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15 Lakh Home Loan EMI Interest Rate 2022
15 Lakh Home Loan EMI Interest Rate 2022
Is Rs.15 lakh the only hurdle between you and your dream home? The good news is that this shortfall can easily be overcome by a Rs. 15 lakh home loan. Numerous lending companies offer a Rs.15 lakh home loan at an affordable rate of interest. Let’s understand the Home Loan Eligibility Criteria, documents required, and what will be the Rs. 15 lakh home loan EMI for 10 years, 15 years, and 20 years loan terms.
A home loan can be availed for different loan tenures. The maximum loan term allowed by financial companies is up to 30 years. The following table shows the EMI details for different loan tenures for an Rs. 15 lakh home loan availed at a rate of interest of 7.90% per annum.
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| Loan Amount | Rate of Interest | Repayment Term | EMI per month |
| Rs. 15 lakh | 7.90% p.a. | 5 Years | Rs.30,343 |
| Rs. 15 lakh | 7.90% p.a. | 10 Years | Rs.18,120 |
| Rs. 15 lakh | 7.90% p.a. | 15 Years | Rs.14,248 |
| Rs. 15 lakh | 7.90% p.a. | 20 Years | Rs.12,453 |
| Rs. 15 lakh | 7.90% p.a. | 25 Years | Rs.11,478 |
| Rs. 15 lakh | 7.90% p.a. | 30 Years | Rs. 10,902 |
Additional Info: Looking for Best Home Loan for Salaried Individual? Check Interest Rates & Apply.
Rs. 15 Lakh Home Loan EMI for 30 Years
The details of Rs. 15 lakh home loan EMI for a loan term of 30 years are as follows:
- Loan Amount – Rs. 15,00,000
- Rate of Interest – 7.90% p.a.
- EMI value – Rs. 10,902
- Total Interest – Rs. 24,24,749
- Total Repayment – Rs. 39,24,749
| Year | Interest | Principal | Balance |
| 1 | 1,18,044 | 12,781 | 14,87,219 |
| 2 | 1,16,997 | 13,828 | 14,73,391 |
| 3 | 1,15,864 | 14,961 | 14,58,430 |
| 4 | 1,14,638 | 16,187 | 14,42,243 |
| 5 | 1,13,312 | 17,513 | 14,24,730 |
| 6 | 1,11,877 | 18,948 | 14,05,782 |
| 7 | 1,10,325 | 20,500 | 13,85,282 |
| 8 | 1,08,646 | 22,179 | 13,63,103 |
| 9 | 1,06,829 | 23,996 | 13,39,107 |
| 10 | 1,04,863 | 25,962 | 13,13,145 |
| 11 | 1,02,736 | 28,089 | 12,85,056 |
| 12 | 1,00,435 | 30,390 | 12,54,666 |
| 13 | 97,945 | 32,880 | 12,21,786 |
| 14 | 95,251 | 35,574 | 11,86,212 |
| 15 | 92,337 | 38,488 | 11,47,724 |
| 16 | 89,184 | 41,641 | 11,06,083 |
| 17 | 85,772 | 45,053 | 10,61,030 |
| 18 | 82,081 | 48,744 | 10,12,286 |
| 19 | 78,088 | 52,737 | 9,59,549 |
| 20 | 73,768 | 57,057 | 9,02,493 |
| 21 | 69,093 | 61,732 | 8,40,761 |
| 22 | 64,036 | 66,789 | 7,73,972 |
| 23 | 58,565 | 72,260 | 7,01,712 |
| 24 | 52,645 | 78,180 | 6,23,532 |
| 25 | 46,240 | 84,585 | 5,38,947 |
| 26 | 39,310 | 91,515 | 4,47,432 |
| 27 | 31,813 | 99,012 | 3,48,420 |
| 28 | 23,701 | 1,07,124 | 2,41,296 |
| 29 | 14,925 | 1,15,900 | 1,25,396 |
| 30 | 5,431 | 15,00,000 | 0 |
Rs. 15 Lakh Home Loan EMI for 25 Years
The details of Rs. 15 lakh home loan EMI for a loan term of 25 years are as follows:
- Loan Amount – Rs. 15,00,000
- Rate of Interest – 7.90% p.a.
- EMI value – Rs. 11,478
- Total Interest – Rs. 19,43,416
- Total Repayment – Rs. 34,43,416
Additional Info: Looking for 30 Lakh Home Loan? Check EMI & Apply
| Year | Interest | Principal | Balance |
| 1 | 1,17,788 | 19,949 | 14,80,051 |
| 2 | 1,16,154 | 21,583 | 14,58,468 |
| 3 | 1,14,386 | 23,351 | 14,35,118 |
| 4 | 1,12,473 | 25,264 | 14,09,854 |
| 5 | 1,10,403 | 27,334 | 13,82,521 |
| 6 | 1,08,163 | 29,574 | 13,52,947 |
| 7 | 1,05,741 | 31,996 | 13,20,951 |
| 8 | 1,03,119 | 34,618 | 12,86,334 |
| 9 | 1,00,283 | 37,454 | 12,48,880 |
| 10 | 97,215 | 40,522 | 12,08,358 |
| 11 | 93,895 | 43,842 | 11,64,517 |
| 12 | 90,304 | 47,433 | 11,17,084 |
| 13 | 86,418 | 51,319 | 10,65,766 |
| 14 | 82,214 | 55,523 | 10,10,243 |
| 15 | 77,665 | 60,072 | 9,50,171 |
| 16 | 72,744 | 64,993 | 8,85,179 |
| 17 | 67,419 | 70,318 | 8,14,861 |
| 18 | 61,659 | 76,078 | 7,38,783 |
| 19 | 55,426 | 82,311 | 6,56,473 |
| 20 | 48,683 | 89,054 | 5,67,419 |
| 21 | 41,387 | 96,350 | 4,71,070 |
| 22 | 33,494 | 1,04,243 | 3,66,827 |
| 23 | 24,954 | 1,12,783 | 2,54,044 |
| 24 | 15,714 | 1,22,023 | 1,32,022 |
| 25 | 5,717 | 15,00,000 | 0 |
Rs. 15 Lakh Home Loan EMI for 20 Years
The details of Rs. 15 lakh home loan EMI for a loan term of 20 years are as follows:
- Loan Amount – Rs. 15,00,000
- Rate of Interest – 7.90% p.a.
- EMI value – Rs. 12,453
- Total Interest – Rs. 14,88,818
- Total Repayment – Rs. 29,88,818
| Year | Interest | Principal | Balance |
| 1 | 1,17,355 | 32,086 | 14,67,914 |
| 2 | 1,14,726 | 34,715 | 14,33,199 |
| 3 | 1,11,882 | 37,559 | 13,95,640 |
| 4 | 1,08,805 | 40,636 | 13,55,004 |
| 5 | 1,05,476 | 43,965 | 13,11,039 |
| 6 | 1,01,874 | 47,567 | 12,63,472 |
| 7 | 97,977 | 51,464 | 12,12,009 |
| 8 | 93,761 | 55,680 | 11,56,329 |
| 9 | 89,200 | 60,241 | 10,96,088 |
| 10 | 84,265 | 65,176 | 10,30,912 |
| 11 | 78,925 | 70,516 | 9,60,396 |
| 12 | 73,148 | 76,293 | 8,84,103 |
| 13 | 66,898 | 82,543 | 8,01,560 |
| 14 | 60,136 | 89,305 | 7,12,255 |
| 15 | 52,819 | 96,622 | 6,15,633 |
| 16 | 44,904 | 1,04,537 | 5,11,096 |
| 17 | 36,340 | 1,13,101 | 3,97,995 |
| 18 | 27,074 | 1,22,367 | 2,75,629 |
| 19 | 17,049 | 1,32,392 | 1,43,237 |
| 20 | 6,203 | 15,00,000 | 0 |
Additional Reading: CIBIL Score for Home Loan
Rs. 15 Lakh Home Loan Interest Rates
Several banks and non-banking financial companies (NBFCs) offer a competitive rate of interest for Rs.15 lakh home loans. Listed below is the most competitive rate of interest available on a Rs.15 lakh home loan.
| Name of Bank | Rate of Interest |
| CitiBank | Starting 7.40% p.a. |
| Kotak Mahindra Bank | 8.49% p.a. - 9.10% p.a. |
| ICICI Bank | 8.60% p.a. - 9.60% p.a. |
| HDFC Bank | 8.60% p.a. - 9.50% p.a. |
| SBI Bank | 8.55% p.a. - 9.05% p.a. |
| IDFC First Bank | 8.45% p.a. - 8.90% p.a. |
| Yes Bank | 8.95% p.a. - 11.80% p.a. |
Popular Banks providing Rs. 15 Lakh Home Loan
Numerous banks provide a Rs.15 lakh home loan. The top lenders offering Rs. 15 lakh home loans at the most attractive features and affordable rate of interest are:
| 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 |
Eligibility Criteria
To get the home loan approved, the borrower must meet the eligibility conditions. These are general rules which the borrower must fulfill. These include:
Additional Info: Looking for 40 Lakh Home Loan? Check EMI & Apply.
| Eligibility Head | Eligibility Criteria |
| Age | The home loan applicant should be at least 21 years old. The maximum age of the applicant can vary between 60 – 65 years, depending upon the lender policy and job profile of the applicant. The maximum number of years for which the loan can be availed cannot exceed the total number of years left until retirement. |
| Job Profile | The home loan borrower can be a salaried, self-employed professional or self-employed non-professional. |
| Income | The home loan borrower must have a stable job profile and regular income. Different banks and lending institutions have fixed minimum income requirements which the applicant must meet. |
| Work Experience | The salaried individual must be in a job for at least 2 years with at least one year with the current employer. Self-employed individuals (professional and non-professionals) must be in the same business for at least 3 years of which at least 2 years should be profitable. |
| Residential Status | Indian citizens and Non-Resident Indians are eligible for a home loan. |
| Credit Score | The credit score of the applicant must be 650 points or above. |
| Debt-Income Ratio | The Debt-Income ratio must be less than 50%. The lower the ratio, the higher will be the chances of loan approval. |
Additional Info: Also get Canfin Home Loan
Documents Required
A home loan is approved only after careful verification and scrutiny of the documents. The documents that need to be submitted along with the home loan application are:
| Category Name | Document Accepted | |
| Age Proof (Any One) |
| |
| Identity Proof (Any One) |
| |
| Residence Proof (Any One) |
| |
| Income Proof (All) | Salaried | Self-Employed |
|
| |
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FAQs
✅What will be the Rs. 15 lakh home loan EMI for 10 years?
Rs. 15 lakh home loan EMI for 10 years @ rate of interest 8.55% p.a. as offered by SBI Bank is Rs.18,638.
✅What will be the Rs. 15 lakh home loan EMI for 20 years?
Rs. 15 lakh home loan EMI for 20 years @ rate of interest 8.60% p.a. as offered by ICICI Bank is Rs.13,112.
✅What is Rs. 15 lakh home loan EMI for 10 years from YES Bank?
YES Bank offers home loans at a rate of interest starting at 8.95% p.a. The Rs. 15 lakh home loan EMI for 10 years from YES Bank is Rs.18,961.
✅What is Rs. 15 lakh home loan EMI for 10 years from HDFC Bank?
HDFC Bank offers home loans at a rate of interest starting at 8.60% p.a. The Rs. 15 lakh home loan EMI for 10 years from HDFC Bank is Rs.18,678.
✅What bank has the lowest Rs.15 lakh home loan EMI for 10 years?
Citibank offers the lowest rate of interest for home loans starting at 7.40% p.a. Its Rs.15 lakh home loan EMI for 10 years is Rs. 17,727.
Also Check: Experian Credit Score
