₹23 Lakh Home Loan EMI: Interest Rates, Calculation and Manage Your Repayments in 2025

Whether you are buying your dream house or investing in an older property, it is wiser to take the help of a home loan. Anyone can apply for a Rs 23 Lakh home loan to manage finances quite easily without getting into debt. You can better control the 23 lakh home loan EMI load by choosing the loan term and contrasting interest rates among many lenders. Most of the lenders offer interest rates between 8.35% to 12.60% on Rs 23 Lakh home loans. Hence, the interest rate for a home loan of Rs 23 Lakh starts at 8.5%, and the EMI is around Rs 47,188 per month. Read this blog to know more about Rs 23 Lakh home loan EMI, tenure, repayment and much more. 

₹23 Lakh Home Loan EMI Details

The period and interest rate of the house loan mostly determines the Rs 23 lakh home loan EMI. Therefore, if the interest rate is greater, you should anticipate a bigger EMI for every month. On the other hand, your EMI will be reduced dramatically if the interest rate is low. 

Loan length is another factor influencing the EMI value and the loan itself. Usually spanning years, home loans have extended terms for repayment. One advantage of lengthier periods is that your EMI calculator for every month is also smaller. 

With a five-year to thirty-year repayment term, review the table below displaying the EMIs for a Rs 23 lakh house loan at an 8.5% fixed rate of interest. You can choose between a fixed and floating interest rate as per your requirement. 

Tenure	EMI Amount (INR)
5 Years	₹47,188
10 Years	₹28,517
15 Years	₹22,649
20 Years	₹19,960
25 Years	₹18,520
30 Years	₹17,685

How to Calculate ₹23 Lakh Home Loan EMI?

You can calculate your 23 lakh house loan EMI using a basic calculation. For better knowledge, the formula and computation procedure are below. 

Equated Monthly Instalments (EMI) = [P x R x (1 + R)^n]/[(1 + R)^n - 1]

Where:

• EMI stands for the monthly instalments
• P stands for the Principal Amount
• R represents the Interest Rate for each month, which is found by dividing the Annual Rate of Interest by 12 
• N denotes the Loan Duration in Months, which is found by multiplying the Loan Duration by 12

By entering the correct loan amounts into the formula and running it, you can quickly calculate the Rs 23 lakh house loan EMI. This simple computation approach also helps you find the ideal loan term before pledging a house loan. 

₹23 Lakh Home Loan EMI Calculator

If the loan amount and the payback time match your financial objectives or not, a Rs 23 Lakh Home Loan EMI calculator can help you evaluate with more precision and a better grasp of your finances. Still, using the Rs 23 lakh house loan EMI calculator might become challenging. 

This is, thus, how to effectively utilise the EMI calculator: 

• Input Loan Amount: In this case, enter Rs 23 lakh as the amount of the loan you want to take out. 
• Enter Interest Rate: Input the interest rate that your bank has set for your loan amount. In this case, input 8.5%. 
• Enter Loan Duration: Determine for how long you want to borrow the loan amount. This can normally range from 5 to 30 years. 

The EMI calculator will then generate the following loan features to assist you in better understanding your finances.

• Monthly Instalments (EMI): The amount you will need to pay monthly for your Rs 23 lakh home loan. 
• Total Interest: This covers the entire interest amount you will have to pay until the end of your home loan tenure. 

Using an EMI calculator guarantees that you know all the specifics of the house loan, including the monthly payments you will have to pay, loan terms, and all other aspects. Furthermore, the advice is that you choose a loan term that fits your situation. 

Eligibility Criteria for a ₹23 Lakh Home Loan

You must be qualified for a Rs 23 lakh house loan. Some requirements must be satisfied before you become eligible for the loan. Check your eligibility for a Rs 23 lakh home loan.

• Basic Age Criteria: The maximum age should be between 21 and 60 years old. 
• CIBIL Score: The required CIBIL score for a 23 Lakh home loan is 650.  
• Employment Status: Your chances increase if you have spent a lengthy amount of time working at your present organisation. 
• Income Requirement: Your monthly income will be evaluated to determine loan eligibility. Usually, one expects the yearly income to be three or four times the loan's EMI. 
• Other Debits: Important considerations taken into account before lending you the loan are other obligations, including various loans and responsibilities to pay back that are still in progress. 

Documents Required for a ₹23 Lakh Home Loan

Even if you qualify for a loan, you should be aware of all the paperwork you will need to provide for a seamless loan application procedure. Therefore, you will need to present the following document needed for a 23 lakh home loan:

1. Government Identification Proof:Proof such as a PAN card, Aadhaar card, Passport, or driver's licence—will be required for identity verification. 
2. Address Proof: You would also have to submit comparable records to confirm your residence records. This might cover any expense, even one for utilities. 
3. Proof of Income: Documents such as income tax returns or wage slips must be submitted prior to loan approval to confirm your income and eligibility via them. 
4.  Proof of job: Maintaining a consistent work record for 2-3 years and documents such as offer letters. 
5. Passport Size Photo: Different papers will call for passport-sized photos. You might consider carrying a collection of your most current pictures with you. 
6. Loan Application: You have to finish and mark the loan application. Check again if all the material is accurate. 
7.  Bank Statements: Before the loan is approved, you also need bank statements highlighting your transactions and, consequently, revenue. This will enable you to establish your capacity for repayment. 
8. Property Documents: Should a particular property be referenced, you will have to provide appropriate documentation to confirm its ownership and state of condition. This could cover the sales agreements. 
9. Investment Proof (Optional): Should any reference to investments you have made be mentioned, you will have to provide documentation proving the same as well. Moreover, owning assets helps to provide financial stability as well. 

₹23 Lakh Home Loan EMI for 5 Years

For a Rs 23 lakh home loan with a repayment tenure of 5 years at an annual interest rate of 8.5%, you can very easily calculate the current home loan interest rate of on 23 Lakh home loan EMI with the following formula: 

Equitable Monthly Instalments (EMI) = [P x R x (1 + R)^n]/[(1 + R)^n - 1]

For a 5-year repayment period: 

EMI =  [23,00,000 x 0.00704  x (1 + 0.00704)^60] / [(1 + 0.00704)^60 - 1]

EMI = Rs 47,188

EMI Table of EMI for 10-Year Tenure:

Here's the breakdown of the EMI for a ₹23 lakh home loan at an interest rate of 8.5% per annum, with a tenure of 5 years:

Tenure	5 Years
Loan Amount	23 Lakh
Annual Interest Rate	8.5%
EMI	₹47,188
Total Interest Amount	₹5,31,281
Total Repayment Amount	₹28,31,281

This table outlines the monthly EMI, total interest paid, and the total repayment amount (loan + interest) over the 5 years.

₹23 Lakh Home Loan EMI for 10 Years

Do you want a Rs 23 lakh home loan for 10 years with an interest rate of 8.5% annually? Here is how you can calculate your Rs 23 lakh home loan EMI for 10 years without any hassle: 

Equitable Monthly Instalments (EMI) = [P x R x (1 + R)^n]/[(1 + R)^n - 1]

For a 10-year repayment period: 

EMI = [23,00,000 x 0.0.00704 x (1 + 0.0.00704)^120] / [(1 + 0.0.00704)^120 - 1]

EMI = ₹ 28,517

Table of EMI for 10-Year Tenure:

Tenure	10 Years
Loan Amount	23 Lakh
Annual Interest Rate	8.5%
EMI	₹28,517
Total Interest Amount	₹11,22,005
Total Repayment Amount	₹34,22,005

This table clearly shows the monthly EMI, total interest paid, and overall repayment over 10 years.

₹23 Lakh Home Loan EMI for 15 Years

If you plan on having a Rs 23 lakh home loan for 15 years at an annual interest rate of 8.5%, you should be aware of your monthly instalments of the EMIs. Hence, here is how you can calculate the same without much inconvenience. 

Equitable Monthly Instalments (EMI) = [P x R x (1 + R)^n]/[(1 + R)^n - 1]

For a 15-year repayment period: 

EMI =  [23,00,000 x 0.0.00704 x (1 + 0.0.00704)^180] / [(1 + 0.0.00704)^180 - 1]

EMI = ₹22,649

Table of EMI for 15-Year Tenure:

Tenure	15 Years
Loan Amount	23 Lakh
Annual Interest Rate	8.5%
EMI	₹22,649
Total Interest Amount	₹17,76,822
Total Repayment Amount	₹40,76,822

This table shows the monthly EMI, total interest paid, and the total repayment amount over the 15 years.

₹23 Lakh Home Loan EMI for 20 Years

Ever thought of having a Rs 23 lakh home loan for 20 years at an interest rate of 8.5% per annum but were unsure how to calculate the EMIs for it? Worry not; here is how you can put the values in the formula and easily retrieve the monthly instalments.  

Equitable Monthly Instalments (EMI) = [P x R x (1 + R)^n]/[(1 + R)^n - 1]

For a 20-year repayment period: 

EMI =  [23,00,000 x 0.0.00704 x (1 + 0.0.00704)^240] / [(1 + 0.0.00704)^240 - 1]

EMI = ₹19,960

Table of EMI for 20-Year Tenure:

Tenure	20 Years
Loan Amount	23 Lakh
Annual Interest Rate	8.5%
EMI	₹19,960
Total Interest Amount	₹24,90,384
Total Repayment Amount	₹47,90,384

This table shows the monthly EMI, total interest paid, and the total repayment amount over the 20 years.

₹23 Lakh Home Loan EMI for 25 Years

If you wish to have a Rs 23 lakh home loan for 25 years at the rate of interest of 8.5% per annum, you should know how to calculate your EMI to get an idea about your monthly liabilities. Hence, here is how to use the formula to get a Rs 23 lakh home loan EMI for 25 years.

Equitable Monthly Instalments (EMI) = [P x R x (1 + R)^n]/[(1 + R)^n - 1]

For a 25-year repayment period: 

EMI =  [23,00,000 x 0.0.00704 x (1 + 0.0.00704)^300] / [(1 + 0.0.00704)^300 - 1]

EMI = ₹18,520

Table of EMI for 25-Year Tenure:

Tenure	25 Years
Loan Amount	23 Lakh
Annual Interest Rate	8.5%
EMI	₹18,520
Total Interest Amount	₹32,56,067
Total Repayment Amount	₹55,56,067

This table summarises the monthly EMI, total interest paid, and total repayment amount over the 25 years.

₹23 Lakh Home Loan EMI for 30 Years

For a Rs 23 lakh home loan for 30 years at an interest rate of 8.5%, you will need to calculate the monthly instalments for a better financial understanding. Hence, to become aware of the EMIs you will be paying over 30 years for this loan, you will have to use the following calculation procedure.  

Equitable Monthly Instalments (EMI) = [P x R x (1 + R)^n]/[(1 + R)^n - 1]

For a 30-year repayment period: 

EMI =  [23,00,000 x 0.0.00704 x (1 + 0.0.00704)^360] / [(1 + 0.0.00704)^360 - 1]

EMI = ₹17,685

Table of EMI for 30-Year Tenure:

Tenure	30 Years
Loan Amount	23 Lakh
Annual Interest Rate	8.5%
EMI	₹17,685
Total Interest Amount	₹40,66,604
Total Repayment Amount	₹63,66,604

This table summarises the monthly EMI, total interest paid, and total repayment amount over the 30 years.

Things to Keep in Mind While Applying for a ₹23 Lakh Home Loan

There are several things you should know before seeking a Rs 23 lakh house loan that could influence your loan. Therefore, here are the essential features to bear in mind throughout a Rs 23 lakh house loan application:

• One will need documentation before the loan amount may be approved. ThesEMIght include income evidence, property documentation, and KYC records. 
• Calculate your instalments, or EMI, based on the loan term and interest rate. Any property under construction is also pre-EMI applicable. 
• Decide if you would like to start with the loan or the property first. It is advised, therefore, that you choose your house for a more affordable price after pre-approval of the home loan. 
• 4. Kind of Loans: You have many options from which to draw. This covers combination loans, floating-rate and fixed-rate loans. 
• Examining your qualifying requirements can help you to make some serious decisions. Important factors taken under consideration before loan approval include your age, salary, and financial stability. 

Do's and Don'ts for a Successful ₹6 Lakh Home Loan Application

Do's	Don'ts
Recheck if you can afford to pay back the loan amount with your current income.	Forget to read the terms and conditions before committing to the loan.
Make sure that you have a good credit score. It would help if you had a minimum score of 650 or above to get a home loan.	Going for a longer tenure means thinking it will provide lower EMIs when, in reality, the repayment is higher.
Research properly and compare different lenders before picking one	Do not borrow an amount that will be too much of a burden to repay for you.
Also, consider taking mortgage insurance.	Do not ignore the current home loan interest rates.
Consult a financial advisor before committing fully to the loan.	Do not avoid taking insurance for your property.

Get Hassle-Free Home Loans with NoBroker!

These days, home loans are important to acquire the house of your dreams. Choose NoBroker to have a flawless experience, from filling out the form to getting the loan amount approved. Our services ensure that from the start, there is openness and clarity, therefore ensuring that your whole loan procedure is a hassle-free experience. Thus, NoBroker is the appropriate choice to counsel and keep on if you would like to take a Rs 23 lakh house loan EMI. 

Note: This tutorial offers calculations and interest rates for purely illustrative use. The policies of the lender and the present state of the market may affect actual rates and terms. To get precise and tailored information about your particular home loan needs, speak with a lender or financial counsellor.

Frequently Asked Questions 

Q1: What is the perfect EMI for a house loan?

Ans: The EMI of your loan should ideally be between thirty and forty per cent of your whole monthly salary. Anything more would start to weigh financially. 

Q2: Which kind of loan fits you best?

Ans: Fixed-rate loans are usually selected for steady EMIs over a lengthier loan payback period. Every month, your interest rate on this kind of loan stays the same.

Q3: Which loan term suits you the best?

Ans: Though long-term loans offer lower interest rates and longer payback terms, normally, they rely on the borrower. Short-term house loans may have higher interest rates in the meantime. In long-term loans, however, the total payback is usually more. 

Q4: What is the qualified age limit?

Ans: The maximum age for paid and self-employed people buying a house is 65. Furthermore, being closed between 21 and 60-65 is the qualified age for applying for a house loan. 

Q5: What is a CIBIL score?

Ans: Comprising three digits, a CIBIL score—also known as a credit score—showcases your credit history and rating. Usually falling between 300 and 900, a strong CIBIL score also increases your loan application prospects.