What is the EMI for 75 Lakhs Home Loan?

The 75 lakhs home loan EMI depends on various factors like the loan tenure, interest rate, and whether the interest rate is fixed or floating. However, the interest rate ranges between 8% to 9% per annum, but it can vary depending on the lender and your credit profile.

Home loan tenures usually range from 10 to 30 years. A longer tenure results in a lower EMI but higher overall interest.

Let’s take an example of 75 lakh home loan EMI for 20 years below to understand better.

Let’s assume:

• Loan Amount: ₹75 lakhs

• Interest Rate: 8.5% per annum

• Loan Tenure: 20 years

The EMI is calculated using the formula: EMI=P×r×(1+r)n(1+r)n−1

Where:

• P

  = Principal amount (₹75 lakhs)

• r

  = Monthly interest rate (annual rate divided by 12) = 0.007083 (8.5%/12)

• n

  = Number of EMIs (loan tenure in months) = 240 (20 years × 12)

For this example: The EMI for 75 lakh home loan comes to approximately Rs65,033.

Over 20 years, the interest paid would be around Rs81 lakhs, almost as much as the loan amount. For a shorter tenure (say 10 years), the EMI would increase to around Rs92,000, but the total interest would decrease significantly.

If you opt for a floating rate, the EMI for 75 lakhs home loan may change over time based on market conditions.

This is all about 75 lakhs housing loan EMI.

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Let me tell you important points about EMI before I tell you what a 75 lakh home loan EMI for 20 years is. You must make Equated Monthly Installments towards your home loan till the conclusion of the loan period. The principal and interest amounts are included in the EMI amount. My father had to pay Rs 62,733 in monthly installments when he obtained a 75 lakh loan from HDFC Bank for our house last year. But as every bank has a distinct interest rate, it could differ. 

75 Lakh Home Loan EMI Calculator

The formula to determine the EMI for the amount of house loan has been provided by Kamal. Moreover, last year, I determined the EMI for a 75 lakh house loan with a 20-year term and an 8% interest rate via NoBroker. If you want to find your home loan EMI, you must first ascertain the interest rate that the lender is willing to provide and follow the below process:

• Go to

  NoBroker EMI Calculator

  page.

• Input the loan amount as 75,00,000.

• Mention the rate of interest that your bank is providing.

• Finally, enter 20 in the loan tenure section. You will get the complete details like monthly EMI, total interest, principal amount, and total amount.

It is necessary to know the interest rate that the lender is offering in order to calculate the home loan EMI for 75 lakhs. To ensure accuracy and make an informed decision, it is always advised to verify the figures twice. I hope you got an idea of what will be 75 lakhs housing loan EMI.

I recently went through the process of buying a home, I can understand how confusing and overwhelming it can be to figure out 75 lakh home loan EMI. If you are looking to take out a home loan of 75 lakhs. The EMI (Equated Monthly Installment) is the amount you'll need to pay each month to repay the loan. Keep reading to know more.

EMI is calculated based on three factors - the loan amount, the interest rate, and the tenure.The average interest rate for home loans in India is around 6-7%. Let's assume that your home loan has an interest rate of 7%.

The tenure of the loan is the duration of time over which the loan will be repaid. The longer the tenure, the lower the EMI, but the more interest you'll end up paying over the life of the loan. Most home loans in India have a tenure of 20-30 years. Let's take a tenure of 25 years for our example.

Now, let's calculate the EMI using the formula:

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

Where P is the loan amount, R is the interest rate per month (i.e., 7%/12), and N is the number of months (i.e., 25 years x 12 months per year).

Using this formula, the EMI for a 75 lakhs home loan with an interest rate of 7% and a tenure of 25 years would be:

EMI = [75,00,000 x 0.0058 x (1+0.0058)^300]/[(1+0.0058)^300-1]

EMI for 75 lakhs home loan will be Rs. 49,874

So, the EMI for a 75 lakhs home loan with a tenure of 25 years and an interest rate of 7% would be Rs. 49,874. It's important to note that this is just an estimate and your actual EMI may vary depending on the lender, interest rate, and other factors.

I hope this helps answer your question and gives you a better understanding of 75 lakh home loan EMI.

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