Smart homebuyers know the importance of planning ahead. If you’re considering a ₹1.5 crore home loan, your first step should be calculating your EMI obligations. By understanding your monthly commitments at different loan tenures, you can choose a repayment plan that works best for your pocket.
₹1.5 crore Home EMI As Per Tenure
The EMI you pay on a ₹1.5 crore home loan varies significantly based on the loan tenure and the interest rate offered by the lender.
Let’s assume the home loan interest rate is 8.50% p.a.
| Loan Amount | Rate of Interest | Tenure | EMI |
|---|---|---|---|
| ₹1.5 crore | 8.50% p.a. | 5 years | ₹3,08,121 |
| ₹1.5 crore | 8.50% p.a. | 10 years | ₹1,86,394 |
| ₹1.5 crore | 8.50% p.a. | 15 years | ₹1,48,160 |
| ₹1.5 crore | 8.50% p.a. | 20 years | ₹1,30,635 |
| ₹1.5 crore | 8.50% p.a. | 25 years | ₹1,21,231 |
| ₹1.5 crore | 8.50% p.a. | 30 years | ₹1,15,741 |
Key Takeaway:
- A shorter loan tenure reduces the total interest paid but increases the EMI.
- A longer loan tenure reduces the EMI but results in paying much higher interest overall.
EMI Details for Different Tenures
What will be the EMI on ₹1.5 crore Home Loan for 5 Years?
For a ₹1.5 crore Home Loan over a 5-year tenure at an interest rate of 8.80% p.a., the approximate EMI would be:
Highlights Details:
- Loan Amount: ₹1.5 crore
- Rate of Interest: 8.80% p.a.
- Tenure: 5 years
- Monthly EMI: ₹3,09,921
- Total Interest Payable: ₹35,95,281
- Total Repayment Amount: ₹1,85,95,281
What will be the EMI on ₹1.5 crore Home Loan for 10 Years?
Highlights Details:
- Loan Amount: ₹1.5 crore
- Rate of Interest: 8.80% p.a.
- Tenure: 10 years
- Monthly EMI: ₹1,88,394
- Total Interest Payable: ₹76,07,265
- Total Repayment Amount: ₹2,26,07,265
What will be the EMI on ₹1.5 crore Home Loan for 15 Years?
Highlights Details:
- Loan Amount: ₹1.5 crore
- Rate of Interest: 8.80% p.a.
- Tenure: 15 years
- Monthly EMI: ₹1,50,360
- Total Interest Payable: ₹1,20,64,898
- Total Repayment Amount: ₹2,70,64,898
What will be the EMI on ₹1.5 crore Home Loan for 20 Years?
Highlights Details:
- Loan Amount: ₹1.5 crore
- Rate of Interest: 8.80% p.a.
- Tenure: 20 years
- Monthly EMI: ₹1,33,035
- Total Interest Payable: ₹1,69,28,529
- Total Repayment Amount: ₹3,19,28,529
₹1.5 crore Home Loan Eligibility Criteria
Before applying for a ₹1.5 crore home loan, it’s essential to ensure you meet the eligibility criteria set by lenders:
| Eligibility Criteria | Requirements |
|---|---|
| Age | 21 years – 65 years |
| Employment | Salaried/ Self Employed |
| Nationality | Indians/ NRIs/ PIOs/ OCIs |
| Credit Score | 750+ |
| Income | Stable and sufficient income to cover EMI payments |
| Property Details | Clear title and valuation of the property you intend to purchase |
Documents Required for ₹1.5 crore Home Loan
General Requirements
- Application Form: Duly filled, signed, with 3 photographs
- Proof of Identity: PAN Card, Driver’s License, Voter ID, Passport, Aadhar Card
- Proof of Residence: Driver’s License, Ration Card, Voter ID, Passport, Aadhar Card, Registered Rent Agreement
- Proof of Assets Held: LIC, NSC, KVP, Mutual Funds, Property
Income Documents for Salaried Individuals
- Last 3 months’ salary slips
- Form 16 and ITR (last year)
- Employee ID card and employment letters
- The last 6 months’ bank statements
Income Documents for Self-Employed
- Balance Sheet, Profit & Loss Account, ITR for the last 2 years
- Form 26AS, TDS certificates
- Business proof documents
- Bank statements (last 12 months)
Suggested Read: What are the essential documents for a home loan approval?
How to Apply for a ₹1.5 crore Home Loan?
- Assess Your Eligibility: Check if you meet the lender’s criteria for income, credit score, and employment stability.
- Gather Documents: Collect all required documents as listed above.
- Compare Lenders: Research and compare offers from different banks for the best rates.
- Submit Application: Complete the application form with all necessary documents.
- Verification Process: The lender will verify your documents and assess your creditworthiness.
- Loan Approval: Once approved, the loan amount will be disbursed as per the agreement.
Tax Benefits of ₹1.5 crore Home Loan
Tax benefits available under the Income Tax Act of 1961:
- Section 24(b): Up to ₹2 lakh per annum on interest paid
- Section 80C: Up to ₹1.5 lakh per annum on principal repayment
- Additional Benefits: Available for joint loans and registration charges
Check Out: Home Loan Tax Benefits Calculator – Estimate Your Savings With A Home Loan.
Things to Keep in Mind
- Compare rates from multiple lenders to maximize savings
- Consider shorter tenure for lower total interest payment
- Maintain a strong credit score for better interest rates
- Review early repayment options and charges
- Assess your long-term financial capability
EMI Calculation for ₹1.5 Crore Home Loan
EMI Calculation
The EMI for a home loan can be calculated using the formula:
EMI = [P*r*(1+r)^n]/ [(1+r)^n -1]
where:
- P is the loan amount
- R is the monthly interest rate
- N is the tenure in months
₹1.5 Crore Home Loan EMI Example
| Details | Criteria | Calculation | Total |
|---|---|---|---|
| Loan Tenure | 10 years | 10 x 12 months | 120 months |
| Loan Amount | Rs. 1.5 Crore | – | Rs. 1.5 Crore |
| Interest Rate | 8.7% | 8.7%/ 12 | 0.725% or 0.00725 |
| Details | Calculation | Total |
|---|---|---|
| Monthly EMI | [1,50,00,000 * 0.00725 * (1+0.00725)^120]/ [(1+0.00725)^120 – 1] | ₹1,87,586.85 |
| Total Payment Over 10 years | ₹1,87,586.85 × 120 | ₹2,25,10,422 |
| Total Interest Paid | ₹2,25,10,422 – ₹1,50,00,000 | ₹75,10,422 |
Understanding the Market Dynamics
The escalation in property prices, especially in cities like Mumbai, Delhi, Bengaluru, and Hyderabad, has made high-value home loans a necessity for many.
The ₹1.5 Crore home loan segment reflects a growing middle and upper-middle-class demographic seeking luxury and comfort without compromising on location and amenities.
When you take out a home loan of ₹1.5 Crore, the repayment is spread out over your chosen tenure as monthly installments or EMIs. These payments include both the principal amount and the interest. The EMI amount will depend on the loan amount, the interest rate, and the loan tenure.
Conclusion
Taking a ₹1.5 crore home loan is a significant financial commitment. By understanding the EMI structures, interest rates, and eligibility criteria, you can make informed decisions that align with your financial goals. Use online EMI calculators to explore different scenarios and ensure you choose a tenure that best fits your budget while meeting all eligibility requirements.
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Frequently Asked Questions
The minimum loan amount you can apply for is typically ₹5 lakhs, while the maximum amount can go up to ₹5 crores, depending on the lender and your eligibility.
You can calculate your home loan EMI using the formula EMI = P x R x (1+R)^N / ((1+R)^N-1), where P is the loan amount, r is the monthly interest rate, and n is the tenure in months. Alternatively, you can use online EMI calculators provided by many lenders.
Your home loan interest rate can be affected by your CIBIL score, job profile, income, debt-to-income ratio, and the benchmark rate of lending (such as MCLR or RLLR)
Yes, most lenders allow prepayment of home loans, which can help reduce the principal amount and the overall interest paid. However, some lenders might charge a prepayment penalty, so it’s important to check the terms and conditions.
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