Table of Contents
Quality Service Guarantee Or Painting Free
Get a rental agreement with doorstep delivery
Find the BEST deals and get unbelievable DISCOUNTS directly from builders!
5-Star rated painters, premium paints and services at the BEST PRICES!
Loved what you read? Share it with others!
Submit the Form to Unlock the Best Deals Today
Help us assist you better
✕
Check Your Eligibility Instantly
Experience The NoBrokerHood Difference!
Set up a demo for the entire community
₹45 Lakh Home Loan EMI With Calculation And Interest Rates 2024
Updated : November 6, 2024
Author :
Table of Contents
Deciding to buy a home is a big step. Understanding how home loans work is very important. In this blog, we talk about 45 lakh home loan EMI. Let’s explore how to determine your monthly payments, what you need to qualify, and what papers you must show. Knowing these things helps you make smart choices when owning a home. If you want to start your home-buying journey with a 30-year loan for 45 lakhs, here’s what you need to know: Your first monthly payment, or EMI, would be ₹34,442. This makes it easier for you to start planning for your dream home with a ₹45 lakh home loan.
Details of EMI for 45 Lakh Home Loan
The EMI for a home loan of 45 lakh will change depending on factors like the interest rate, loan tenure, and other variables. Nonetheless, you can employ an EMI calculator to obtain an approximation of your monthly repayment amounts.
The following table illustrates the monthly Equated Monthly Installment (EMI) amounts for a 45 lakh home loan at a fixed interest rate of 8.45% across different loan tenures, ranging from 5 to 30 years.
Quality Service Guarantee Or Painting Free
Get a rental agreement with doorstep delivery
Find the BEST deals and get unbelievable DISCOUNTS directly from builders!
5-Star rated painters, premium paints and services at the BEST PRICES!
| TENURE | EMI AMOUNT(INR) |
| 5 Years | ₹92,216 |
| 10 Years | ₹55,673 |
| 15 Years | ₹44,181 |
| 20 Years | ₹38,910 |
| 25 Years | ₹36,084 |
| 30 Years | ₹34,442 |
How to Calculate 45 Lakh Home Loan EMI?
Calculating the EMI for your 45 lakh home loan is a critical step in managing your finances. You can effortlessly compute it using the 45 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 (45,00,000 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 45 lakh home loan, enabling you to manage your financial planning effectively.
₹45 Lakh EMI Calculator
An EMI calculator can help you approximate your monthly repayment amounts for a 45 lakh home loan. Numerous online EMI calculators are accessible, including options like the one offered by NoBroker.
To use an EMI calculator, you will need to enter the following information:
- Loan amount
- Interest rate
- Loan tenure
Subsequently, the EMI calculator will compute your monthly repayments and the overall interest you'll pay on the loan.
Eligibility Criteria for a 45 Lakh Home Loan
Getting a 45 lakh home loan to buy your dream house is a big financial move. Banks have certain rules and need certain documents to make sure you can pay back the loan responsibly.
- Age: Typically, the minimum age requirement is around 21, while the maximum age at loan maturity ranges between 60 and 65.
- Income: Your income determines your eligibility for a 45 lakh home loan. Lenders often set the minimum annual income requirement at about 3 to 4 times the EMI amount, but this can vary.
- Credit Score: A credit score exceeding 650 is generally viewed favourably as it reflects responsible financial conduct.
- Employment Stability: Lenders favour borrowers with a stable job history. A consistent employment record showcases your capacity to maintain a steady income to repay the loan, and having a longer tenure with your current employer can also be advantageous.
- Debt-to-Income Ratio: This is a check to see how much of your income will pay other debts. Banks like this number to be low, meaning you are not already using much of your money for other loans.
- Property Value and Type: The home you want to buy must have a certain value, and it should be the kind of property the bank agrees is good. This helps ensure the bank can trust it as a backup if the loan isn’t paid.
- Co- applicant's Financial Profile: If someone else, like a family member, joins you on your loan application, it can help. It’s better to have a good job and handle their money well.
- Residency Status: Where you live can matter. People who live in the country where they are applying for a loan usually get deals because they have a known financial history there.
Documents Required for 45 Lakh Home Loan
The documents required for a 45 lakh home loan vary from lender to lender.
However, some of the common documents that you will need to provide include:
- Proof of identity (passport, PAN card, driving license)
- Proof of residence (electricity bill, water bill, rent agreement)
- Proof of income (salary slips, tax returns)
- Credit report
- Property documents (sale deed, architect's plan)
₹45 Lakh Home Loan EMI for 5 Years
Are you considering a ₹45 lakh (4.5 million) 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 = ₹ {45,00,000 x 0.00704 x (1 + 0.00704)^60} / {(1 + 0.00704)^60 - 1}
EMI ≈ ₹92,216
With a ₹45 lakh loan amount, your monthly EMI would be approximately ₹92,216 over 5 years, resulting in a total repayment of ₹5,532,959, including ₹1,032,959 in interest.
| Time Period | 5 |
| Loan Amount | 4500000 |
| Rate of Interest (p.a.) | 8.45 |
| EMI | ₹92,216 |
| Total Interest | ₹1,032,959 |
| Total Repayment | ₹5,532,959 |
₹45 Lakh Home Loan EMI for 10 Years
Planning a ₹45 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 = ₹ {45,00,000 x 0.00704 x (1 + 0.00704)^120} / {(1 + 0.00704)^120 - 1}
EMI ≈ ₹55,673
A ₹45 lakh loan over 10 years translates to a monthly EMI of ₹55,673, resulting in a total repayment of ₹6,680,795, including ₹2,180,795 in interest.
| Time Period | 10 |
| Loan Amount | 4500000 |
| Rate of Interest (p.a.) | 8.45 |
| EMI | ₹55,673 |
| Total Interest | ₹2,180,795 |
| Total Repayment | ₹6,680,795 |
₹45 Lakh Home Loan EMI for 15 Years
Considering a ₹45 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 = ₹ {45,00,000 x 0.00704 x (1 + 0.00704)^180} / {(1 + 0.00704)^180 - 1}
EMI ≈ ₹44,181
With this loan, your monthly EMI for 15 years would be ₹44,181, resulting in a total repayment of ₹7,952,668, which includes ₹3,452,668 in interest.
| Time Period | 15 |
| Loan Amount | 4500000 |
| Rate of Interest (p.a.) | 8.45 |
| EMI | ₹44,181 |
| Total Interest | ₹3,452,668 |
| Total Repayment | ₹7,952,668 |
₹45 Lakh Home Loan EMI for 20 Years
Thinking of a ₹45 lakh (4.5 million) 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 = ₹ {45,00,000 x 0.00704 x (1 + 0.00704)^240} / {(1 + 0.00704)^240 - 1}
EMI ≈ ₹38,910
Your monthly EMI for 20 years would amount to ₹38,910, resulting in a total repayment of ₹9,338,342, including ₹4,838,342 in interest.
| Time Period | 20 |
| Loan Amount | 4500000 |
| Rate of Interest (p.a.) | 8.45 |
| EMI | ₹38,910 |
| Total Interest | ₹4,838,342 |
| Total Repayment | ₹9,338,342 |
₹45 Lakh Home Loan EMI for 25 Years
Planning a ₹45 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 = ₹ {45,00,000 x 0.00704 x (1 + 0.00704)^300} / {(1 + 0.00704)^300 - 1}
EMI ≈ ₹36,084
Your monthly EMI for 25 years would be ₹36,084, resulting in a total repayment of ₹10,825,116, which includes ₹6,325,116 in interest.
| Time Period | 25 |
| Loan Amount | 4500000 |
| Rate of Interest (p.a.) | 8.45 |
| EMI | ₹36,084 |
| Total Interest | ₹6,325,116 |
| Total Repayment | ₹10,825,116 |
₹45 Lakh Home Loan EMI for 30 Years
Thinking of a ₹45 lakh (4.5 million) 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 = ₹ {45,00,000 x 0.00704 x (1 + 0.00704)^360} / {(1 + 0.00704)^360 - 1}
EMI ≈ ₹34,442
With this loan, your monthly EMI for 30 years would be ₹34,442, resulting in a total repayment of ₹12,399,039, including ₹7,899,039 in interest.
| Time Period | 30 |
| Loan Amount | 4500000 |
| Rate of Interest (p.a.) | 8.45 |
| EMI | ₹34,442 |
| Total Interest | ₹7,899,039 |
| Total Repayment | ₹12,399,039 |
Things to Keep in Mind When Applying for a 45 Lakh Home Loan
When considering a 45 Lakh home loan, it's crucial to contemplate various significant factors that can influence your borrowing experience. Here's a concise overview to aid you:
- Credit Score: Maintaining a strong credit score, typically above 750, is vital as it holds substantial sway over your loan approval and interest rates.
- Eligibility: Make certain you satisfy the lender's eligibility criteria, including age, nationality, and income.
- Repayment Capacity: Evaluate your capability to repay the loan by scrutinizing your current financial situation and job stability.
- EMI Assessment: Compute the EMIs for diverse loan tenures to identify the one that aligns most fittingly with your monthly budget.
- Comprehensive Cost Analysis: This will give you insight into the overall interest for the loan's duration, empowering you to make well-considered borrowing choices.
Do’s and Don'ts for a Successful 45 Lakh Home Loan Application
| DO's | Don'ts |
| Review Your Credit Report: Check for errors and improve if needed. | Apply with Multiple Lenders: Avoid submitting applications to multiple lenders. |
| Research Interest Rates: Compare rates for the best deal. | Borrow Beyond Your Means: Stick to a budget-friendly EMI. |
| Consider Additional Costs: Account for registration, insurance, and taxes. | Neglect Your Credit History: Be mindful of your credit history. |
| Maintain Financial Stability: A steady income and job security enhance approval chances. | Underestimate Hidden Costs: Be aware of unexpected charges. |
| Factor in Future Contingencies: Plan for emergencies or financial changes. | Forget to Read the Fine Print: Carefully review loan terms. |
Following these guidelines will help you navigate the 45 Lakh home loan application process effectively and make informed decisions.
45 Lakh Home Loan Amortisation
Understanding a 45 lakh home loan amortisation helps you see how your payments work over 30 years. Each year, you pay a portion of the loan and the interest, slowly lowering your debt.
Here’s a detailed look at how each yearly payment is split between the principal and the interest over the loan period:
| Year | Total Payment (₹) | Principal Payment (₹) | Interest Payment (₹) | Remaining Balance (₹) |
| 1 | 413,301 | 34,362 | 378,939 | 4,465,638 |
| 2 | 413,301 | 37,381 | 375,921 | 4,428,258 |
| 3 | 413,301 | 40,664 | 372,637 | 4,387,593 |
| 4 | 413,301 | 44,237 | 369,064 | 4,343,356 |
| 5 | 413,301 | 48,123 | 365,178 | 4,295,233 |
| 6 | 413,301 | 52,351 | 360,951 | 4,242,882 |
| 7 | 413,301 | 56,950 | 356,351 | 4,185,932 |
| 8 | 413,301 | 61,953 | 351,348 | 4,123,979 |
| 9 | 413,301 | 67,396 | 345,906 | 4,056,584 |
| 10 | 413,301 | 73,316 | 339,985 | 3,983,268 |
| 11 | 413,301 | 79,757 | 333,544 | 3,903,511 |
| 12 | 413,301 | 86,764 | 326,537 | 3,816,747 |
| 13 | 413,301 | 94,386 | 318,915 | 3,722,361 |
| 14 | 413,301 | 102,678 | 310,623 | 3,619,683 |
| 15 | 413,301 | 111,698 | 301,603 | 3,507,984 |
| 16 | 413,301 | 121,511 | 291,790 | 3,386,473 |
| 17 | 413,301 | 132,186 | 281,115 | 3,254,287 |
| 18 | 413,301 | 143,799 | 269,503 | 3,110,489 |
| 19 | 413,301 | 156,431 | 256,870 | 2,954,058 |
| 20 | 413,301 | 170,174 | 243,127 | 2,783,883 |
| 21 | 413,301 | 185,124 | 228,177 | 2,598,760 |
| 22 | 413,301 | 201,387 | 211,914 | 2,397,373 |
| 23 | 413,301 | 219,079 | 194,222 | 2,178,294 |
| 24 | 413,301 | 238,325 | 174,976 | 1,939,969 |
| 25 | 413,301 | 259,262 | 154,039 | 1,680,706 |
| 26 | 413,301 | 282,039 | 131,263 | 1,398,668 |
| 27 | 413,301 | 306,816 | 106,485 | 1,091,852 |
| 28 | 413,301 | 333,770 | 79,531 | 758,082 |
| 29 | 413,301 | 363,092 | 50,209 | 394,990 |
| 30 | 413,301 | 394,990 | 18,312 | 0 |
**Please note: In the above amortisation table, we have considered 8.45% as our interest rate**
How NoBroker Can Help?
To summarize, you have comprehensively understood the specifics surrounding "EMI for a 45 Lakh Home Loan." Armed with this knowledge, you can confidently navigate home loan-related matters. While managing aspects like interest rates and eligibility might appear daunting when approached independently, there's no need for concern. This is where NoBroker steps in. We're here to offer expert advice and simplify the process for you. Feel reassured that you can reach out to NoBroker today, and we'll assist you in seamlessly progressing through the journey towards your dream home, ensuring a hassle-free experience.
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.
Check Out Other Home Loan EMI Blogs
Frequently Asked Questions
Ans: The minimum loan amount you can obtain varies according to the lender. Generally, many lenders provide home loan options commencing at ₹5 lakh, though this can differ. Researching and comparing lenders is essential to find the best fit for your borrowing needs and financial situation.
Ans: The loan amount you qualify for hinges on income, assets, and credit score. Typically, lenders provide home loans up to ₹50 lakh, though this can vary. It's crucial to evaluate your financial standing and research lender options to secure the most suitable loan for your needs.
Ans: A home loan encompasses various charges, such as processing fees, documentation fees, and stamp duty, which differ across lenders. These expenses contribute to the overall cost of obtaining a mortgage and should be considered when evaluating loan options from different financial institutions.
Ans: Certainly, most lenders typically permit prepayment of loans; however, it's important to carefully review the terms for any potential prepayment penalties that might be applicable before proceeding with such an action. This precautionary step ensures you are well-informed about any potential financial implications of early repayment.
Ans: The extent of your Home Loan eligibility hinges on factors like income, credit score, and repayment capability. Lenders often use a portion of your salary as a benchmark for determining loan approval limits.
Ans: The minimum salary prerequisite for a 45 lakh home loan may differ among various lenders. It is crucial to verify their specific eligibility prerequisites and criteria with individual lenders.
Ans: The home loan interest rates provided by the State Bank of India (SBI) are determined by several factors, among which your CIBIL score holds significance. Generally, a higher credit score tends to result in lower interest rates, granting you more favourable terms on your loan. This emphasizes the pivotal role of maintaining a good credit score in securing reduced interest rates for your home loan from SBI.
Ans: The Equated Monthly Installment (EMI) for a home loan of 45 lakhs, spanning 20 years, is contingent on the prevailing interest rate. To obtain the precise EMI figure, it is recommended to employ an EMI calculator, which factors in the loan amount, tenure, and interest rate to provide an accurate result.
A. The maximum tenure of a home loan can significantly vary among different lenders in the financial market. Generally falling within 20 to 30 years, the final duration is determined based on the specific terms, conditions, and policies set forth by each lending institution.
Ans: Multiple financial institutions provide competitive home loan EMI rates. To make an informed decision, thoroughly researching and comparing offerings from different lenders is advisable. This way, you can identify the option that provides the most affordable EMI for the specific tenure you have in mind.
Recommended Reading
₹10 Lakh SBI Home Loan EMI Interest Rates in 2025
December 20, 2024
2102+ views
15 Lakh Home Loan EMI With Calculator and Interest Rates 2025
December 20, 2024
8019+ views
8 Lakh Home Loan EMI With Calculator And Interest Rates 2025
December 20, 2024
6877+ views
₹40 Lakh Home Loan EMI With Calculator and Interest Rates in 2025
December 19, 2024
5577+ views
25 Lakh Home Loan EMI With Calculator And Interest Rates 2025
December 19, 2024
6580+ views
Loved what you read? Share it with others!
Most Viewed Articles
Home Loan Interest Rates for All Banks in November 2024
November 3, 2024
23056+ views
ICICI Home Loan Interest Rates - Updated in November 2024
November 3, 2024
22303+ views
SBI Home Loan Interest Rates - Updated in December 2024
December 17, 2024
19749+ views
Understanding Home Loan Tenure and Why It's Important
August 22, 2022
15962+ views
HDFC Home Loan Interest Rates - Updated in December 2024
December 1, 2024
11123+ views
Author
Recent blogs in
₹10 Lakh SBI Home Loan EMI Interest Rates in 2025
December 20, 2024 by Priyanka Saha
15 Lakh Home Loan EMI With Calculator and Interest Rates 2025
December 20, 2024 by Priyanka Saha
8 Lakh Home Loan EMI With Calculator And Interest Rates 2025
December 20, 2024 by Priyanka Saha
₹40 Lakh Home Loan EMI With Calculator and Interest Rates in 2025
December 19, 2024 by Manu Mausam
25 Lakh Home Loan EMI With Calculator And Interest Rates 2025
December 19, 2024 by Priyanka Saha
Join the conversation!