8 Lakh Home Loan EMI With Calculator And Interest Rates 2025

Understanding the details of an 8 lakh home loan EMI for 10 years is crucial for future homeowners. This guide explains everything about home loan EMIs for different loan periods, focusing on an ₹8 lakh loan. It covers how EMIs are calculated for loan terms from 5 to 30 years at an 8.4% annual interest rate and highlights the importance of factors like credit score and lender requirements. This information will help you make smart choices about your home loan.

For those eager to commence their journey towards homeownership with a 20-year loan tenure, the figures are telling: you can initiate it with a budget-friendly initial EMI of ₹6,892, empowering you to confidently embark on the path to your dream home with an ₹8 Lakhs home loan.

Home Loan 8 Lakh EMI Details

The EMI for an 8 lakh home loan will change based on factors such as the interest rate, loan tenure, and additional considerations. Nevertheless, employing an 8 lakh home loan EMI calculator can provide you with an approximate figure for your monthly repayment amounts. The subsequent table displays an illustrative computation for an EMI for an 8 lakh home loan, assuming an 8% interest rate and loan tenure of 5 years, 10 years, 15 years and 20 years:

Tenure	Monthly EMI
5 Years	₹16,375
10 Years	₹9,876
15 Years	₹7,831
20 Years	₹6,892

₹8 Lakh EMI Calculator

To calculate 8 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 home loan of  Rs. 8 lakh at an annual interest rate of 8.4% for a tenure of 20 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 = 20 years x 12 = 240 months
• Plug the values into the EMI formula:
  • EMI = [8,00,000 x 0.007 x (1+0.007)^240] / [(1+0.007)^240-1]
• Calculate the EMI using a calculator or spreadsheet:
  • EMI = [8,00,000 x 0.007 x 5.33424468143] / 4.33424468143
  • EMI = 29871.770216 (approx.)

So, the Equated Monthly Installment (EMI) for home loan of Rs. 8 lakh, with an annual interest rate of 8.40% and a tenure of 20 years, would be approximately Rs. 29871.77. This amount is payable every month for the entire loan tenure until the loan is fully repaid.

₹8 Lakh Loan EMI Calculator

An 8 lakh home loan EMI calculator is a valuable tool that helps borrowers estimate their monthly installment payments based on loan tenure, interest rates, and principal amount. It simplifies financial planning by providing clear insights into repayment schedules and total interest costs.

Eligibility Criteria for an 8 Lakh Home Loan

To be eligible for an ₹8 lakh home loan, applicants need to meet specific criteria set by lenders to ensure their ability to repay the loan and the value of the property being financed. Below are the key eligibility requirements:)

• Age: Applicants should be between 21 and 65 years old. This ensures that the borrower is at an age where they can comfortably repay the loan within the given tenure.
• Income: A stable monthly income of at least ₹25,000 is required. This income level assures lenders that the borrower can meet monthly loan repayments without undue financial strain.
• Employment Stability: Applicants should have a minimum of 2 years of stable employment or proven business operations. This criterion reflects the borrower’s capacity to maintain a steady income stream over time.
• Credit Score: A credit score of 750 or above is generally preferred. A higher credit score indicates a strong credit history, which assures the lender of the applicant’s ability to manage debt responsibly.
• Loan Amount and Property Value: The loan amount should not exceed 80% of the property’s value. This ensures that the borrower has a sufficient stake in the property, reducing the lender’s risk.
• Existing Liabilities: Lenders prefer applicants with minimal existing liabilities. Having fewer existing debts increases the borrower’s repayment capacity and lowers the risk of loan default.
• Property Location and Type: The property should be located in a recognized, approved area with clear title deeds. This ensures that the property is a valuable asset and free from legal disputes that could affect its ownership.
• Co-Applicants: Including co-applicants in the loan application can enhance eligibility and increase the potential loan amount. Co-applicants with stable incomes or high credit scores add strength to the application.
• Documentation: Essential documents required for the loan application include identity proof, address proof, income proof (such as salary slips or tax returns), and property-related documents. These help verify the applicant's identity, income, and property ownership status.

Documents Required for an 8 Lakh Home Loan

The documentation process constitutes a critical aspect of your home loan application. Providing precise and comprehensive documents is imperative for expediting the approval process. Below is a compilation of the commonly necessary documents:

• Proof of Identity: Valid government-issued identification documents such as a passport, Aadhaar card, PAN card, or driver's license.
• Address Verification: Documents confirming your residential address, which may include electricity bills, telephone bills, or rental agreements.
• Income Evidence: Documentation related to your income is vital for evaluating your repayment capacity. This often encompasses salary slips from the last 3-6 months, income tax returns (ITR) for the past 2-3 years, and Form 16 provided by your employer.
• Employment Confirmation: Documents that validate your employment status, including an employment letter or offer letter from your present 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 have already selected a property, you'll need to furnish relevant property documents like the sale agreement, title deed, and property tax receipts.
• Photographs: Passport-sized photographs for official purposes.
• Loan Application Form: The lender's application form, accurately completed and duly signed.
• Investment Records (if applicable): Documentation pertaining to your investments, such as fixed deposits, stocks, or mutual funds, providing evidence of additional financial stability.

Please be aware that specific document requirements may slightly differ depending on the lender and your employment situation. Some lenders may have additional conditions, especially for self-employed individuals or applicants with diverse income sources.

₹8 Lakh Home Loan EMI for 5 Years

Interested in knowing your monthly EMI for an ₹8 lakh home loan with a 5-year repayment period at an 8.4% annual interest rate? You can calculate it manually using the formula:

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

Here, P represents the principal amount (₹8,00,000), R is the monthly interest rate (8.4% divided by 12 months, or 0.007 when converted to a decimal), and N is the total number of monthly installments (5 years, or 60 months).

Using the formula, we get:

EMI = ₹{8,00,000 x 0.007 x (1 + 0.007)^60} / {(1 + 0.007)^60 - 1} ≈ ₹16,375

So, your EMI for an ₹8 lakh home loan with a 5-year tenure at an 8.4% annual interest rate would be approximately ₹16,375. 

Loan Tenure	5 Years
Loan Amount	₹ 8,00,000
Rate of Interest (p.a.)	8.4%
EMI	₹ 16,375
Total Interest Amount	₹ 1,82,482
Total Repayment Amount	₹ 9,82,482

₹8 Lakh Home Loan EMI for 10 Years

Wondering about your monthly EMI for an ₹8 lakh home loan with a 10-year repayment period at an 8.4% annual interest rate? To manually calculate it, you can use the formula:

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

Here, P represents the principal amount (₹8,00,000), R is the monthly interest rate (8.4% divided by 12 months, or 0.007 when converted to a decimal), and N is the total number of monthly instalments (10 years, or 120 months).

Using the formula, we get:

EMI = ₹{8,00,000 x 0.007 x (1 + 0.007)^120} / {(1 + 0.007)^120 - 1} ≈ ₹9,876

So, your EMI for an ₹8 lakh home loan with a 10-year tenure at an 8.4% annual interest rate would be approximately ₹9,876. 

Loan Tenure	10 Years
Loan Amount	₹ 8,00,000
Rate of Interest (p.a.)	8.4%
EMI	₹ 9,876
Total Interest Amount	₹ 3,85,134
Total Repayment Amount	₹ 11,85,134

₹8 Lakh Home Loan EMI for 15 Years

Curious about your monthly EMI for an ₹8 lakh home loan with a 15-year repayment period at an 8.4% annual interest rate? You can manually calculate it using the formula:

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

Here, P represents the principal amount (₹8,00,000), R is the monthly interest rate (8.4% divided by 12 months, or 0.007 when converted to a decimal), and N is the total number of monthly installments (15 years, or 180 months).

Using the formula, we get:

EMI = ₹{8,00,000 x 0.007 x (1 + 0.007)^180} / {(1 + 0.007)^180 - 1} ≈ ₹7,831

So, your EMI for an ₹8 lakh home loan with a 15-year tenure at an 8.4% annual interest rate would be approximately ₹7,831. 

Loan Tenure	15 Years
Loan Amount	₹ 8,00,000
Rate of Interest (p.a.)	8.4%
EMI	₹ 7,831

₹8 Lakh Home Loan EMI for 20 Years

Thinking about your monthly EMI for an ₹8 lakh home loan with a 20-year repayment period at an 8.4% annual interest rate? You can manually calculate it using the formula:

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

Here, P represents the principal amount (₹8,00,000), R is the monthly interest rate (8.4% divided by 12 months, or 0.007 when converted to a decimal), and N is the total number of monthly instalments (20 years, or 240 months).

Using the formula, we get:

EMI = ₹{8,00,000 x 0.007 x (1 + 0.007)^240} / {(1 + 0.007)^240 - 1} ≈ ₹6,892

So, your EMI for an ₹8 lakh home loan with a 20-year tenure at an 8.4% annual interest rate would be approximately ₹6,892. 

Loan Tenure	20 Years
Loan Amount	₹ 8,00,000
Rate of Interest (p.a.)	8.4%
EMI	₹ 6,892
Total Interest Amount	₹ 8,54,089
Total Repayment Amount	₹ 16,54,089

₹8 Lakh Home Loan EMI for 25 Years

For an ₹8 lakh home loan with a 25-year repayment period at an 8.35% annual interest rate, you can calculate the monthly EMI using the same formula:

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

Here, P represents the principal amount (₹8,00,000), R is the monthly interest rate (8.4% divided by 12 months, or 0.006958 when converted to a decimal), and N is the total number of monthly instalments (25 years, or 300 months).

Using the formula, we get:

EMI = ₹{8,00,000 x 0.006958 x (1 + 0.006958)^300} / {(1 + 0.006958)^300 - 1} ≈ ₹6,388

So, your 8 lakh home loan EMI of 25 years at an 8.4% annual interest rate would be approximately ₹6,388.

Loan Tenure	25 Years
Loan Amount	₹ 8,00,000
Rate of Interest (p.a.)	8.4%
EMI	₹6,388
Total Interest Amount	₹11,16,398
Total Repayment Amount	₹19,16,398

₹8 Lakh Home Loan EMI for 30 Years

Here’s the EMI calculation for an ₹8 lakh home loan with a 30-year tenure at an 8.35% annual interest rate:

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

Here, P represents the principal amount (₹8,00,000), R is the monthly interest rate (8.4% ÷ 12 ÷ 100 = 0.006958), and N is the total number of monthly installments (25 years, or 300 months).

Using the formula, we get:

EMI = ₹{8,00,000 x 0.006958 x (1 + 0.006958)^300} / {(1 + 0.006958)^300 - 1} ≈ ₹6,095

So, your 8 lakh home loan EMI of 30 years at an 8.4% annual interest rate would be approximately ₹6,095.

Loan Tenure	25 Years
Loan Amount	₹ 8,00,000
Rate of Interest (p.a.)	8.4%
EMI	₹6,095
Total Interest Amount	₹13,94,092
Total Repayment Amount	₹21,94,092

8 Lakhs Home Loan Amortisation

An ₹8 lakh home loan amortisation provides a clear breakdown of principal and interest payments over the loan tenure. It helps borrowers understand their repayment schedule, highlighting how each EMI gradually reduces the loan balance. This method ensures a systematic reduction of debt, making financial planning easier.

Below is the amortisation table for the first year, assuming an 8.4% interest rate and 30 year tenure:

Year	Opening Balance	EMI	Interest paid yearly	Principal paid yearly	Closing Balance
1	8,00,000	73,136	66,966	6,170	7,93,830
2	7,93,830	73,136	66,427	6,709	7,87,120
3	7,87,120	73,136	65,842	7,295	7,79,826
4	7,79,826	73,136	65,205	7,932	7,71,894
5	7,71,894	73,136	64,512	8,624	7,63,269
6	7,63,269	73,136	63,759	9,377	7,53,892
7	7,53,892	73,136	62,940	10,196	7,43,696
8	7,43,696	73,136	62,050	11,086	7,32,610
9	7,32,610	73,136	61,082	12,054	7,20,555
10	7,20,555	73,136	60,030	13,107	7,07,449
11	7,07,449	73,136	58,885	14,251	6,93,197
12	6,93,197	73,136	57,641	15,495	6,77,702
13	6,77,702	73,136	56,288	16,848	6,60,854
14	6,60,854	73,136	54,817	18,319	6,42,534
15	6,42,534	73,136	53,218	19,919	6,22,616
16	6,22,616	73,136	51,478	21,658	6,00,958
17	6,00,958	73,136	49,588	23,549	5,77,409
18	5,77,409	73,136	47,531	25,605	5,51,804
19	5,51,804	73,136	45,296	27,841	5,23,963
20	5,23,963	73,136	42,865	30,271	4,93,692
21	4,93,692	73,136	40,222	32,914	4,60,778
22	4,60,778	73,136	37,348	35,788	4,24,989
23	4,24,989	73,136	34,224	38,913	3,86,077
24	3,86,077	73,136	30,826	42,310	3,43,766
25	3,43,766	73,136	27,132	46,004	2,97,762
26	2,97,762	73,136	23,115	50,021	2,47,741
27	2,47,741	73,136	18,748	54,389	1,93,352
28	1,93,352	73,136	13,999	59,137	1,34,215
29	1,34,215	73,136	8,836	64,301	69,915
30	69,915	73,136	3,222	69,915	0

Comparison of Interest Rate & Processing Fee for ₹8 Lakh Home Loans

When choosing an ₹8 lakh home loan, comparing interest rates and processing fees is crucial for finding the most cost-effective option. This section provides a detailed comparison of leading lenders, highlighting variations in rates and fees to help you make an informed decision and save on overall borrowing costs.

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 applicable 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 ₹8 Lakh Home Loan Across Different Banks 

Navigating the home loan landscape can be overwhelming, especially when comparing interest rates and EMI across different banks. Our comprehensive analysis breaks down the nitty-gritty details of 8 lakh home loans, helping you make an informed decision and find the most cost-effective financing option for your dream home.

Here add interest rates column only for 15 years (in reference blog table is for 30 years but you will add here for 15 years)

Bank	Rate of interest	EMI for 5 Years	EMI for 10 Years	EMI for 15 Years
State Bank of India (SBI)	Starting at 8.50%	₹ 16,413	₹ 9,919	₹ 7,878
HDFC Bank	Starting from 8.75*%	₹ 16,510	₹ 10,026	₹ 7,996
ICICI Bank	Starting from 8.75%	₹ 16,510	₹ 10,026	₹ 7,996
Axis Bank	Starting from 8.75%	₹ 16,510	₹ 10,026	₹ 7,996
Canara Bank	Starting at 8.40 %	₹ 16,375	₹9,876	₹ 7,831
Bank of Baroda	Starting from 8.40%	₹ 16,375	₹9,876	₹ 7,831
Kotak Mahindra Bank	Starting from 8.75%	₹ 16,510	₹ 10,026	₹ 7,996
IDFC First Bank	Starting from 8.85 %	₹ 16,549	₹ 10,069	₹ 8,043

Things to Keep in Mind While Applying for 8 Lakh Home Loan

Taking out a home loan is a significant financial decision. When considering a sum of 8 lakh, you'll need to account for various factors to ensure a smooth borrowing experience.

• Credit Score: Your credit score reflects your creditworthiness. A high score can fetch you better interest rates and terms. Regularly check and maintain a good credit score, preferably above 750, to increase your chances of loan approval and to access favorable terms.
• Eligibility: Different lenders have different criteria, which may include age, employment type, and income. Ensure you meet the lender's requirements to avoid rejection. Familiarize yourself with these criteria and gather necessary documents beforehand.
• Ability to Repay: Lenders assess your financial stability by examining your monthly income, savings, and existing debts. Before applying, assess your own finances to determine if you can comfortably manage the loan repayments on top of your other expenses.
• EMI: Equated Monthly instalments (EMI) are what you'll pay monthly to clear off the loan. Use online EMI calculators to get an estimate. Choose a repayment tenure that ensures your EMI doesn't exceed 30-40% of your monthly income.
• Overall Cost Calculations: The loan amount is just one part of the overall cost. Consider other charges like processing fees, legal charges, and interest over the loan tenure. This will give you a clearer picture of the total cost over the loan's duration.

Do's and Don'ts Table

Do’s	Dont's
Regularly check and improve your credit score.	Avoid applying for multiple loans at once.
Research various lenders to get the best terms.	Don't hide or falsify any information in your application.
Ensure all necessary documents are accurate and up to date.	Avoid taking on additional large debts simultaneously.
Regularly assess your finances to ensure timely repayments.	Don't forget to read the loan agreement's fine print.
Keep an emergency fund to manage unexpected financial hits.	Don't settle for the first offer; always negotiate.

By adhering to these guidelines and being well-prepared, you can navigate the home loan process with confidence and ease.

Securing an 8 lakh home loan EMI for 10 years is more than just about monthly repayments—it's about making a significant step towards home ownership, an achievement many dream of. Every potential homeowner should be equipped with the right tools and knowledge to navigate this journey.

If you're on the brink of this exciting venture, why not make it easier for yourself? With NoBroker Home Loan Services, you're not just getting a loan; you're gaining a partner dedicated to helping you every step of the way. Comprehensive guidance, expert advice, and seamless procedures await. Take the first step towards your dream home with NoBroker today!

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.