1.5 Crore Home Loan EMI With Calculator And Interest Rates 2024

Are you planning to finance your dream home with a 1.5 Crore home loan? Understanding the EMI (Equated Monthly Installment) is crucial. In this comprehensive guide, we'll break down the EMI calculations for various tenures, allowing you to make informed decisions regarding your home loan. 

Let's start by looking at an example EMI for a 20-year loan with an assumed interest rate of 8.40%. The starting EMI for a 20-year Loan (8.40% Interest Rate): ₹1,29,226

1.5 Crore Home Loan EMI Details

The EMI for a home loan amounting to 1.5 Crore will change based on factors such as the interest rate, loan tenure, and additional considerations. Nevertheless, you have the option to utilize an EMI calculator to obtain an approximation of your monthly repayment amounts. The subsequent table presents an illustrative EMI calculation for a 1.5 Crore home loan, assuming an 8.40% interest rate and varying loan tenures-

TENURE	EMI AMOUNT (INR)
5 Years	3,07,026
10 Years	1,85,177
15 Years	1,46,833
20 Years	1,29,226

How to Calculate 1.5 Crore Home Loan EMI?

To calculate your EMI for 1.5 crore home loan, use the following formula:

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

Here:

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

Here’s an example that can help you better understand the calculation process-

Let's say you have taken a home loan of 1.5 crores at an annual interest rate of 8.40% 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 (approx.)

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 = [1,50,00,000 x 0.007 x (1+0.007)^240] / [(1+0.007)^240-1]

Calculate the EMI using a calculator or spreadsheet:

EMI = [1,50,00,000 x 0.007 x 5.3342] / 4.3342

EMI =  1,29,226 (approx.)

So, the Equated Monthly Instalment (EMI) for your home loan of Rs.1.5 crores with an annual interest rate of 8.40% and a tenure of 20 years, would be approximately Rs. 1,29,226. This amount is payable every month for the entire loan tenure until the loan is fully repaid.

1.5 Crore Home Loan EMI Calculator

You have the option to utilize an EMI calculator to obtain an approximation of your monthly repayment amounts for a 1.5 Crore home loan. Numerous online EMI calculators are accessible, including options like the tool offered by NoBroker.

To use an EMI calculator, you will need to enter the following information:

• Loan amount
• Interest rate
• Loan tenure

Afterwards, the EMI calculator will compute both your monthly repayments and the total interest you'll pay throughout the loan's duration.

Eligibility Requirements for a 1.5 Crore Home Loan

Securing a home loan of 1.5 Crores to realize your dream of homeownership is a significant financial decision. Lenders establish specific eligibility criteria and documentation prerequisites to ensure borrowers can responsibly manage their repayments.

• Age: Typically, the minimum age requirement is around 21 years, while the maximum age at loan maturity ranges from 60 to 65 years.
• Income: Your income plays a pivotal role in determining your eligibility for a 1.5 Crore home loan. Although the minimum annual income criteria vary among lenders, it's often set at approximately 3 to 4 times the EMI amount.
• Credit Score: A credit score exceeding 750 is generally viewed favorably, reflecting responsible financial behaviour.
• Employment Stability: Lenders prefer borrowers with a consistent job history. A stable employment record demonstrates your capacity to generate a steady income for repaying the loan. Moreover, an extended tenure with your current employer can be advantageous.

Documentation Requirements for a 1.5 Crore Home Loan

The documentation process is a crucial aspect of your home loan application. Providing accurate and comprehensive documents streamlines the approval process. Below is a list of common documents you'll need to submit:

• Proof of Identity: Valid government-issued identification documents, including a passport, Aadhaar card, PAN card, or driver's license.
• Proof of Address: Documents confirming your residential address, such as electricity bills, telephone bills, or rental agreements.
• Proof of Income: Your income documents are pivotal for evaluating your repayment capacity. These may encompass:

Salary slips for the past 3-6 months.

Income tax returns (ITR) for the preceding 2-3 years.

Form 16 issued by your employer.

• Employment Proof: Employment verification documents like an employment letter or offer letter from your current employer, including salary details.
• Bank Statements: Bank statements for the last 6 months, illustrating your financial transactions and income inflow.
• Property Documents: If you've already identified a property, you'll need to provide property-related documents such as the sale agreement, title deed, and property tax receipts.
• Photographs: Passport-sized photographs for official purposes.
• Loan Application Form: The application form provided by the lender, completed and signed.
• Investment Proof (if applicable): Documents related to your investments, such as fixed deposits, stocks, or mutual funds, to demonstrate additional financial stability.

It's important to note that the specific document requirements may vary slightly depending on the lender and your employment situation. Some lenders might have additional prerequisites, particularly if you're self-employed or have other sources of income.

1.5 Crore Home Loan EMI for 5 Years

Wondering about your monthly EMI for a ₹1.5 crore home loan with a 5-year repayment period at an 8.4% annual interest rate? The manual EMI calculation formula is:

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

Here, 

• P represents the principal amount (₹1,50,00,000), 
• 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 (5 years, or 60 months).

Here's how the manual EMI calculation for a ₹15,000,000 home loan over 5 years would appear:

EMI = ₹ [1 , 50 , 00 , 000 × 0.007 × ( 1 + 0.007 )^60] /[( 1 + 0.007 )^60 − 1 ] ​ ≈ ₹307,026

Time Period	5
Loan Amount	15000000
Rate of Interest (p.a.)	8.40%
EMI	₹307,026
Total Interest	₹3,421,532
Total Repayment	₹18,421,532

1.5 Crore Home Loan EMI for 10 Years

Want to know what your home loan EMI might amount to if you were to secure a ₹15,000,000 home loan with an 8.40% annual interest rate over a 10-year tenure? While you can conveniently obtain quick results using the Home Loan EMI Calculator, it's beneficial to comprehend the manual calculation process for home loan EMIs. The formula employed is:

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

In this equation, "P" denotes the principal loan amount, "r" signifies the monthly interest rate divided by 100, and "n" represents the total number of instalments. For instance, with a 10-year loan tenure, "n" would equal 120.

Here's the manual EMI calculation for a ₹15,000,000 home loan over 10 years, i.e, 120 months:

EMI = ₹ {15,000,000 x 0.007 x (1 + 0.007)^120} / {(1 + 0.007)^120 - 1} = ₹185177

Time Period	10
Loan Amount	15000000
Rate of Interest (p.a.)	8.4
EMI	₹185,177
Total Interest	₹7,221,270
Total Repayment	₹22,221,270

1.5 Crore Home Loan EMI for 15 Years

Curious about your monthly EMI for a 1.5 Crore home loan with a 15-year repayment period at an 8.4% annual interest rate? The formula for manual EMI calculation is the same as above.

Here, N is the total number of monthly instalments (15 years, or 180 months).

EMI = ₹ {15,000,000 x 0.007 x (1 + 0.007)^180} / {(1 + 0.007)^180 - 1} ≈ ₹146,833

Your EMI for a 1.5 Crore home loan with a 15-year tenure at an 8.4% annual interest rate would be approximately ₹146,833.

Time Period	15
Loan Amount	15000000
Rate of Interest (p.a.)	8.4
EMI	₹146,833
Total Interest	₹11,429,939
Total Repayment	₹26,429,939

1.5 Crore Home Loan EMI for 20 Years

Curious about your monthly EMI for a 1.5 Crore home loan with a 20-year repayment period at an 8.4% annual interest rate? The formula for manual EMI calculation is the same as above.

Here, N is the total number of monthly instalments (20 years, or 240 months).

EMI = ₹ {15,000,000 x 0.007 x (1 + 0.007)^240} / {(1 + 0.007)^240 - 1} ≈ ₹129,226

Your EMI for a 1.5 Crore home loan with a 20-year tenure at an 8.4% annual interest rate would be approximately ₹129,226. 

Time Period	20
Loan Amount	15000000
Rate of Interest (p.a.)	8.4
EMI	₹129,226
Total Interest	₹16,014,162
Total Repayment	₹31,014,162

Things to Keep in Mind While Applying for 1.5 Crore Home Loan

When applying for a substantial home loan, several crucial factors demand your attention:

• Credit Score: A high credit score can secure better interest rates.
• Eligibility: Ensure you meet the lender's criteria.
• Ability to Repay: Assess your financial capability to meet EMIs.
• EMI Planning: Plan EMIs comfortably within your budget.
• Overall Cost Calculations: Factor in additional costs like registration, insurance, and maintenance.

Here's a concise "Do's and Don'ts" table to guide you:

Do's	Don'ts
- Maintain a good credit score.	- Don't borrow more than you can repay.
- Research and compare interest rates.	- Don't ignore additional costs.
- Budget wisely for your EMIs.	- Don't rush the decision-making process.
- Seek professional advice if needed.	- Don't forget to read the fine print.

In your journey towards securing a 1.5 crore home loan, understanding EMI dynamics is paramount. Whether you choose a 5, 10, 15, or 20-year tenure, being informed is your greatest asset. Remember, NoBroker Home Loan Services are here to assist you in making a sound investment decision. Calculate your EMI and plan your future home wisely.

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.