12 Lakh Home Loan EMI

Check 12 Lakh Home Loan EMI & Interest Rate

✓ Home Loan from ₹2 Lakhs To ₹15 Cr ✓ Multiple Lending Partners ✓ Interest Rates Starting @ 8.50%

A house is one of the expensive as well as prized assets. Since the price of the home is significant, it has become evident to consider a home loan. The best part is that the home loan is being offered by most of the banks at attractive interest rates. It lets you fulfil your dream of buying a home. It is difficult to purchase the home without having adequate funds.


Getting a home loan is an easy process. You can take a considerable amount of the overall price of the property as a home loan. A home loan is used by the individual to buy the house or plot. Some people who want the home renovation extension also take a home loan. 


You can take a home loan of different amounts. Here, we will talk about the ₹12 Lakhs home loan. The article will include things like the amount of home loan EMI of ₹12 Lakhs in different tenures, how to apply for the loan, eligibility and the documents needed, interest amount, and much more.

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

EMI amount for your Home Loan of ₹ 12 Lakhs will be different for different tenures. You can find the exact amount of EMI by mentioning the information like the loan principal amount, interest rate, and term. 

Refer the chart below that lets you calculate EMI for a ₹12 Lakhs loan in various tenures.

Loan amount


Amount of EMI

12 Lakhs

5 years


12 Lakhs

10 years


12 Lakhs

15 years


12 Lakhs

20 years


To know the EMI for other tenures, use the ₹12 Lakhs loan EMI calculator. 

₹12 Lakh Home Loan EMI Calculator

** The above charges are excluding taxes
* Placeholder for disclaimers on Interest and Charges page
 **These are indicative and subject to change at the discretion of lender/ without prior notice.

One of the best and the easiest tools to calculate the exact home loan EMI is to use the ₹12 Lakh home loan calculator. This tool helps you to plan your loan amount and choose a suitable tenure too.

The home loan EMI calculator helps you calculate your Home Loan EMI that you need to pay to the bank against your home loan. This simple to use home loan EMI calculator calculates the exact loan instalment or the EMI for your home loan by including the variables like principal amount, interest, and tenure of the loan. 

The formula for finding EMI is - P x R x (1+R)^N / [(1+R)^N-1]

In this formula:

  • P is the principal loan amount

  • N is the tenure of the loan in months

  • R is the interest rate, and you also need to know that R will be the Annual Rate of interest/12/100. So, if the rate of interest is 7.2% p.a. then the value of r will be 7.2/12/100 or 0.006.

Interest Rate Applicable on ₹12 Lakh Home Loan

Here is the list of the home loan interest rates offered by different banks:


Rate of Interest

Bajaj Housing Finance Limited

7.10% p.a. onwards

Union Bank of India

7.40% p.a. onwards

PNB Housing Finance Limited

7.50% p.a. onwards

LIC Housing Finance

7.55% p.a. onwards


7.60% p.a. onwards

Shubham Housing Finance

11.90% p.a. onwards

Home First Finance Company

11.90% p.a. onwards

Disclaimer: Interest rates mentioned in the above table can vary from one lending partner to the other and are subject to change.

Eligibility Criteria for a ₹12 Lakh Home Loan

To know whether you will be able to get the Home Loan for an amount of up to ₹12 Lakhs or not, you must check the house loan eligibility details mentioned below:

  • The age of the applicant for the loan should be minimum of 18 years

  • The maximum age can be 70 years to take a  home loan of ₹12 Lakhs.

  • You can be a Self-employed professional or a salaried individual from the government or corporate sector.

  • If you are a salaried employee, your minimum income must be at least ₹25,000.

  • For self-employed individuals, the minimum income needs to be at least ₹40,000.

  • You should have a good credit score of more than 750 to get your home loan application approved.

Steps to Apply for a Home Loan Up to ₹12 Lakhs

Here is how to avail a housing Loan for an amount of up to ₹ 12 Lakhs. 

  • Step 1: Firstly, you need to fill out the application form.

  • Step 2: Ensure to mention necessary details such as personal contact details, income details, employment details, property details, etc. 

  • Step 3: It is also mandatory to upload certain documents along with the form.

  • Step 4: Now, submit the form as well as the documents.

  • Step 5: After the verification process, your loan will be processed, and you will be notified that the loan has been passed.

Documents needed for ₹12 Lakh Home Loan

Know the list of required documents for home loan of ₹12 Lakhs.

  • Duly filled and correct application form

  • ID Proof: Pan card or Aadhar Card

  • Address proof: Aadhaar Card, Valid Indian Passport, Valid Voter ID, Valid Driver’s Licence, or Utility Bills such as Electricity bills, Water bills, Gas bills, etc.

  • Income proof: The salaried individuals need to provide the last 3 months’ bank statements, which must exhibit salary credits in their salary account. For self-employed individuals, it is vital to submit the last 3 months’ bank statements.

  • Property documents: Registered sales deed or conveyance or lease deed. Builder agreement and payment receipts, along with the allotment letter, are also needed.

  • House tax return

  • Passport size photographs

  • Business proof: A certificate claiming that your business exists. 

How to Minimise your ₹12 Lakh Home Loan EMI?

If you want to reduce your home loan EMI of ₹12 Lakhs, then breathe a sigh of relief. Other than negotiating with the bank, there are other ways too that can lower the cost of your monthly instalment. 

Here is how you can lower your ₹12 Lakh Home Loan EMI: 

  • Make Down Payment: If your house loan down payment is more, you will have to pay less EMI. Since the down payment amount lowers the overall loan amount, you will be able to bring down the EMI. Hence, to ensure that you have a low EMI, try to pay a large amount of down payment. 

  • Increase Tenure: You can also reduce your monthly burden by increasing the term of home loan repayment. This hugely impacts the amount of EMI. If your loan tenure is long such as for 20 years, your EMI will be lower as compared to the home loan EMI of ₹12 Lakh for 5 years.

  • Step-Down EMI Plan: Are you aware about the option of a Step-Down EMI Plan? If not, then you must know that some banks and non-banking financing companies offer the Step-Down EMI Plan to facilitate the loan borrowers You can pay higher EMI at the start of the tenure and then the EMI amount keeps on going down over time when the principal amount of the loan lowe₹

  • Loan Prepayment: One of the best and most effective ways to lower your home loan EMI of ₹12 Lakhs is to prepay the loan. So, when you have money, prepay and lower the loan amount. 

Factors that Affect your ₹ 12 Lakhs Home Loan EMI

Become aware of these factors that impact your home loan EMI of ₹12 Lakhs. The factors include

  • Tenure: The loans that have a small term will increase your monthly load. A longer tenure means a lower EMI. A change in your home loan tenure will impact your monthly equated instalment or EMI.

  • Principal Amount: The higher the loan you take, more will be the EMI. 

  • Rate of Interest: The banks charge an interest rate for providing the loan to you. The higher the interest rate, the more will be your calculated EMI. Any change in your home loan interest also positively or negatively impacts your EMI. The home loan on floating interest rates changes the EMI as per the market interest rate.

  • Prepayment of Home Loan: If you go for the prepayment option, it will bring the EMI of your home loan down.

FAQs on ₹12 Lakh Home Loan EMI

  • ✔️How much EMI will I have to pay if the home loan amount ranges upto ₹12 Lakhs?

    If you consider the rate of interest of 7.20 % on a home loan that is  ₹12 Lakhs for 20 years, then the monthly EMI at an interest rate of 7.20% will be ₹9,448.

     At the same interest rate, if the tenure is of 30 years, for the loan of ₹12 Lakhs, the monthly EMI will be around ₹8,145/-.

  • ✔️How to calculate EMI on a Home Loan lower than 12 Lakhs?

    If your home loan requirement is less than ₹12 Lakhs,  and you still want to calculate the EMI, then, in that case, you should access the EMI calculator, even if the loan is a little less than ₹12 Lakhs.