What Is The EMI For 1 Crore Home Loan?

Would you like to apply for a home loan of Rs. 1 Cr? Before moving forward, though, you should be aware of your EMI for home loan of 1 Crore. If you figure out your home loan interest rate ahead of time, you might be able to better organise and manage your finances. The NoBroker EMI calculator can help you quickly determine your repayment obligations.

How Much EMI For 1 Crore Home Loan?

There are 2 ways to determine the 1Cr home loan EMI;

• Via NoBroker

  EMI Calculator

• Via the EMI calculation formula

The EMI calculation formula is; 

Where:

• EMI = Equated Monthly Installment

• P = Loan amount (principal)

• R = Monthly interest rate  (calculated by dividing the annual interest rate by 12 and then by 100).

• N = Loan tenure in months

Assume that the loan has a 20-year (240-month) duration and an annual interest rate of 8.40 percent. 

• P equals one crore, or Rs. 1,00,00,000

• The monthly interest rate is r = (8 / 12) / 100 = 0.007

• The loan tenure in months is n = 240.

• EMI = [1,00,00,000 * 0.007 * (1 + 0.007)^240] / [(1 + 0.007)^240 – 1]

• EMI = Rs. 86,150/-

Therefore, the monthly installment payment (EMI) for a 1 crore home loan with a 20-year (240-month) loan term and an annual interest rate of 8.40% is Rs. 86,150.

To avoid this hassle of calculating manually, you can use the NoBroker EMI calculator. You will just have to add your loan amount, rate of Interest (PA), and the loan tenure to calculate the monthly EMI.

I hope this helps!

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Borrowers with credit scores of 750 and above should have no trouble getting Rs 1 crore house loan. The majority of banks and housing finance companies (HFCs) provide salaried and self-employed clients home loans with 30-year repayment terms up to Rs. 1 crore. The variable interest rates on these loans depend on the credit histories, loan amounts, loan-to-value (LTV) ratios, employment histories, and other information of the borrowers. Using NoBroker online EMI calculator for house loans, you can quickly determine what is the EMI for 1 crore home loan.

• 30 years

• 25 years

• 20 years

• 15 years

• 7 years

• 5 years

Following are the details of EMI for 1 Crore home loan for 30 years, 20 years, 15 years, 10 years, and 5 years tenure at an interest rate of 7.50% p.a

• Monthly EMI for a duration of 5 Years - Rs. 2,00,379

• Monthly EMI for a duration of 10 Years - Rs. 1,18,702

• Monthly EMI for a duration of 15 Years - Rs.  92,701

• Monthly EMI for a duration of 20 Years - Rs. 80,559

• Monthly EMI for a duration of 30 Years- Rs. 69,921

You will need to provide the following documentation to apply for a house loan worth Rs. 1 crore;

• Completed and signed home loan application.

• The applicant's most recent passport-size photos.

• Aadhaar cards, passports, driving licences, voter IDs.

• Age verification documents include birth certificates, 10th-grade certificates, etc.

• Bank statements for the previous six months.

• Processing fees cheque

• Form 16 or Return of Income Tax.

• For self-employed candidates, a CA-certified Balance Sheet and Profit & Loss Statement for the last three years.

I’d like to conclude my answer here about what is the EMI for 1 crore home loan. I hope this helps:)

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