EMI on a ₹10 lakh Home Loan

A home loan of ₹10,00,000 at 8.5% for 20 years has an EMI of ₹8,678 a month. Over the full term you repay ₹20,82,776, of which ₹10,82,776 is interest.

EMI at 8.5% for 20 years
₹8,678

Total interest ₹10,82,776 · Total repaid ₹20,82,776

EMI by interest rate and tenure

Rate10 yrs15 yrs20 yrs25 yrs30 yrs
7.5%₹11,870₹9,270₹8,056₹7,390₹6,992
8%₹12,133₹9,557₹8,364₹7,718₹7,338
8.5%₹12,399₹9,847₹8,678₹8,052₹7,689
9%₹12,668₹10,143₹8,997₹8,392₹8,046
9.5%₹12,940₹10,442₹9,321₹8,737₹8,409
10%₹13,215₹10,746₹9,650₹9,087₹8,776

Home loan rates depend on the lender, your credit score and the RBI repo rate; most are floating, so the EMI or tenure changes when rates move.

Where your first year's EMIs go

In the first 12 months you pay ₹1,04,139: ₹84,236 in interest and only ₹19,902 towards the loan. The interest share falls every month as the balance comes down.

Salary you need

Banks keep all your EMIs, including this one, within a share of take-home pay (FOIR), usually 40–60%. With no other loans, a ₹8,678 EMI needs a take-home salary of about ₹17,356 a month at a 50% limit, or ₹21,696 at 40%. Any other EMIs you pay need extra take-home pay on top: ₹2 for every ₹1 of EMI at a 50% limit.

Down payment

RBI rules let banks lend at most 90% of the property value for loans up to ₹30 lakh, 80% up to ₹75 lakh and 75% above that. So a ₹10 lakh loan needs a property worth at least ₹11,11,112 (90% loan-to-value), with a down payment of ₹1,11,112 plus stamp duty and registration.

Paying it off sooner

Adding ₹723 to every EMI (one extra EMI a year) clears the loan about 3 years 5 months early and saves about ₹2,17,873 in interest. Banks can't charge a prepayment penalty on floating-rate home loans to individuals.

Nearby loan amounts

LoanEMI (8.5%, 20 yrs)Total interest
₹10 lakh₹8,678₹10,82,776
₹15 lakh₹13,017₹16,24,164
₹20 lakh₹17,356₹21,65,552

Try other rates in the EMI calculator

Also see: Home Loan Eligibility Calculator · Loan Prepayment Calculator · How much home loan on a ₹50,000 salary?

Questions

What is the EMI on a ₹10 lakh home loan?

₹8,678 a month at 8.5% for 20 years. At 8% it is ₹8,364, and over 30 years at 8.5% it is ₹7,689.

What salary do I need for a ₹10 lakh home loan?

Banks usually keep all your EMIs within 40–60% of take-home pay. At a 50% limit, a ₹8,678 EMI needs a take-home salary of about ₹17,356 a month with no other loans; at 40%, about ₹21,696.

How much interest will I pay on a ₹10 lakh home loan?

₹10,82,776 over 20 years at 8.5%, so you repay ₹20,82,776 in all. Paying one extra EMI a year cuts the interest by about ₹2,17,873.

EMIs use the standard reducing-balance formula with monthly rests. Processing fees, insurance and rate changes are not included.