With the increasing prices of real estate in India, the only way most individuals fulfil their dream of buying a home is by applying for a Home Loan. Today, lenders offer different Home Loans, and you can select any based on your needs. A Home Loan provides borrowers with multiple benefits, including the advantage of income tax deductions.

Suppose you want to apply for a Home Loan of Rs. 15 lakh to supplement your budget and turn your dream of owning a home into reality. In that case, you need to estimate the equated monthly instalment to repay your lender every month. Let us explore EMIs and the factors affecting the EMI of a Rs. 15 lakh Home Loan. We will also learn how to calculate them.

About EMIs

If you are wondering what is the EMI for a 15 lakhs Home Loan?, let us understand the term EMI. It is the fixed sum the borrower pays their lender at a particular date every month. The EMIs are allocated towards the principal and the interest each month so that over a particular tenure, your Loan is repaid fully.

Factors affecting EMI of a Rs. 15 lakh Home Loan

The EMI of your Rs. 15 lakh Home Loan is generally affected by the following factors:

• Preferred tenures

Selecting a longer tenure typically results in lower EMIs and vice versa. However, a longer tenure also results in a higher overall interest outgo at the end of the tenure.

• Interest rates

Your EMI amount is directly proportional to the interest rate the lender offers. Typically, your lender calculates the interest based on factors like repayment capacity, prevailing market situation, etc.

How to calculate EMI of a Rs. 15 lakh Home Loan?

If you are wondering what will be the EMI for the 15 lakhs Home Loan, you can estimate the amount using an online EMI calculator. This calculator saves the trouble of computing it manually. To determine the EMI for a Home Loan of Rs. 15 lakh, follow these steps:

• Search for a reliable Home Loan EMI calculator online.
• Enter the interest rate. Suppose it is 8.99%. In that case, enter this value.
• Input the Loan amount. In this case, you need to enter Rs. 15 lakh.
• You also need to enter your preferred tenure. For example, you may enter 15 years.

Once you enter the required details into the calculator, the EMI value is displayed in seconds. However, this is only the estimated EMI without any additional charges that may be applicable.

Conclusion

Now that you know how to calculate the EMI of a Rs. 15 lakh Home Loan, use the Home Loan calculator to estimate the repayment amount.