What is the EMI for 2 Crore Home Loan?

When I bought an apartment in 2023, which was priced at 2.5 crore, I planned to take out a loan from HDFC Bank. It is because I already had an account there. Hence, I visited the HDFC home branch and sat down with a home expert. He told me I had to pay 20% of the amount and the bank would pay the rest as a loan. The amount being paid by the bank was Rs. 2 crore. I asked him about the 2 crore home loan EMI.

What is the EMI for 2 Crore Home Loan?

The HDFC Bank loan executive provided me with a list that had all the details related to the home loan amount. I have added all the details in the table below. 

This is all he told me about the EMI on 2 crore home loan. After this, he provided me with a few details about the home loan eligibility criteria for salaried individuals. 

• He said the age should be between 18 and 60 years.

• A minimum income of Rs.20,000 per month is necessary.

• 2 years of work experience and at least six months in the current organisation.

And that’s it. I hope this information about the 2 crore house loan EMI has been helpful.  

A few things are necessary to know if you are a first-time house buyer wishing to apply for a loan and would like to know what the 2 cr home loan EMI will be. The following variables affect the house loan EMI:

• Length of the loan period 

• Rate of interest

• Good CIBIL rating

I used the NoBroker EMI Calculator to compute the monthly installment at 8% interest for 20 years. The EMI I got is Rs 167,288 per month. Let's have a look at the basic formula that every bank follows for calculating the monthly EMI.

What is 2 Crore House Loan EMI?

The following calculation is used to get the total amount of the loan:

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

Here, P – loan amount

R – interest rate

N – tenure in months

Let’s understand the calculation using the below example.

Rajneesh wishes to purchase a home. He needs a housing loan from NoBroker for roughly Rs. 2,00,00,000, with an interest rate of 8% over a 30 year term.

Monthly EMI = [2,00,00,000 x 8 x (1+8)^10]/[(1+8)^30-1]

       = Rs. 1,46,753

This indicates that an 8% interest rate for a 2 Crore home loan EMI for 30 years of payments equals Rs. 1,46,753. It includes Rs. 32,831,080 in total interest. Moreover, you can directly calculate the EMI by providing the Loan Amount, Interest, and Tenure in the below link:

Having a lavish house is the dream of almost everyone. My uncle, who worked abroad for 20 years, came back to India and wanted to buy a lavish house in Mumbai. He had no idea about the interest rate and did not even know what is the EMI for 2 crore home loan in India. He had to visit the bank and ask the officials about it. The interest on a 2 crore home loan will be huge due to the amount of the loan. Let me share what will be the 2 crore home loan EMI here.

The EMI of a loan depends on three main things-

• The interest rate of the loan

• Loan tenure

• Amount of the loan

Different banks have different interest rates, so inquire about them from the bank first.

Let me cite an example to help you calculate the EMI. If the

Home loan- is Rs 20000000

Rate of Interest is 8.5% and

Loan Tenure is 30 years

Your EMI will be Rs

₹153,783

I did this calculation using the NoBroker EMI calculator, but you can use other platforms as well or do it yourself using a calculator. 

I hope you can now calculate your own 2 crore loan EMI. 

I would personally suggest you avail of a home loan worth a huge amount from reputed banks only. The banks that provide home loan worth Rs 2 crores are

• State Bank of India

• HDFC Bank

• ICICI Bank

• Kotak Mahindra Bank

• Punjab National Bank

• Bank of Baroda

• Bank of Maharashtra

• Federal Bank

• Axis Bank

I hope you have understood what will be the EMI for 2 Crore home loan.