₹15 Lakh Home Loan EMI

You may be able to take care of a majority of the property cost yourself, and for the amount you are running short of, you can always take a home loan of up to ₹15 Lakhs. 

But, keep in mind that once you take up a ₹15 Lakh home loan, you will have to be extremely disciplined with regard to equated monthly instalment (EMI) payments until the end of the home loan tenure. 

Read on to know more about how to secure a home loan of ₹15 Lakhs through Bajaj Markets. 

Your ₹15 Lakh home loan EMI amount will majorly depend on your interest rate as well as loan repayment tenure. 

The longer your repayment period is, the smaller your monthly EMI outflow will be and vice-versa. But, if you choose to pay your ₹15 Lakh home loan EMI over longer periods of time, you will ultimately end up paying more money in interest as compared to what you would over a shorter tenure. 

The EMI amount that you will pay towards your ₹15 Lakh home loan over different periods of repayment will look as follows. For the same, assume that your applicable interest rate is 8.50% p.a.

₹15 Lakh Home Loan EMI Calculator

Using an EMI calculator helps you compute EMIs instantly. All you need to do is input the loan amount, tenure and applicable  interest rate to assess your monthly instalments.

While this calculator provides error-free results, you can calculate the EMI manually as well. Here is the formula for calculating your home loan EMIs manually:

EMI = P x R x (1+R)^N / [(1+R)^N-1]

Here,

• P is the principal loan amount

• N is the tenure of the loan in months

• R is the interest rate

You can refer to the table below to compare the EMIs provided by different banks on your ₹15 Lakh home loan to make a wise financial decision:

Disclaimer: Interest rates mentioned are subject to change at the lender’s discretion. 

You can avail a home loan from any Bajaj Markets lending partners starting at an interest rate of 8.65% per annum onwards. You must always compare the home loan repayment terms of various lenders and then go for the affordable home loan option. With this, you can also get home loan tax benefits. 

You must satisfy a certain set of criteria to be eligible for a home loan. The eligibility criteria for house loan are as follows:

• Age: You must be at least 21 years of age at the time of applying for the loan and at most 60 at the time of loan maturity.

• Employment Status: You must be a salaried employee who has been working with a company of repute for at least three years. If you are a self-employed individual, you must be generating consistent profits from your venture for at least 5 years.

• Credit Score: Most banks will want your credit score to be equal to or above 750. If your credit score is higher than that, you can secure a ₹15 lakh home loan at lower interest rates too.

• Income: You should meet the minimum monthly income criteria which is set by your lender. The same can differ from location to location and lender to lender.

In order for your home loan application to be processed by the bank/NBFC, you need to provide following home loan documents.

• Proof of identity: Driving Licence/Passport/Aadhaar Card or Voter ID

• Proof of address: Driving Licence/Passport/Aadhaar Card/Utility Bills

• Income proof: Salary slips going back at least three months/six months’ bank statements/latest copy of your Form-16 and/or your Income Tax Returns

• Property documents: A copy of your allotment letter/buyer agreements or deed of sale

Taking a home loan is an important decision, which requires your time and effort. EMI calculations of your home loan is important to understand the options and then choose the option that is best for your needs.

To calculate your ₹15 Lakh home loan EMI for 10 years, you can take the assistance of a ₹15 Lakh loan EMI calculator to get your calculations quickly and accurately.

You need to put the loan amount, tenure and interest rate in an EMI calculator for the calculations for your ₹15 Lakh loan EMI for 10 years.

Understanding how to calculate the ₹15 Lakh home loan EMI for 15 years is crucial to compare and evaluate different home loan options available for you.  

Simply put your desired loan amount, loan tenure and the rate of interest to get the monthly EMI calculations along with the total interest and total repayment on your home loan.

Here, you can find the calculations of the EMI for a ₹15 Lakh home loan for the tenure of 20 years.

When calculating the EMI for a ₹15 Lakh home loan you can take the assistance of an EMI calculator. This can help you compare the options available, making your decision easier. 

To calculate the EMI, simply add your desired loan amount, tenure and interest rate to get accurate EMI calculations.

You can reduce the  EMI for a ₹15 Lakh home loan in the following ways:

• Go for a longer repayment tenure: Longer home loan repayment tenures will mean that you will pay a smaller amount as EMIs towards the same and vice-versa.

• Get a lower interest rate: You can always compare your home loan options and go for the one that attracts the lowest possible interest rate. A lower interest rate will translate to lower EMI amounts.

• Improve your CIBIL score: Ideally, you should have a CIBIL score of 750 or above while applying for home loan. But, the higher your CIBIL score will be, the lower interest rate you will unlock. You can improve your CIBIL score by reducing your credit utilisation ratio, paying your loans on time and foreclosing your other existing personal loans.

• Talk to your bank: If you have a long-standing relationship with your banker and have taken loans in the past from them that you have paid on time, you can always talk to him/her and get your home loan interest rate reduced. A reduction in your home loan interest rate will also reduce your home loan EMI amount.

• Make a sizable down payment: A big down payment will reduce your home loan requirement which will ultimately reduce your EMI amount as well.