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If you are planning to get a home loan of ₹12 Lakhs, it is important to strategically plan your finances and evaluate the potential impacts of factors like tenures on your EMIs. It is also essential to know how the monthly instalments of a home loan are determined and explore ways to manage them.

EMI Calculations for a Home Loan of ₹12 Lakhs with Varying Tenures

A prolonged tenure may lead to lower EMIs but higher interest costs, while a shorter tenure might mean higher monthly instalments yet reduced interest payments. The use of a home loan EMI calculator proves invaluable in simplifying this decision-making process, allowing you to estimate instalments and compare offers swiftly.

₹12 Lakhs Home Loan EMI Calculator

Loan Amount
Tenure
  • Months
  • Years
Rate of Interest
%

Monthly EMI

at % interest rate for months

Total Amount Payable
Principal Amount
Total Interest Amount

Home Loan Amortisation Schedule

Year Principal Interest Balance

EMI on Home Loan of ₹12 Lakhs for 10 Years

Let us assume the interest rate for your home loan of ₹12 Lakhs is set at 9% p.a. According to this, if the tenure is fixed at 10 years, the EMI will be as follows:

EMI

₹15,201

Total Interest

₹6,24,131

Total Repayment Amount

₹18,24,131

EMI on Home Loan of ₹12 Lakhs for 20 Years

For a more affordable monthly instalment, opt for a tenure of 20 years. In this case, here’s what the EMI payable amounts to:

EMI

₹10,797

Total Interest

₹13,91,211

Total Repayment Amount

₹25,91,211

EMI on Home Loan of ₹12 Lakhs for 30 Years

Here is a breakdown of what the monthly instalment will amount if the loan tenure is set at 30 years:

EMI

₹9,655

Total Interest

₹22,75,970

Total Repayment Amount

₹34,75,970

Lenders Offering Home Loans of ₹12 Lakhs

Lender
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Interest Rate
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Max. Loan Amount
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Tenure
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Quick Disbursal
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Bajaj Housing Finance

8.50% p.a.

₹5 Cr

40 Years

4.4
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Home First Finance Company

9.50% p.a.

₹0.40 Cr

20 Years

4.2
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ICICI Bank

9.00% p.a.

₹5 Cr

30 Years

3.9
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India Shelter

10.50% p.a.

₹0.50 Cr

20 Years

3.9
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Kotak Mahindra Bank

9.00% p.a.

₹0.50 Cr

20 Years

4.1
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LIC Housing Finance

8.65% p.a.

₹15 Cr

30 Years

3.8
Quick Disbursal
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PNB Housing Finance

8.50% p.a.

₹15 Cr

30 Years

3.9
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Shriram Housing Finance

11.50% p.a.

₹1 Cr

25 Years

4.3
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Shubham Housing Finance

10.90% p.a.

₹0.50 Cr

25 Years

3.9
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Union Bank of India

8.50% p.a.

₹15 Cr

30 Years

4.0
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*Disclaimer: The aforementioned rates are subject to change at the lender’s discretion.

Before you apply for a home loan of ₹12 Lakhs, be sure to check the eligibility criteria and documents required for the same. Use the online home loan EMI calculator to compare and find an offer that best suits your requirements as well as make wise financial decisions.

FAQs

What is the minimum salary I need to have to get a home loan of ₹12 Lakhs?

The minimum income for a salaried employee must be at least ₹25,000 to be eligible for a home loan of ₹12 Lakhs. If you are a self-employed individual, the minimum income must be ₹40,000 per month. However, these income parameters vary across lenders. So, check with your lender before applying for a home loan.

Can I get a ₹12 Lakh home loan without any security?

No, the home you plan to buy is considered as security for a home loan.

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