Hi Pratik. Like Tara said, 6 lakh home loan emi for 5 years depends mainly on the tenure of the loan and the interest rate. The interest rate is offered based on your credit history, CIBIL score and the tenure you choose. A longer tenure will increase the interest rate and vice versa. I will share a few examples for loan EMIs below.
6 Lakh Home Loan EMI 5 Years
I took a home loan from HDFC and first compared the EMI by looking at different tenures. I will share a bit of data for that:
Tenure | Interest Rate | EMI |
3 Years | 9 percent p.a. | Rs. 19,080 |
5 Years | 9 percent p.a. | Rs. 12,455 |
8 Years | 9 percent p.a. | Rs. 8,790 |
10 Years | 9 percent p.a. | Rs. 7,601 |
12 Years | 9 percent p.a. | Rs. 6,828 |
I have kept the interest rate to be 9 percent p.a. and you can see the change in the EMI accridnly. Whenever you apply for a home loan, check your ability repay and then select the tenure accordingly. Have a healthy credit score and repayment history to get a low interest rate.
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Some related information:
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A 6 lakh rupee house loan can be helpful for a number of projects, including home renovation, the acquisition or construction of a new residence, etc. Depending on the bank's interest rate, the 6 lakh home loan EMI 5 years and 10 years will differ.
What are the factors that affect your 6 lakh home loan:
Your loan's EMI is determined by a number of variables, such as:
- Duration:
If you select a shorter payback period for a 6 lakh home loan, your EMI would be greater, and vice versa.
- High-interest rates:
Increase the total amount of EMI payments. If you have chosen a longer home loan term, your loan's interest rate will be greater.
Calculate your EMI on a home loan via the NoBroker EMI calculatorWhat is the EMI for 6 lakhs home loan?
When figuring out your EMI for Rs. 6 Lakhs, you have a choice of numerous online EMI calculators. The NoBroker EMI calculator also allows you to view your EMI.
The 6 lakh rupee house loan EMI figure should also be possible for you to manually calculate in addition to using the online EMI calculator. The method for manually calculating it is as follows:
EMI = {P x R x (1+R)^N} / {(1 + R)^N – 1}
In the formula mentioned above,
P represents the principal or loan amount
R indicates the monthly interest rate divided by 100.
N denotes the monthly EMIs you will need to pay.
To avoid this complicated formula, you can use the NoBroker online EMI calculator. I’d like to share data that I obtained using the NoBroker EMI calculator while calculating the online EMI of 6 Lakh home loans for a period of 5 and 10 years, and considering the interest rate as 8.39% approx.
| Interest Rates | Repayment Period | EMI Per month |
8.39% approx |
6 lakh home loan emi for 10 years |
Rs. 74,039 |
8.39% approx |
6 lakh home loan emi 5 years |
Rs. 122,781 |
It is better if you use the home loan EMI calculator of NoBroker to determine your monthly 6 lakh home loan EMI 5 years and 10 years.
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Read More:
When Home Loan EMI Starts for Under Construction Property? How to Pay HDFC Home Loan EMI Online? How to pay home loan EMI through a credit card?Your Feedback Matters! How was this Answer?
Authors Of The Question
What is the EMI for 6 Lakhs Home Loan?
pratik
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2023-06-06T19:41:12+00:00 2025-02-17T16:09:48+00:00Comment
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