# 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.

The formula to calculate home loan EMI is:

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

Where:

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

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.

## EMI for Different Loan Amount

Home Loan Calculator
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5Y
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