What is The EMI for a 25 Lakhs Home Loan For 15 Years?

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Home lOan

A home loan is a straightforward approach to fund the purchase of a property. Several factors must be considered while applying for the maximum home loan available. It is entirely dependent on your earnings as well as any prospective obligations. To determine home loan interest rates, your monthly income will first determine your eligibility for a certain amount. The majority of banks provide home loans of up to 85% of the value of the property. However, you must first establish your affordability and verify that you fulfil the bank’s eligibility conditions in order to obtain the most money out of a loan. Your home loan EMI is calculated by the bank depending on your earnings. Your EMI for a home loan is mostly determined by your earnings.

A home loan of INR 25 Lac. can cater to your various needs, be it purchasing your first house, constructing it or even renovating your existing house. Along with such a huge loan amount you also get to enjoy the benefit of a flexible loan tenure and competitive home loan interest rates. You just need to make sure that you do not default on the monthly repayments. Missing even a single EMI would have a negative impact on your CIBIL score. 

Eligibility for an INR 25 Lac. Home Loan

To get approved for a home loan worth INR 25 Lac. you must meet the following eligibility criteria:

  • You must be an Indian citizen
  • Between the age group of 23 years to 62 years, if salaried or between 25 years to 70 years of age, if self-employed. 
  • If salaried, must be at least employed for 3 years with one year being with the current employer.
  • If self-employed, must have a stable running business for at least 5 years. 
  • Basic Documentation like Aadhaar & PAN card along with Form 16 or the latest salary slips for the previous 3 months, for salaried employees and P&L statement along with balance sheets for the previous 2 years. 
  • Bank account statement for the last 6 months. 

EMI for a Home Loan worth INR 25 Lac. 

You can use a home loan EMI calculator to get the accurate monthly repayment details for a home loan worth INR 25 lac. The EMI calculator is the best tool to get accurate information as it uses key information like the loan’s principal amount, loan tenure, and interest rate to calculate your monthly repayment amounts. The higher your loan tenure, the less would be your EMI and vice versa. But along with a higher loan tenure, you would end up paying more loan amount at the end of the loan tenure as compared to that of a shorter loan tenure. 

To get a better understanding, the EMI amount on a loan of INR 25 Lac. for 10, 15 and 20 years respectively is mentioned in the table below:

Loan AmountInterest RateLoan TenureEMI
INR 25 Lac.7% p.a.10 YearsINR 29,027
INR 25 Lac.7% p.a.15 YearsINR 22,471
INR 25 Lac.7% p.a.20 YearsINR 19,382

The table shows the EMI amount on a Home loan worth INR 25 Lac. for 10, 15 and 20 years respectively where the interest rate remained constant at 7% p.a. These values may are however subject to change based on a lot of factors like your age, income, CIBIL score, etc.

Read Also: What is the maximum personal loan you can get with low interest?