10 Lakh Home Loan EMI and Interest

The current Home loan interest rates starts at 8.40% p.a. and to calculate loan emi for a 10 lakh home loan you need to chose a loan tenure. Here you can compare 10 lakh home loan emi at 8.40% p.a with different tenure like 10 year, 15 year, 20 years and 30 years.

10 Lakh Home Loan EMI and Interest

The lowest home loan interest rate is 8.40% p.a. Here is how your 10 Lakh home loan EMI will be with different tenure options.

Loan AmountTenureEMI Amount
Rs. 10 Lakh5 YearsRs. 20468
Rs. 10 Lakh10 YearsRs. 12345
Rs. 10 Lakh15 YearsRs. 9789
Rs. 10 Lakh20 YearsRs. 8615
Rs. 10 Lakh25 YearsRs. 7985
Rs. 10 Lakh30 YearsRs. 7618

The formula to calculate home loan EMI is:

EMI = [P * r * (1 + r)^n] / [(1 + r)^n – 1]


EMI = Equated Monthly Installment
P = Loan amount (principal)
r = Monthly interest rate (annual interest rate divided by 12 and then divided by 100)
n = Loan tenure in months

Let’s assume the annual interest rate is 8% and the loan tenure is 20 years (240 months). Using these values, we can calculate the EMI for a 10 lakh home loan:

P = Rs. 10,00,000 (10 lakh)
r = (8 / 12) / 100 = 0.00667 (monthly interest rate)
n = 240 (loan tenure in months)
EMI = [10,00,000 * 0.00667 * (1 + 0.00667)^240] / [(1 + 0.00667)^240 – 1]
EMI = Rs. 8,364/-
Total Amount = Rs. 20,07,456/-
Interest = Rs. 10,07,456/-

So, the EMI for a 10 lakh home loan at an annual interest rate of 8% and a loan tenure of 20 years (240 months) would be Rs. 8,615/- per month.

Compare 10 Lakh Home loan EMI for 15 Years

Lowest Interest RateBank NameEMI for 10 Lakh
8.4% p.a.HDFC Rs. 9790/-
8.4% p.a.LIC Rs. 9790/-
8.5% p.a.AXIS Rs. 9850/-
8.5% p.a.IDBI Rs. 9850/-
8.75% p.a.UNION Rs. 9990/-
8.85% p.a.BARODA Rs. 10050/-
9.15% p.a.SBI Rs. 10230/-
9.15% p.a.ICICI Rs. 10230/-
9% p.a.PNB Rs. 10140/-
9% p.a.CANARA Rs. 10140/-

Home loan interest rates vary from bank to bank, here you can compare home loan emi for 10 lakh loan amount for tenure of 15 years with respect to the bank’s interest rate. To check different loan tuners and interest use home loan emi calculator.

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Things to Consider while Taking 10 Lakh Home Loan

  • Property Value: The loan amount should ideally align with the property’s value. If the property you’re interested in is significantly more expensive than 10 lakh, you might struggle to secure financing for the entire purchase.
  • Affordability: Assess your monthly income, expenses, and financial commitments to determine if you can comfortably afford the monthly mortgage payments associated with a 10 lakh home loan. It’s important to have a clear understanding of how the monthly payments will fit into your budget.
  • Down Payment: A 10 lakh loan might require a substantial down payment, depending on the property’s value and the lender’s requirements. Ensure you have the necessary funds available for the down payment without straining your finances.
  • Loan Terms and Interest Rates: The loan terms and interest rates offered by lenders could vary based on the loan amount. Compare the terms and rates for different loan amounts to make an informed decision.
  • Property Location and Type: Consider the location and type of property you’re purchasing. In some areas, a 10 lakh loan might be sufficient for a small property, while in other areas, it might not cover a significant portion of the property’s cost.
  • Long-Term Goals: Think about your long-term goals. Are you planning to stay in the property for a short period or a more extended period? How does the loan amount align with your plans for the future?
  • Interest and Total Cost: Keep in mind that a lower loan amount generally means lower total interest payments over the life of the loan. However, it could also mean a longer repayment period.
  • Future Financial Flexibility: While a smaller loan might lead to lower monthly payments, it could also limit your future financial flexibility. A larger loan might provide you with more options to invest or allocate funds elsewhere.