₹40 Lakh Home Loan EMI With Calculator and Interest Rates in 2025

For the majority of homebuyers, getting a 40 Lakh home loan is frequently a prerequisite to buying a property. Understanding the Equated Monthly Installment (EMI) is essential for anyone thinking about taking up a ₹40 Lakh home loan EMI in order to properly manage their money. The fixed monthly EMI you need to pay for a Rs 40 Lakh home loan is Rs 82,066. In order to assist you in selecting the best option for your financial circumstances, this blog will describe how the EMI is determined for a home loan of ₹40 lakh, taking into account factors such as tenure interest rate.

40 Lakhs Housing Loan EMI Details

When dealing with a ₹40 lakh home loan, the monthly EMIs are subject to influence by several key factors, including the interest rate, loan tenure, and the concept of compound interest. Compound interest, a significant factor, involves the calculation of interest on both the initial loan amount and the accumulated interest from preceding periods. This compounding effect results in interest being charged on the interest itself.

The following table illustrates the monthly Equated Monthly Installment (EMI) amounts for a ₹40 lakh home loan at a fixed interest rate of 8.45% across different loan tenures, ranging from 5 to 30 years.

TENURE	EMI AMOUNT(INR)
5 Years	₹81,970
10 Years	₹49,487
15 Years	₹39,272
20 Years	₹34,586
25 Years	₹32,074
30 Years	₹30,615

How to Calculate 40 Lakh Home Loan EMI?

Calculating the EMI for your ₹40 lakh home loan is a critical step in managing your finances. You can effortlessly compute it using the ₹40 Lakh home loan EMI formula:

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

Where:

EMI = Equated Monthly Installment

P = Principal Loan Amount (40,00,000 INR)

R = Monthly Interest Rate (Annual Interest Rate divided by 12 and converted to a decimal)

N = Loan Tenure in Months (Loan Tenure in Years multiplied by 12)

With this formula, you can determine the monthly EMI required for your ₹40 lakh home loan, enabling you to effectively manage your financial planning.

40 Lakh Home Loan EMI Calculator

To gain a clear understanding of your monthly repayments for a ₹40 lakh home loan, the use of an EMI calculator is highly recommended. Various online platforms, including the user-friendly NoBroker EMI calculator, offer tailored solutions to fulfil this purpose.

Utilizing an EMI calculator involves the following steps:

• Loan Amount: Enter the principal amount of ₹40 lakh, which represents the sum you intend to borrow.
• Interest Rate: Input the relevant interest rate. In this scenario, an 8.45% compound interest rate is considered.
• Loan Tenure: Define the duration of the loan, varying from 5 to 30 years, in alignment with your preferences.

The EMI calculator generates two essential pieces of information:

• Monthly Repayments (EMI): This figure represents the ₹40 lakh home loan EMI, indicating the amount payable each month to gradually settle the loan.
• Total Interest: The calculator provides insight into the cumulative interest accrued over the selected loan tenure.

The EMI calculator simplifies complex calculations, equipping you with the knowledge needed to make well-informed choices concerning your ₹40 lakh home loan. This tool assists in assessing affordability across diverse tenures and interest rates, allowing you to craft a tailored financial strategy.

Eligibility Criteria for a 40 Lakh Home Loan

Acquiring a ₹40 lakh home loan involves meeting specific eligibility prerequisites. Lenders take several factors into account, including your age, income, credit score, and employment stability, all of which contribute to responsible loan repayment.

• Required Age: Age significantly influences the evaluation process. Typically, the minimum age requirement is around 21 years, with the maximum age upon loan maturity falling within the range of 60 to 65 years.
• Income: Lenders evaluate your income vis-à-vis the EMI amount. While specific figures may vary, a common guideline suggests that your minimum annual income should be approximately 3 to 4 times the EMI for a ₹40 lakh housing loan.
• Credit Score: A favourable credit score reflects your financial history and behaviour. Lenders generally view a credit score exceeding 750 as highly favourable.
• Employment Stability: The stability of your employment history serves as a valuable indicator of your ability to generate a consistent income stream. Lenders favour borrowers with a track record of steady employment. A lengthier tenure at your current employer can be advantageous, indicating greater job security and stability.

In essence, lenders adopt a comprehensive perspective encompassing age, income, credit score, and employment history to assess your eligibility for a ₹40 lakh home loan. Fulfilling these criteria not only heightens your chances of loan approval but also underscores your capacity to responsibly manage and repay the loan over the designated tenure.

Documents Required for a 40 Lakh Home Loan

Thorough and accurate documentation is indispensable for a seamless home loan application process. Here's a list of commonly required documents:

• Proof of Identity: Valid government-issued identification such as a passport, Aadhaar card, PAN card, or driver's license.
• Proof of Address: Documents verifying your residential address, such as utility bills or rental agreements.
• Proof of Income: Documents showcasing your income capacity, including salary slips, income tax returns, and Form 16.
• Employment Proof: Verification of your employment history, such as offer letters or employment letters.
• Bank Statements: Recent bank statements illustrating your financial transactions and income.
• Property Documents: If identifying a specific property, relevant documents like sale agreements and title deeds are necessary.
• Photographs: Passport-sized photographs for official documentation.
• Loan Application Form: The application form provided by the lender, duly completed and signed.
• Investment Proof (only if applicable): Documents related to investments, contributing to additional financial stability.

Specific document requirements may vary based on the lender and your employment nature.

EMI for ₹40 Lakh Home Loan for 5 Years

Are you considering a ₹40 lakh home loan with a 5-year repayment period at an 8.45% annual interest rate? To calculate your monthly EMI manually, you can use the formula:

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

For a 5-year term:

EMI = ₹ {40,00,000 x 0.00704 x (1 + 0.00704)^60} / {(1 + 0.00704)^60 - 1}

EMI ≈ ₹81,970

With a ₹40 lakh loan amount, your monthly EMI would be approximately ₹81,970 over 5 years, resulting in a total repayment of ₹4,918,186, including ₹918,186 in interest.

Tenure	5 Years
Loan Amount	₹40 Lakh
Rate of Interest (p.a.)	8.45%
EMI	₹81,970
Total Interest	₹918,186
Total Repayment	₹4,918,186

EMI for ₹40 Lakh Home Loan for 10 Years

Planning a ₹40 lakh home loan with a 10-year tenure at an 8.45% annual interest rate? Calculate your EMI manually:

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

For a 10-year term:

EMI = ₹ {40,00,000 x 0.00704 x (1 + 0.00704)^120} / {(1 + 0.00704)^120 - 1}

EMI ≈ ₹49,487

A ₹40 lakh loan over 10 years translates to a monthly EMI of ₹49,487, resulting in a total repayment of ₹5,938,485, including ₹1,938,485 in interest.

Tenure	10 Years
Loan Amount	₹40 Lakh
Rate of Interest (p.a.)	8.45%
EMI	₹49,487
Total Interest	₹1,938,485
Total Repayment	₹5,938,485

EMI for ₹40 Lakh Home Loan for 15 Years

Considering a ₹40 lakh home loan with a 15-year repayment period and an 8.45% annual interest rate? Calculate your EMI manually:

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

For a 15-year term:

EMI = ₹ {40,00,000 x 0.00704 x (1 + 0.00704)^180} / {(1 + 0.00704)^180 - 1}

EMI ≈ ₹39,272

With this loan, your monthly EMI for 15 years would be ₹39,272, resulting in a total repayment of ₹7,069,038, which includes ₹3,069,038 in interest.

Tenure	15 Years
Loan Amount	₹40 Lakh
Rate of Interest (p.a.)	8.45%
EMI	₹39,272
Total Interest	₹3,069,038
Total Repayment	₹7,069,038

EMI for ₹40 Lakh Home Loan for 20 Years

Thinking of a ₹40 lakh home loan with a 20-year tenure at an 8.45% annual interest rate? Calculate your EMI manually:

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

For a 20-year term:

EMI = ₹ {40,00,000 x 0.00704 x (1 + 0.00704)^240} / {(1 + 0.00704)^240 - 1}

EMI ≈ ₹34,586

Your monthly EMI for 20 years would amount to ₹34,586, resulting in a total repayment of ₹8,300,748, including ₹4,300,748 in interest.

Tenure	20 Years
Loan Amount	₹40 Lakh
Rate of Interest (p.a.)	8.45%
EMI	₹34,586
Total Interest	₹4,300,748
Total Repayment	₹8,300,748

EMI for ₹40 Lakh Home Loan for 25 Years

Planning a ₹40 lakh home loan with a 25-year repayment period at an 8.45% annual interest rate? Calculate your EMI manually:

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

For a 25-year term:

EMI = ₹ {40,00,000 x 0.00704 x (1 + 0.00704)^300} / {(1 + 0.00704)^300 - 1}

EMI ≈ ₹32,074

Your monthly EMI for 25 years would be ₹32,074, resulting in a total repayment of ₹9,622,325, which includes ₹5,622,325 in interest.

Tenure	25 Years
Loan Amount	₹40 Lakh
Rate of Interest (p.a.)	8.45%
EMI	₹32,074
Total Interest	₹5,622,325
Total Repayment	₹9,622,325

EMI for 40 Lakh Home Loan for 20 years

Thinking of a ₹40 lakh home loan with a 30-year tenure at an 8.45% annual interest rate? Calculate your EMI manually:

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

For a 30-year term:

EMI = ₹ {40,00,000 x 0.00704 x (1 + 0.00704)^360} / {(1 + 0.00704)^360 - 1}

EMI ≈ ₹30,615

With this loan, your monthly EMI for 30 years would be ₹30,615, resulting in a total repayment of ₹11,021,368, including ₹7,021,368 in interest.

Tenure	30 Years
Loan Amount	₹40 Lakh
Rate of Interest (p.a.)	8.45%
EMI	₹30,615
Total Interest	₹7,021,368
Total Repayment	₹11,021,368

Comparison of Interest Rate & Processing Fee of Different Banks for ₹40 Lakh Home Loans

The home loan interest rate for Rs 40 Lakh begin at 8.50% plus a processing fee equal to 0.15% of the loan amount. Lenders charge borrowers a one-time fee to cover the costs of processing their loan application, which is known as a home loan processing fee. The charge can vary according on the lender, loan type, and other factors, but it typically represents a percentage of the loan amount, ranging from 0.25% to 2%. 

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 ₹40 Lakh Home Loan Across Different Banks 

Knowing how much you would pay each month in EMIs is crucial when applying for a house loan of ₹40 lakh. The interest rate and the length of the loan determine the EMI. The rates that you pay over 5, 10, 15, 20, 25, and 30 years will vary depending on the bank. A comparison of the EMIs provided by some of India's leading banks can be found below.

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%	₹ 82,066	₹ 49,594	₹ 39,390	₹ 34,713	₹ 32,209	₹ 30,757
HDFC Bank	Starting from 8.75*%	₹82,549	₹ 50,131	₹ 39,978	₹ 35,348	₹ 32,886	₹ 31,468
ICICI Bank	Starting from 8.75*%	₹82,549	₹ 50,131	₹ 39,978	₹35,348	₹ 32,886	₹ 31,468
Axis Bank	Starting from 8.75*%	₹82,549	₹ 50,131	₹ 39,978	₹ 35,348	₹ 32,886	₹ 31,468
Canara Bank	Starting at 8.40 %	₹81,873	₹ 49,381	₹39,155	₹ 34,460	₹ 31,940	₹ 30,474
Bank of Baroda	Starting at 8.40 %	₹81,873	₹ 49,381	₹39,155	₹ 34,460	₹ 31,940	₹ 30,474
Kotak Mahindra Bank	Starting from 8.75*%	₹82,549	₹ 50,131	₹ 39,978	₹ 35,348	₹ 32,886	₹ 31,468
IDFC First Bank	Starting from 8.85 %	₹ 82,743	₹ 50,346	₹ 40,215	₹ 35,604	₹ 33,158	₹ 31,754

₹40 Lakhs Home Loan Amortisation Table of 30 Years

First, multiply your principal balance by your interest rate to determine amortization. To find your interest fee for the current month, divide that by the number of months in a year. Lastly, deduct that interest charge from the total amount you pay each month. The amount that will be used for principle for that month is still up in the air.

Year	Opening Balance	EMI	Interest paid yearly	Principal paid yearly	Closing Balance
1	40,00,000	3,67,379	3,36,835	30,544	39,69,456
2	39,69,456	3,67,379	3,34,152	33,227	39,36,229
3	39,36,229	3,67,379	3,31,233	36,146	39,00,083
4	39,00,083	3,67,379	3,28,057	39,322	38,60,761
5	38,60,761	3,67,379	3,24,603	42,776	38,17,985
6	38,17,985	3,67,379	3,20,845	46,534	37,71,451
7	37,71,451	3,67,379	3,16,757	50,622	37,20,829
8	37,20,829	3,67,379	3,12,310	55,069	36,65,760
9	36,65,760	3,67,379	3,07,472	59,907	36,05,853
10	36,05,853	3,67,379	3,02,209	65,170	35,40,683
11	35,40,683	3,67,379	2,96,484	70,895	34,69,787
12	34,69,787	3,67,379	2,90,256	77,123	33,92,664
13	33,92,664	3,67,379	2,83,480	83,899	33,08,765
14	33,08,765	3,67,379	2,76,110	91,269	32,17,496
15	32,17,496	3,67,379	2,68,092	99,287	31,18,208
16	31,18,208	3,67,379	2,59,369	1,08,010	30,10,199
17	30,10,199	3,67,379	2,49,880	1,17,499	28,92,700
18	28,92,700	3,67,379	2,39,558	1,27,821	27,64,879
19	27,64,879	3,67,379	2,28,329	1,39,050	26,25,829
20	26,25,829	3,67,379	2,16,113	1,51,266	24,74,563
21	24,74,563	3,67,379	2,02,824	1,64,554	23,10,009
22	23,10,009	3,67,379	1,88,368	1,79,011	21,30,998
23	21,30,998	3,67,379	1,72,642	1,94,737	19,36,261
24	19,36,261	3,67,379	1,55,534	2,11,845	17,24,417
25	17,24,417	3,67,379	1,36,924	2,30,455	14,93,961
26	14,93,961	3,67,379	1,16,678	2,50,701	12,43,260
27	12,43,260	3,67,379	94,654	2,72,725	9,70,535
28	9,70,535	3,67,379	70,695	2,96,684	6,73,850
29	6,73,850	3,67,379	44,631	3,22,748	3,51,102
30	3,51,102	3,67,379	16,277	3,51,102	0

Things to Keep in Mind While Applying for a 40 Lakh Home Loan

When considering a ₹40 Lakh home loan, it's crucial to ponder various significant aspects that can influence your borrowing journey. Here's a concise overview to provide assistance:

• Credit Score: Maintaining a sturdy credit score, typically above 750, holds immense sway over loan approval and the interest rates you secure.
• Eligibility: Ensure that you meet the lender's eligibility criteria, which might encompass age, nationality, and income considerations.
• Repayment Capacity: Evaluate your ability to repay the loan by examining your current financial situation and job stability.
• EMI Assessment: Compute EMIs for different loan durations to pinpoint the one that harmonizes best with your monthly financial plan.
• Thorough Cost Analysis: Gain a deeper understanding of the total interest payable throughout the loan's term, equipping you to make informed borrowing choices.

Do’s and Don'ts for a Successful 40 Lakh Home Loan Application

Do's	Don'ts
1. Check for errors and improve if needed: Review Your Credit Report.	1.Apply with Multiple Lenders: Avoid submitting applications to multiple lender.
2. Compare rates for the best deal: Research Interest Rates.	2. Borrow Beyond Your Means: Stick to a budget-friendly EMI.
3. Account for registration, insurance, and taxes: Consider Additional Costs.	3. Neglect Your Credit History: Be mindful of your credit history.
4. Enhance approval chances with a steady income and job security: Maintain Financial Stability.	4. Underestimate Hidden Costs: Be aware of unexpected charges.
5. Plan for emergencies or financial changes: Factor in Future Contingencies.	5. Forget to Read the Fine Print: Carefully review loan terms.

These do's and don'ts will help you navigate the ₹40 Lakh home loan application process effectively and make informed decisions.

How Can NoBroker Help?

Simplifying the ₹40 lakh home loan EMI process, NoBroker offers valuable assistance. With their online application platform, lender access, and expert guidance, NoBroker streamlines your journey. Transparent terms, efficient processing, and tailor-made solutions support you from the application to the post-approval stages. Experience a hassle-free loan application with NoBroker Home Loan Services and seamlessly realize your homeownership aspirations.

Disclaimer: The interest rates and calculations mentioned in this guide are for illustrative purposes only. Actual rates and terms may vary depending on the lender and prevailing market conditions.