What is the EMI for 10 Lakhs Home Loan?

Hey! I had availed of a home loan a couple of years back. During that time, I wished to know the EMI for my loan, which was 10 lakhs. My friend who worked at the same organisation, so he assisted me in finding the 10 lakhs home loan EMI pretty easily. She also shared an EMI calculator to ease the process for me. Here is all you need to know.

What is the EMI of 10 Lakh Home Loan?

I had taken a loan from Bajaj Finserv, so I’ll share the EMI, which you’ll need to pay for a 10 lakh home loan through Bajaj. The EMI basically depends on two factors, which are loan tenure and the interest rate. Here, Bajaj Finserv offers a loan at an interest rate of 8.60%. So, the EMI would be:

1. For 5 years, the EMI would be 20,565 rupees.

2. For 10 years, the EMI would be 12,452 rupees.

3. For 15 years, the EMI would be 9,906 rupees.

Here is the

, as suggested by my friend. With this, I would like to finish my answer. I hope this helps you to know the home loan EMI for 10 lakh. 

EMI is easy monthly installment. These days many aspiring home buyers resort to taking home loans to realise their dreams of having their own home. In a quest for this, they take home loans and repay it in easy monthly installments. Since it is a convenient option I see that you want to know EMI for 10 lakhs home loan. Well let us talk about this question in detail here.

If you want a home loan of Rs. 10 lakhs and want to know about the EMI structure then it is important to realise that it depends on various factors:

• Type of interest

• LTV ratio

• Credit score of the borrower

• Loan tenure, etc.

Since you want to know Rs. 10 lakh home loan EMI, I am going to share an example with you for calculation purposes:

Suppose Rakesh takes a loan of Rs. 10 lakhs for 5 years at the 6.80% rate of interest. The EMI for the same will be Rs. 19707. 

You can take the help of EMI calculators available online. Here are some of them from major banks in India:

• HDFC Bank

• SBI

• ICICI Bank

• Axis Bank

• Kotak Bank