EMI on Home Loan of ₹12 Lakhs

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.

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.

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:

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

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

*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.