What will be the EMI for 20 lakhs home loan?

Calculating EMI is very important and its better to calculate it before even applying for a loan. I wanted to get a loan of Rs 20 lakhs so I asked my friend who works in the bank to help me understand what will be my EMI for 20 lac home loan. Now this amount will be dependent on the interest rate and tenure of your loan so let me share a list for your better understanding.

What will be the 20 Lakh Home Loan EMI for 15 years?

To calculate the Equated Monthly Installment (EMI) for a 20 lakh home loan with a 15-year tenure and an interest rate of 8.50%, you can use the standard EMI formula:

EMI = P * r * (1 + r)^n / ((1 + r)^n - 1)

Where:

• P = Principal amount (20,00,000 INR)

• r = Monthly interest rate (Annual rate / 12 months / 100)

• n = Loan tenure in months (15 years * 12 months)

The EMI will be around Rs 19,695. To be honest, I do not do it manually. I prefer using online calculators, like the one available on NoBroker, to do all such calculations. I would suggest you use their 20 lakh home loan EMI calculator to know the exact amount.

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The EMI is an equivalent monthly amount that you must pay on your home loan until it is paid off. The EMI is made up of both the principal and the interest amount. Throughout the term of the loan, the EMI will be the same. You may calculate your EMI and plan your expenses with an online home loan EMI calculator. Let’s calculate EMI for 20 Lakhs home loan.

What is the EMI for 20 Lakhs home loan?

The formula for calculating the total amount of the loan is:

In which P - loan amount

R - desired interest rate

N - tenure in months

Sandip wants to buy a house with a housing loan of about Rs. 20,00,000 from the NoBroker for a period of 10 years with interest rate of 8%

So, 20 Lakh loan EMI for 10 years with an interest rate of 8% is Rs. 24266. It includes a total interest of Rs.9,11,920.

Tahir wants to buy a house with a housing loan of about Rs. 20,00,000 from the NoBroker platform for a period of 5 years with interest rate of 8%

So, 20 Lakh loan EMI for 5 years with an interest rate of 8% is Rs. 40553. It includes a total interest of Rs.4,33,180.

Because house loans are typically long-term loans, it's critical to evaluate your overall interest burden before applying for one. To calculate the same, one of the two methods mentioned below can be used to calculate 20 Lakhs home loan EMI calculator.

a) You may use the NoBroker’s 20 Lakhs home loan EMI calculator to figure out how much interest you'll pay on your house loan. You will need to enter the following information into the fields provided on the calculator:

b) Enter the debt repayment number or interest rate for a home loan, along with the term. After entering your information, click the 'Calculate' button to receive a detailed breakdown of your loan, including the total amount owed in interest.

With these methods you would have calculated EMI for 20 Lakhs home loan.

Before securing a home loan we should learn about different aspects of home loan. Of Course we all have the dream to purchase a house as soon as possible. Having a roof at the top our head means we are secured. Most of us require home loans and we prefer to take home loans as it eases the process of purchasing a house. We also get tax exemption when we apply for home loan. Now, let us understand what will be the EMI for 20 lakhs home loan.

Firstly, we should understand that different banks have different policies for home loans. A 20 lac home loan EMI depends on factors such as:

• Tenure

• Interest rate

• Good CIBIL score

To calculate the home loan for 20 lakh EMI you can use the 20 lakhs home loan EMI calculator.

For 20 lakh loan emi for 5 years the amount would be:

Loan amount = 2000000

Rate of interest = 7%

Loan Tenure = 5 years

Monthly EMI = Rs. 39,602

Total Interest =  Rs. 376,120

For 20 lakh home loan emi for 10 years, the amount would be

Loan amount = 2000000

Rate of interest = 7%

Loan Tenure =  10

Monthly EMI = Rs. 23,222

Total interest = Rs. 786,640

I hope you understand now what will be the emi for 20 lakhs home loan.

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