₹10 Lakh Home Loan EMI: Eligibility, Required Documents, Interest Rates & Calculations for 2025

When considering a 10 lakh home loan EMI, it’s essential to understand the factors that affect your monthly payments. With interest rates starting at 8.5% and loan tenures ranging from 5 to 30 years, knowing how these elements impact your EMUI can help you plan better. Processing fees vary between banks, usually around 0.5% to 2% of the loan amount, which can also influence the total cost.

For example, with a 10-year term, the EMI for a ₹10 lakh loan may be around ₹12,345, but opting for a longer tenure, like 30 years, could lower it to around ₹7618 per month. In this guide, we will break down how interest rates, tenure and fees affect your EMI, making it easier to choose a home loan that suits your budget and financial goals. .

10 Lakh Home Loan EMI Details

When taking out a 10 lakh home loan, your monthly EMI is influenced by factors such as the interest rate, loan tenure, and compound interest. Compound interest involves computing interest on the initial loan amount and the accumulated interest from prior periods, resulting in interest on top of interest.

• Loan Amount: ₹10 lakhs
• Interest Rate: 8% (Compound Interest)

Loan Amount	Tenure	Monthly EMI
10 Lakh	5 Years	₹20,468
10 Lakh	10 Years	₹12,345
10 Lakh	15 Years	₹9,789
10 Lakh	20 Years	₹8,615
10 Lakh	30 Years	₹7,618

How to calculate the EMI of a 10 lakh home loan?

To calculate a 15 lakh home loan EMI, use the following formula:

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

Where:

• P = Loan amount
• R = Interest rate per month
• N = Loan tenure in months

Example:

Suppose you have taken a ₹ 10 lakh home loan at an annual interest rate of 8.4% for 10 years.

Calculate the monthly interest rate (R):

Monthly Interest Rate = Annual Interest Rate / 12

R = 8.40% / 12 =0.007

Calculate the loan tenure in months (N):

Loan Tenure in Months = Loan Tenure in Years x 12

N = 10 years x 12 = 120 months

Plug the values into the EMI formula:

EMI = [10,00,000 x 0.007 x (1+0.007)^120] / [(1+0.007)^120-1]

Calculate the EMI using a calculator or spreadsheet:

EMI = [10,00,000 x 0.007 x 2.30959838098] / 1.30959838098

EMI = 12345.1501633 (approx.)

So, the Equated Monthly Installment (EMI) for a home loan of Rs. 10 lahks, with an annual interest rate of 8.40% and a tenure of 10 years, would be approximately Rs. 12345.15. This amount is payable monthly for the entire loan tenure until the loan is fully repaid. The EMI for a 10 lakh home loan with SBI will depend on your chosen interest rate and loan tenure.

₹10 Lakh Home Loan EMI Calculator

Navigating the complex world of home loans is now simpler with the NoBroker Home Loan EMI Calculator. Just input your principal amount of 10 lakhs and choose your preferred tenure and interest rate. Within seconds, get a clear picture of your monthly EMI. No more guesswork or tedious calculations; let our calculator do the heavy lifting, ensuring you make informed decisions on your home financing journey.

Eligibility Criteria for a ₹10 Lakh Home Loan

Getting a 10 lakh home loan is a huge step towards realizing your dream of becoming a homeowner. To ensure a smooth application process, it's essential to understand the prerequisites and the documentation required by lenders.

• Eligibility Requirements: Lenders usually set specific age limits. Typically, it would help if you were at least 21 years old, with a maximum age at loan maturity ranging from 60 to 65 years.
• Income Evaluation: Your income plays a crucial role in determining eligibility. Lenders often require a minimum annual income, generally around three to four times the monthly EMI.
• Credit Assessment: Maintaining a good credit score is vital, and most lenders favour scores above 750, which reflect responsible financial habits.
• Employment Stability: Lenders appreciate applicants with a consistent work history. A stable employment record demonstrates your ability to maintain a steady income, and a longer tenure with your current employer can enhance your eligibility.

Documents Required for a ₹10 Lakh Home Loan

The documentation process is a crucial aspect of your home loan application. To expedite the approval process, provide accurate and complete documents as required. Here is a compilation of the standard documents typically requested:

• Identity Verification: Valid government-issued identification documents such as a passport, Aadhaar card, PAN card, or driver's license.
• Address Confirmation: Documents that confirm your residential address, which may include electricity bills, telephone bills, or rental agreements.
• Income Proof: Documentation of your income is essential for assessing your repayment capacity. This often includes salary slips for the last 3-6 months, income tax returns (ITR) for the past 2-3 years, and Form 16 from your employer.
• Employment Verification: Provide papers that verify your employment status, such as an employment letter or offer letter from your current employer, along with income details.
• Bank Records: Bank statements from the previous 6 months, showcasing your financial transactions and income sources.
• Property Documentation: If you've selected a property, you'll need relevant property documents, such as the sale agreement, title deed, and property tax receipts.
• Photographs: Passport-sized photographs for official purposes.
• Loan Application Form: The lender's application form is accurately completed and duly signed.
• Investment Records (if applicable): Documentation of your investments, such as fixed deposits, stocks, or mutual funds, providing evidence of additional financial stability.

Document requirements may vary slightly depending on the lender and your employment situation. Some lenders may have additional conditions, particularly for self-employed individuals or applicants with diverse income sources.

₹10 Lakh Home Loan EMI for 5 Years 

Are you curious about your monthly EMI on a 10 lakh home loan with a 5-year repayment period at an 8.4% annual interest rate? To manually calculate the EMI, you can use the following formula:

EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}

Here, P represents the principal amount (₹10,00,000), R is the monthly interest rate (8.4% divided by 12 months, or approximately 0.007 when converted to a decimal), and N is the total number of monthly instalments (5 years, or 60 months).

Using this formula, the EMI of a 10 lakh home loan with a 5-year tenure at an 8.4% annual interest rate would be approximately ₹20,468.

Budget	10 Lakh
Rate of Interest	8.4%
Total Interest Amount	₹228,102
Total Repayment Amount	₹1,228,102

₹10 Lakh Home Loan EMI for 10 Years

If you're considering a ₹10 lakh home loan with a 10-year repayment period and an 8.4% annual interest rate, you can calculate your monthly EMI using the formula:

EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}

In this scenario, P represents the principal amount (₹10,00,000), R is the monthly interest rate (8.4% divided by 12 months, or approximately 0.007 when converted to a decimal), and N is the total number of monthly instalments (10 years, or 120 months).

Using the formula, your EMI for a ₹10 lakh home loan with a 10-year tenure at an 8.4% annual interest rate would be approximately ₹12,345.

Budget	10 Lakh
Rate of Interest	8.4%
Total Interest Amount	₹481,418
Total Repayment Amount	₹1,481,418

₹10 Lakh Home Loan EMI for 15 Years 

Planning for a ₹10 lakh home loan with a 15-year repayment period and an 8.4% annual interest rate? You can manually calculate your monthly EMI using this formula:

EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}

Here, P stands for the principal amount (₹10,00,000), R is the monthly interest rate (8.4% divided by 12 months, or approximately 0.007 when converted to a decimal), and N represents the total number of monthly instalments (15 years, or 180 months).

By applying this formula, your EMI for a ₹10 lakh home loan with a 15-year tenure at an 8.4% annual interest rate would be approximately ₹9,789.

Budget	10 Lakh
Rate of Interest	8.4%
Total Interest Amount	₹761,996
Total Repayment Amount	₹1,761,996

₹10 Lakh Home Loan EMI for 20 Years 

Considering a ₹10 lakh home loan with a 20-year repayment period at an 8.4% annual interest rate? To manually calculate your monthly EMI, use the following formula:

EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}

In this case, P represents the principal amount (₹10,00,000), R is the monthly interest rate (8.4% divided by 12 months, or approximately 0.007 when converted to a decimal), and N is the total number of monthly instalments (20 years, or 240 months).

Using this formula, your EMI for a ₹10 lakh home loan with a 20-year tenure at an 8.4% annual interest rate would be approximately ₹8,615.

Budget	10 Lakh
Rate of Interest	8.4%
Total Interest Amount	₹1,067,611
Total Repayment Amount	₹2,067,611

₹10 Lakh Home Loan EMI for 25 Years

If You are planning to take a ₹10 lakh home loan with a 25-year repayment period at an interest rate of 8.4%, calculating your EMI is straightforward. To do this manually, you can use the following formula:

EMI=  {P x R x (1+R)^N} / {(1+R)^N – 1}

According to this formula, P represents the principal amount, which is ₹10,00,000. The R is the monthly interest rate, which we considered 8.4%, divided by 12, equal to around 0.007 in decimal form. Lastly, the N is the total number of monthly installments of 25 years or 300 months.

Using this formula, the EMI for a ₹10 lakh home loan over 25 years at an 8.4% annual interest rate will be approximately ₹8,008.

Here is a breakdown of the details:

Budget	₹10,00,000
Rate of Interest	8.40%
Total Interest Amount	₹1,395,498
Total Repayment Amount	₹2,395,498

₹10 Lakh Home Loan EMI for 30 Years  

Planning for a ₹10 lakh home loan with a 30-year repayment period and an 8.4% annual interest rate? You can manually calculate your monthly EMI using the following formula:

EMI = {P x R x (1+R)^N} / {(1+R)^N – 1}

In this scenario, P represents the principal amount (₹10,00,000), R is the monthly interest rate (8.4% divided by 12 months, or approximately 0.007 when converted to a decimal), and N stands for the total number of monthly instalments (30 years, or 360 months).

By applying this formula, your EMI for a ₹10 lakh home loan with a 30-year tenure at an 8.4% annual interest rate would be approximately ₹7,618.

Budget	10 Lakh
Rate of Interest	8.4%
Total Interest Amount	₹1,742,616
Total Repayment Amount	₹2,742,616

Comparison of Interest Rate & Processing Fee for ₹10 Lakh Home Loans

The interest and processing fee rates are key factors when applying for a home loan. Different banks offer varying rates and processing fee rates, which can influence the total cost of the loan. Below is a comparison of interest rates and processing fees across major banks for a ₹10 lakh home loan.

Bank	Interest Rate	Processing Fee
State Bank of India (SBI)	Starting at 8.50%	The processing fee for an SBI home loan is 0.35% of the loan amount plus applicaab;e GST, with a minimum of ₹2000 and a maximum of ₹10000 both plus applicable GST.
HDFC Bank	Starting from  8.75*%	HDFC Bank charges a processing fee of up to 2% of the loan amount, plus applicable taxes
ICICI Bank	Starting from  8.75*%	2% of the loan amount
Axis Bank	Starting from  8.75*%	1% of the loan amount
Canara Bank	Starting at 8.40 %	0.50%, with a minimum of ₹1500 and a maximum of ₹10000
Bank of Baroda	Starting at 8.40 %	0.50% of the loan amount for loans up to ₹50 lakh, with a minimum fee of ₹8,500 and a maximum of ₹15000. For loans above ₹50 lakh, the fee is 0.25% of the loan amount, with a minimum of ₹8,500 and a maximum of ₹25000
Kotak Mahindra Bank	Starting from  8.75*%	0.5% processing fees for salaried individuals and 1% for self-employed applicants
IDFC First Bank	Starting from 8.85 %	The processing fee for an IDFC First Bank home loan is up to 3% of the loan amount

Interest Rates and EMI on ₹10 Lakh Home Loan Across Different Banks 

When applying for a ₹10 lakh home loan, it is important to know the EMI you will pay each month. The EMI depends on the interest rate and the loan tenure. Different banks offer varying rates, which will affect the amount you pay over 5, 10, 15, 20, 25, and 30 years. Below is a comparison of the EMI offered by some of the top banks in India.

Key Details:

• Loan Amount: ₹10 Lakh
• Interest Rates: Based on current offers from various banks
• Loan Tenures: 5, 10, 15, 20, 25 and 30 years

Bank	Rate of interest	EMI for 5 Years	EMI for 10 Years	EMI for 15 Years	EMI for 20 Years	EMI for 25 Years	EMI for 30 Years
State Bank of India (SBI)	Starting at 8.50%	₹ 20517	₹ 12399	₹ 9847	₹ 8678	₹ 8052	₹ 7689
HDFC Bank	Starting from  8.75*%	₹ 20637	₹ 12533	₹ 9994	₹ 8837	₹ 8221	₹ 7867
ICICI Bank	Starting from 8.75%	₹ 20637	₹ 12533	₹ 9994	₹ 8837	₹ 8221	₹ 7867
Axis Bank	Starting from 8.75%	₹ 20637	₹ 12533	₹ 9994	₹ 8837	₹ 8221	₹ 7867
Canara Bank	Starting at 8.40 %	₹ 20637	₹ 12533	₹ 9994	₹ 8837	₹ 7985	₹ 7618
Bank of Baroda	Starting from 8.40%	₹ 20468	₹ 12345	₹ 9789	₹ 8615	₹ 7985	₹ 7618
Kotak Mahindra Bank	Starting from 8.75%	₹ 20637	₹ 12533	₹ 9994	₹ 8837	₹ 8221	₹ 7867
IDFC First Bank	8.85 %	₹ 20686	₹ 12587	₹ 10054	₹ 8901	₹ 8289	₹ 7939

₹10 Lakh Home Loan EMI Amortisation Table

The given breakdown shows how your ₹10 lakh home loan is paid off over 30 years. Each year, part of your payment goes toward the loan amount, and part goes toward interest. The table below shows how much you pay toward the principal and interest each year. 

Year	EMI	Principal Payment	Interest Payment	Outstanding Principal
1	7618.38	7712.98	83707.54	992287.02
2	7618.38	8386.41	83034.11	983900.61
3	7618.38	9118.63	82301.89	974781.98
4	7618.38	9914.78	81505.74	964867.2
5	7618.38	10780.45	80640.07	954086.75
6	7618.38	11721.7	79698.82	942365.05
7	7618.38	12745.13	78675.39	929619.93
8	7618.38	13857.91	77562.61	915762.01
9	7618.38	15067.86	76352.66	900694.16
10	7618.38	16383.44	75037.08	884310.72
11	7618.38	17813.89	73606.63	866496.83
12	7618.38	19369.23	72051.29	847127.6
13	7618.38	21060.37	70360.15	826067.23
14	7618.38	22899.17	68521.35	803168.06
15	7618.38	24898.51	66522.01	778269.55
16	7618.38	27072.41	64348.11	751197.14
17	7618.38	29436.12	61984.39	721761.01
18	7618.38	32006.21	59414.31	689754.8
19	7618.38	34800.7	56619.82	654954.11
20	7618.38	37839.17	53581.35	617114.94
21	7618.38	41142.93	50277.59	575972.01
22	7618.38	44735.15	46685.37	531236.86
23	7618.38	48641	42779.52	482595.86
24	7618.38	52887.88	38532.64	429707.98
25	7618.38	57505.55	33914.96	372202.43
26	7618.38	62526.4	28894.12	309676.03
27	7618.38	67985.62	23434.89	241690.4
28	7618.38	73921.49	17499.02	167768.91
29	7618.38	80375.63	11044.89	87393.28
30	7618.38	87393.28	4027.24	0

Things to Keep in Mind While Applying for a 10 Lakh Home Loan

Leaping into homeownership is exhilarating but demands astute financial planning. Here are essential facets to consider when eyeing that 8 lakh home loan:

1. Credit Score: Your credit score mirrors your creditworthiness. A higher score can secure favourable interest rates and loan terms. Check and maintain a good score regularly by making timely payments and managing debt.
2. Eligibility: Lenders have specific criteria, including age, income, and employment stability. Ensure you meet these prerequisites to prevent application rejection and any subsequent negative mark on your credit history.
3. Ability to Repay: Evaluating your financial stability is vital. Consider your monthly expenses, other debts, and emergency funds. A comprehensive assessment ensures that you can manage EMIs without straining your budget.
4. EMI: Equated Monthly Installments (EMIs) should align with your monthly budget. Use online EMI calculators to ascertain the amount you'd need to set aside each month, factoring in interest rates and loan tenure.
5. Overall Cost Calculations: Besides the principal loan amount, there are processing fees, possible penalties, and other charges. Get a holistic view of all expenses to prevent any financial surprises later.

Do’s and Don’ts for 10 Lakh Home Loan

Do's	Don'ts
Regularly monitor and enhance your credit score.	Avoid multiple loan applications in a short time span.
Research and compare different lender offerings.	Don't bypass reading the loan's terms and conditions.
Keep an emergency fund to tackle unforeseen circumstances.	Don’t borrow more than you can comfortably repay.
Update yourself on prevailing interest rates.	Avoid hidden fees; always ask for a comprehensive cost.

Embarking on the journey to homeownership involves understanding the nuances of home loans, and the 10 lakh home loan EMI for 10 years segment is a crucial milestone for many. Having garnered insights on various EMI calculations, interest rates, and factors affecting your loan decisions, you're now better equipped to make informed choices. If you're ready to take the plunge or need further clarity, explore the comprehensive services NoBroker Home Loan Services provides to guide you every step of the way.

Disclaimer: The interest rates and calculations mentioned in this guide are for illustrative purposes only. Actual rates & terms can change depending on the prevailing market conditions & lenders.