for Salaried Individuals

• Identity Proof: Aadhaar card, PAN card, voter ID, or driving licence
  
  
• Address Proof: Aadhaar card, passport, or utility bills
  
  
• Form 16 or salary slips for the last 3 months
  
  
• ITR filings for the previous 2 years
  
  
• Bank account statement for the last 3 months

Documents Required for Self-Employed Individuals

• Identity Proof: Aadhaar card, PAN card, voter ID, or driving licence
  
  

• Address Proof: Aadhaar card, passport, or utility bills
  
  
• Bank account statement for the past 6 months
  
  
• ITR filings for the last 2 financial years
  
  
• Business vintage proof – Certificate of Incorporation, Shop Act, etc.
  
  
• Qualification certificates (for self-employed professionals)
  
  
• TDS certificate and business licence details
  
  
• Provide the latest audited balance sheet of the business
  
  
• Profit and loss statement for the last 3 years

Here is how you can apply for an ₹80 Lakh home loan on Bajaj Markets in a few easy steps:

1. Click on the ‘Check Offers’ button on this page
   

2. Fill in your basic personal details in the online form
   

3. Enter the desired loan amount and repayment tenure
   

4. Submit the form for verification and wait for the best offers to be shown
   

5. Try out tools like the EMI Calculator and Eligibility Calculator to plan better
   

Taking a home loan is a long-term financial commitment. Before applying for an ₹80 Lakh home loan, it’s crucial to evaluate certain factors that directly affect approval, affordability, and repayment. 

These checkpoints will help you plan your EMI smartly and avoid financial strain:

Check your credit score

A credit score of 750 or above improves your chances of approval and helps you secure a lower interest rate, which can reduce your EMI.

Assess your loan eligibility

Evaluate eligibility based on income, age, employment stability, and existing liabilities to avoid taking on an EMI that may be difficult to manage.

Compare interest rates and offers

Review interest rates, processing fees, prepayment conditions, and tenure options across lenders, as even small differences can affect the EMI of ₹80 Lakhs home loan over time.

Budget and EMI affordability

Ensure your EMI stays within a comfortable portion of your monthly income so that regular expenses and savings are not impacted.

Save for a higher down payment

A larger upfront contribution reduces the loan principal and lowers the total interest payable over the tenure.

Choose the right loan tenure

Shorter tenures increase EMIs but reduce interest outgo, while longer tenures lower monthly repayments but increase the overall cost of the loan.

Keep all documents ready

Having income, identity, and property documents organised helps avoid delays during approval and disbursal.

Factor in additional costs

Account for stamp duty, registration charges, insurance, and maintenance expenses when planning your total budget.

Understand all terms and conditions

Read the loan agreement carefully, especially clauses related to prepayment, foreclosure, and applicable charges.