What is the EMI for 15 lakhs home loan?

A few months back, I availed a home loan of Rs. 15 lakh. As I have to take care of a host of other expenses, I started wondering about the EMI for 15 lac home loan. The principal loan amount, interest rate, and duration of the loan will determine the 15 lakh house loan EMI. The structure of the EMI payment makes the principal component larger at the end and the interest component larger in the early years.

What is the EMI for 15 Lakh Home Loan for 5 Years?

I got the loan from HDFC bank via NoBroker home loan services, to get the maximum loan amount at the minimum interest rate. So I got the home loan at a rate of  8.75%. While thinking about the EMI payment, I used the NoBroker EMI calculator, to help me assist in understanding what will be the EMI for 15 lakhs home loan.

I can share the steps that I followed to help me get the EMI amount;

On the

, I had to enter 3 things;

• Loan amount: Rs. 15,00,000

• Rate of Interest: 8.75%

• Loan tenure: 5 years

This helped me with the following values; 

• Principal Amount: Rs. 15,00,000

• Total Interest: 3,57,350

• Total Amount: 18,57,350

• Monthly EMI: Rs. 30,955

I used the calculator because it is a tedious task for me to calculate the EMI amount manually via the formula for EMI Calculation: P x R x (1+R)^N / [(1+R)^N-1] where

• P = Principal loan amount

• N = Loan tenure in months

• R = Monthly interest rate.

I hope this helps you understand what is the EMI for 15 lakh home loan!

Read More:

Lenders typically do not provide 100% financing for a home. You can be eligible for financing of between 75% and 90%. Assume for a moment that you intend to purchase a Rs. 40 lakh house. For which, you will have to set up Rs. 25 lakh as down payment. In this case, you are eligible for a Rs. 15 lakh home loan. To help you better organise your budget, it's crucial to determine your EMI by using the 15 lakh loan EMI calculator before you proceed.

What is the 15 Lakh Home Loan EMI Calculator?

Numerous EMI calculators are available online. I used the NoBroker EMI calculator when I applied for a house loan. The NoBroker EMI calculator can be used by you as well to determine the EMI of 15 lakh home loan.

• You should click the link provided below;

• Enter the 15 lakh rupee loan amount.

• Add the interest rate (P.A.), which is for example 8.45% p.a.

• Choose a loan tenure of ten years for instance.

This will give the result that is, Rs. 18,558 as the monthly EMI on 15 lakh home loan.

I hope this helps!

Read More:

The EMI for 15 lakh home loan is going to be quite a good sum of money monthly. You can get several online calculators that can help you know the amount in seconds, but if you want to do it manually, there is a formula you can follow. My friend planned to avail a home loan worth Rs 15 lakhs and I could help here to know what will be the EMI for 15 lakhs home loan. So let me tell you how you can do the calculation yourself.

How much EMI for 15 lakh home loan?

As Nimish said, the formula to calculate the EMI of a loan is

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

P = Principal loan amount

N = Loan tenure in months

R = Monthly interest rate

The rate of interest (R) on your loan is calculated per month.

R = Annual Rate of interest/12/100

If the rate of interest is 11.99% p.a. then r = 11.99/12/100 = 0.00991667

You can follow this formula and get the answer. 

Here is a list of home loan 15 lakh EMI at 11.99% that you will have to pay based on the tenure.

I hope you have understood what will be the EMI on 15 lakh home loan. If all these calculations seem hard to you, opt for the NoBroker EMI calculator online or any other one. 

So best of luck calculating the EMI for 15 lakh home loan.

Equated monthly installments or EMI is one of the easiest ways to sponsor your home. If you are a new buyer who is planning to apply for a home loan and wants to know what is the EMI for 15 lakhs home loan then you must know a few things. The EMI is calculated based on the loan amount, tenure and interest rates essentially. So to make calculations you will have to keep these three major factors in mind. Nonetheless, I can give you an idea by taking an example. 

The formula to calculate EMI is:

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

Here P is principal amount, R is rate of interest and N is the loan tenure.

Let us assume that you have been granted a home loan of Rs. 15 lakh for the tenure of 10 years at an interest rate of 6.80%. So the EMI calculation will be as follows:

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

EMI = [ 1500000 x 6.80 x(1+6.80)^10 ] / [ (1+6.80)^10-1 ]

EMI = Rs. 17262

Similarly upon calculation of Rs. 15 lakh home loan EMI for 5 years, the EMI amount will be as follows:

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

EMI = [ 1500000 x 6.80 x(1+6.80)^5 ] / [ (1+6.80)^ 5-1 ]

EMI = Rs. 29560

This is all you must know about EMI for 15 lakhs home loan.