Owning a home is a significant milestone, and a home loan of ₹15 Lakhs can be a stepping stone towards achieving that dream. Just like planning the layout of your new home, strategising your repayment plan is equally crucial. Understanding how your monthly instalments are calculated empowers you to make informed decisions and manage your finances effectively. Let’s delve into the intricacies of EMIs payable on a home loan of ₹15 Lakhs, exploring factors that influence them.
A longer tenure usually translates to lower monthly payments but leads to higher interest costs over the loan period. On the contrary, a shorter tenure results in higher EMIs but reduces the overall interest payable. An EMI calculator can help you compute the values of your loan offer instantly. Use this free digital tool to compare the various offers available and find an option that suits your requirements the best.
Year | Principal | Interest | Balance |
---|
Considering that the offered interest rate is 9% p.a., here is the EMI amount payable if the tenure is 10 years:
EMI |
₹19,001 |
Total Interest |
₹7,80,164 |
Total Repayment Amount |
₹22,80,164 |
When the tenure is increased to 20 years, the monthly instalment becomes more affordable. Here is a detailed breakdown of the EMIs payable:
EMI |
₹13,496 |
Total Interest |
₹17,39,013 |
Total Repayment Amount |
₹32,39,013 |
Our Partners
|
Minimum Interest Rate
|
Maximum Loan Amount
|
Maximum Loan Tenure
|
|
---|---|---|---|---|
Bajaj Housing Finance |
8.50% p.a. |
₹5 Cr |
40 Years |
|
Home First Finance Company |
9.50% p.a. |
₹0.40 Cr |
20 Years |
|
ICICI Bank |
9.00% p.a. |
₹5 Cr |
30 Years |
|
India Shelter |
10.50% p.a. |
₹0.50 Cr |
20 Years |
|
Kotak Mahindra Bank |
9.00% p.a. |
₹0.50 Cr |
20 Years |
|
L&T Finance |
8.60% p.a. |
₹7.5 Crores |
25 Years |
|
LIC Housing Finance |
8.65% p.a. |
₹15 Cr |
30 Years |
|
PNB Housing Finance |
8.50% p.a. |
₹15 Cr |
30 Years |
|
Shriram Housing Finance |
11.50% p.a. |
₹1 Cr |
25 Years |
|
Shubham Housing Finance |
10.90% p.a. |
₹0.50 Cr |
25 Years |
|
Union Bank of India |
8.50% p.a. |
₹15 Cr |
30 Years |
|
Vridhi Home Finance |
12% p.a. |
₹25 Lakhs |
12 Years |
|
*Disclaimer: The aforementioned rates are subject to change at the lender’s discretion.
Before you apply for a home loan of ₹15 Lakhs, make sure you check the documents required and the eligibility requirements set by the lender. This can help speed up the process and help you get the loan effortlessly.
To get a ₹15 Lakh home loan, you are required to pledge your asset as security, as it is a secured instrument.
If your home loan requirement is less than ₹15 Lakhs, and you still want to calculate the EMI, you can use an EMI calculator. With this calculator, you can compare various tenure options until you arrive at the right amount feasible for you.