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The EMI for a Rs.10 lakh home loan will depend on the interest rate and the tenure period that you and your lender agree upon. For instance, if you get an interest rate of 7.5% and a tenure period of 20 years, your Equated Monthly Instalment(EMI) will be Rs.8,056.
A longer repayment tenure will result in a lower EMI amount every month. However, its best to take a loan for a shorter tenue so that your total repayment amount is lesser.
Currently, home loan Interest rates start at 6.70%. You can get tenuers of up to 30 years.
Here is a simple table illustrating different interest rates and their corresponding EMI amount:
|
Loan Amount |
Interest Rate |
Tenure |
EMI |
|
Rs.10 Lakh |
6.70% |
20 |
Rs.7574 |
|
Rs.10 Lakh |
6.80% |
20 |
Rs.7633 |
|
Rs.10 Lakh |
6.90% |
20 |
Rs.7693 |
|
Rs.10 Lakh |
7.00% |
20 |
Rs.7753 |
|
Rs.10 Lakh |
7.50% |
20 |
Rs.8056 |
|
Rs.10 Lakh |
8.00% |
20 |
Rs.8364 |
|
Rs.10 Lakh |
8.50% |
20 |
Rs.8678 |
|
Rs.10 Lakh |
9.00% |
20 |
Rs.8997 |
|
Rs.10 Lakh |
9.50% |
20 |
Rs.9321 |
|
Rs.10 Lakh |
10.00% |
20 |
Rs.9650 |
|
Rs.10 Lakh |
10.50% |
20 |
Rs.9984 |
|
Rs.10 Lakh |
11.00% |
20 |
Rs.10322 |
Also Read: How To Calculate The Amortization Schedule Of Home Loans?
Points to Remember:
Only with a solid credit score will you be able to negotiate a low-interest loan and the loan amount you desire with your lender. If your lender evaluates your credit record and discovers an unresolved adverse report, you may not be able to obtain the loan at the terms you desired, or you may not be qualified for the loan at all. As a result, it is preferable to maintain a good credit score before applying for the desired home loan.