EMI on a ₹15 lakh Home Loan

A home loan of ₹15,00,000 at 8.5% for 20 years has an EMI of ₹13,017 a month. Over the full term you repay ₹31,24,164, of which ₹16,24,164 is interest.

EMI at 8.5% for 20 years
₹13,017

Total interest ₹16,24,164 · Total repaid ₹31,24,164

EMI by interest rate and tenure

Rate10 yrs15 yrs20 yrs25 yrs30 yrs
7.5%₹17,805₹13,905₹12,084₹11,085₹10,488
8%₹18,199₹14,335₹12,547₹11,577₹11,006
8.5%₹18,598₹14,771₹13,017₹12,078₹11,534
9%₹19,001₹15,214₹13,496₹12,588₹12,069
9.5%₹19,410₹15,663₹13,982₹13,105₹12,613
10%₹19,823₹16,119₹14,475₹13,631₹13,164

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 ₹1,56,208: ₹1,26,355 in interest and only ₹29,853 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 ₹13,017 EMI needs a take-home salary of about ₹26,035 a month at a 50% limit, or ₹32,543 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 ₹15 lakh loan needs a property worth at least ₹16,66,667 (90% loan-to-value), with a down payment of ₹1,66,667 plus stamp duty and registration.

Paying it off sooner

Adding ₹1,085 to every EMI (one extra EMI a year) clears the loan about 3 years 5 months early and saves about ₹3,26,810 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
₹25 lakh₹21,696₹27,06,939

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 ₹15 lakh home loan?

₹13,017 a month at 8.5% for 20 years. At 8% it is ₹12,547, and over 30 years at 8.5% it is ₹11,534.

What salary do I need for a ₹15 lakh home loan?

Banks usually keep all your EMIs within 40–60% of take-home pay. At a 50% limit, a ₹13,017 EMI needs a take-home salary of about ₹26,035 a month with no other loans; at 40%, about ₹32,543.

How much interest will I pay on a ₹15 lakh home loan?

₹16,24,164 over 20 years at 8.5%, so you repay ₹31,24,164 in all. Paying one extra EMI a year cuts the interest by about ₹3,26,810.

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