What is the EMI of 15 lakh home loan?

^ Lakh Home Loan EMI in English

Do you need only Rs 15 lakh for your dream home? So the good news is that this shortcoming can be easily remedied. Many banks and lending companies offer home loans of up to Rs 15 lakh at low interest rates. Let us understand what are the eligibility criteria and documents required for this and what is the EMI to be paid on 15 lakh home loan for repayment tenures of 10 years, 15 years and 20 years.

Full Details of Home Loan EMI of Rs.15 Lakh

Home loans can be taken for different repayment tenures. The maximum repayment period by banks or lending companies is up to 30 years. The table below shows the various EMI details for a home loan of Rs 15 lakh at an interest rate of 6.80% per annum.

loan amount rate of interest repayment period EMI per month
15 lakh rupees 6.80% p.a. 5 year Rs 29,560
15 lakh rupees 6.80% p.a. 10 years Rs 17,262
15 lakh rupees 6.80% p.a. 15 years Rs 13,315
15 lakh rupees 6.80% p.a. 20 years Rs 11,450
15 lakh rupees 6.80% p.a. 25 years Rs 10,411
15 lakh rupees 6.80% p.a. 30 years Rs 9,779

Interest rate on 15 lakh home loan

Many banks and NBFCs (Non-Banking Financial Companies) offer low interest rates for home loans up to Rs 15 lakh. The best and useful rate of interest available on home loan of Rs 15 lakh is given in the table below.

Name of bank rate of interest
City Bank Starting from 6.50% p.a.
Mahindra Bank Box 6.65% p.a. to 7.20% p.a.
ICICI Bank 6.75% p.a. to 7.55% p.a.
HDFC bank 6.75% p.a. to 7.65% p.a.
SBI Bank 6.80% p.a. to 7.5% p.a.
IDFC First Bank 6.90% p.a. to 10.5% p.a.
Yes Bank 9.60% p.a. to 12% p.a.

Best and popular banks that offer home loan up to Rs 15 lakh

There are many banks which provide home loan of up to Rs 15 lakh. All offer competitive interest rates. Below table are the banks which offer 15 lakh home loan with cheapest interest rate and attractive features:-

Citibank Home Loan
ICICI Bank Home Loan
hdfc bank home loan
SBI Bank Home Loan
Kotak Mahindra Bank Home Loan
IDFC First Bank Home Loan
Yes Bank Home Loan
Axis Bank Home Loan
IDBI Bank Home Loan
Bank Of Baroda Home Loan
PNB Bank Home Loan

EMI on 15 lakh home loan for 30 years

You can take a home loan with a repayment tenure of 10 years, 20 years or 30 years. Here we will talk about the EMI for a home loan of Rs 15 lakh with a repayment tenure of 30 years.

  • Loan Amount – Rs 15,00,000
  • Interest Rate – 6.80% p.a.
  • EMI Charges – Rs 9,779
  • Total Interest – Rs 20,20,397
  • Total Repayment Amount – Rs 35,20,397
repayment period principal amount Interest balance principal amount
1 year Rs 15,836 Rs 101,512 Rs 1,484,164
2 years Rs 16,946 Rs 100,402 Rs 1,467,218
3 years Rs 18,135 Rs 99,213 Rs 1,449,083
4 years Rs 19,407 Rs 97,941 Rs 1,429,676
5 year Rs 20,770 Rs 96,578 Rs 1,408,906
6 years Rs 22,227 Rs 95,121 Rs 1,386,679
7 years Rs 23,785 Rs 93,563 Rs 1,362,894
8 years Rs 25,455 Rs 91,893 Rs 1,337,439
year 9 Rs 27,240 Rs 90,108 Rs 1,310,199
10 years Rs 29,152 Rs 88,196 Rs 1,281,047
11 years Rs 31,196 Rs 86,152 Rs 1,249,851
12 years Rs 33,386 Rs 83,962 Rs 1,216,465
13 years Rs 35,727 Rs 81,621 Rs 1,180,738
14 years Rs 38,236 Rs 79,112 Rs 1,142,502
15 years Rs 40,918 Rs 76,430 Rs 1,101,584
16 years Rs 43,788 Rs 73,560 Rs 1,057,796
17 years Rs 46,861 Rs 70,487 Rs 1,010,935
18 years Rs 50,148 Rs 67,200 Rs 960,787
19 years Rs 53,669 Rs 63,679 Rs 907,118
20 years Rs 57,433 Rs 59,915 Rs 849,685
21 years Rs 61,461 Rs 55,887 Rs 788,224
22 years Rs 65,774 Rs 51,574 Rs 722,450
23 years Rs 70,388 Rs 46,960 Rs 652,062
24 years Rs 75,325 Rs 42,023 Rs 576,737
25 years Rs 80,612 Rs 36,736 Rs 496,125
26 years Rs 86,268 Rs 31,080 Rs 409,857
27 years Rs 92,319 Rs 25,029 Rs 317,538
28 years Rs 98,798 Rs 18,550 Rs 218,740
29 years Rs 105,728 Rs 11,620 Rs 113,012
30 years Rs 113,066 Rs 4,202 Zero

EMI on 15 lakh home loan for 25 years

One can take a home loan with a repayment tenure of 25 years. Here we will talk about the EMI for a home loan of Rs 15 lakh with a repayment tenure of 25 years.

  • Total Amount – Rs 15,00,000
  • Interest Rate – 6.80% p.a.
  • EMI per month – Rs 10,411
  • Total interest amount – Rs 16,23,324
  • Total Repayment Amount – Rs 31,23,324
repayment period principal amount Interest balance principal amount
1 year Rs 23,662 Rs 101,270 Rs 1,476,338
2 years Rs 25,322 Rs 99,610 Rs 1,451,016
3 years Rs 27,098 Rs 97,834 Rs 1,423,918
4 years Rs 28,997 Rs 95,935 Rs 1,394,921
5 year Rs 31,032 Rs 93,900 Rs 1,363,889
6 years Rs 33,209 Rs 91,723 Rs 1,330,680
7 years Rs 35,539 Rs 89,393 Rs 1,295,141
8 years Rs 38,033 Rs 86,899 Rs 1,257,108
year 9 Rs 40,703 Rs 84,229 Rs 1,216,405
10 years Rs 43,558 Rs 81,374 Rs 1,172,847
11 years Rs 46,614 Rs 78,318 Rs 1,126,233
12 years Rs 49,883 Rs 75,049 Rs.1,076,350
13 years Rs 53,383 Rs 71,549 Rs 1,022,967
14 years Rs 57,128 Rs 67,804 Rs 965,839
15 years Rs 61,137 Rs 63,795 Rs 904,702
16 years Rs 65,427 Rs 59,505 Rs 839,275
17 years Rs 70,016 Rs 54,916 Rs 769,259
18 years Rs 74,930 Rs. 50,002 Rs 694,329
19 years Rs 80,186 Rs 44,746 Rs 614,143
20 years Rs 85,810 Rs 39,122 Rs 528,333
21 years Rs 91,832 Rs 33,100 Rs 436,501
22 years Rs 98,276 Rs 26,656 Rs 338,225
23 years Rs 105,171 Rs 19,761 Rs 233,054
24 years Rs 112,550 Rs 12,382 Rs 120,504
25 years Rs 120,563 Rs 4,485 Zero

15 lakh home loan EMI for 20 years

One can take a home loan with a repayment tenure of 20 years. Here we will talk about the EMI for a home loan of Rs 15 lakh with a repayment tenure of 20 years.

  • Loan Amount – Rs 15,00,000
  • Interest Rate – 6.80% p.a.
  • EMI per month – Rs 11,450
  • Total interest – Rs 12,48,021
  • Total Repayment Amount – Rs 27,48,022
repayment period principal amount Interest balance principal amount
1 year Rs 36,524 Rs 100,876 Rs 1,463,476
2 years Rs 39,086 Rs 98,314 Rs 1,424,390
3 years Rs 41,830 Rs 95,570 Rs 1,382,560
4 years Rs 44,763 Rs 92,637 Rs 1,337,797
5 year Rs 47,904 Rs 89,496 Rs 1,289,893
6 years Rs 51,265 Rs 86,135 Rs 1,238,628
7 years Rs 54,861 Rs 82,539 Rs 1,183,767
8 years Rs 58,711 Rs 78,689 Rs 1,125,056
year 9 Rs 62,829 Rs 74,571 Rs 1,062,227
10 years Rs 67,238 Rs 70,162 Rs 994,989
11 years Rs 71,956 Rs 65,444 Rs 923,033
12 years Rs 77,004 Rs 60,396 Rs 846,029
13 years Rs 82,408 Rs 54,992 Rs 763,621
14 years Rs 88,189 Rs 49,211 Rs 675,432
15 years Rs 94,376 Rs 43,024 Rs 581,056
16 years Rs 100,998 Rs 36,402 Rs 480,058
17 years Rs 108,084 Rs 29,316 Rs 371,974
18 years Rs 115,666 Rs 21,734 Rs 256,308
19 years Rs 123,782 Rs 13,618 Rs 132,526
20 years Rs 132,591 Rs 4,932 Zero

Eligibility Criteria for 15 Lakh Home Loan

To get the home loan sanctioned, the borrower needs to fulfill the eligibility conditions. These are general rules that the borrower has to fulfill. The rules include:-

eligibility criteria eligibility criteria
Age The age of the home loan borrowers should be at least 21 years.

The maximum age of the applicant can vary between 60 to 65 years.

The maximum number of years for which a loan can be taken cannot exceed the total number of years remaining till retirement.

job profile The home loan borrower can be a salaried, self-employed professional or a self-employed non-professional.
revenue The home loan borrower should have a stable job profile and regular income.

Various banks and lending institutions have set minimum income requirements that the applicant must meet.

Work experience The person taking the salary should have at least one year with the current company and at least 2 years of total job experience.

Self-employed individuals (professional and non-professional) should be in the same business for at least 3 years out of which at least 2 years should be profitable.

residential status Indian citizens and NRIs are eligible for home loans.
credit score The credit score of the borrower should be 650 points or above.
loan-income ratio The loan-income ratio should be less than 50%.

The lower the ratio, the higher the chances of loan approval.

What are the documents required for 15 lakh home loan?

Home loan is sanctioned only after careful scrutiny of documents for home loan. The documents that need to be submitted along with taking a home loan are:-

Category document approved
Age proof (any one)
  • Passport
  • driving license
  • life insurance policy
  • Birth certificate
  • pan card
  • school leaving certificate
Identity proof (any one)
  • Passport
  • driving license
  • pan card
  • voter id card
Residence proof (any one)
  • utility bill
  • bank details
  • property registration document
  • property tax receipt
  • voter id card
salaried Self employed
  • Salary slip for last three months
  • appointment letter
  • Annual Salary Increment Letter
  • Form No. 16
  • Salary Account Bank Account Details
  • Check processing fee issued from salary account
  • IT return of last two years with documents
  • business profile on letterhead
  • Registration certificate for starting a business
  • Current account bank account details for the last six months
  • Bank statements for the last six months
  • Check processing amount issued from business account

Frequently Asked Questions (FAQs) on 15 Lakh Home Loan EMI

Question: What will be the 15 lakh home loan EMI for 10 years?

Answer: 15 lakh home loan EMI for 10 years at 6.80% interest rate SBI Bank’s is Rs 17,262.

Question: What will be the 15 lakh home loan EMI for 20 years?

Answer: 15 lakh home loan for 20 years at 6.80% interest rate of SBI bank is Rs 11.450.

Question: What will be the 15 lakh home loan EMI for 10 years from Yes Bank?

Answer: Yes Bank offers home loans at an interest rate starting from 9.60% p.a. The EMI of 15 lakh home loan for 10 years from Yes Bank is Rs 19,492.

Question: What will be the 15 lakh home loan EMI for 10 years from HDFC Bank?

Answer: HDFC Bank offers home loans at an interest rate starting from 6.75% p.a. The EMI of 15 lakh home loan for 10 years is Rs 17,224.

Question: Which bank has the lowest EMI on home loan of Rs 15 lakh for 10 years?

Answer: Citibank offers the lowest interest rate for home loans starting from 6.50% p.a. and the home loan EMI of Rs 15 lakh for 10 years is Rs 17,032.

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