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15 Lakh Home Loan EMI Interest Rate 2022

Updated on: 28 Dec 2022 // 22 min read // Home Loans
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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 AmountRate of InterestRepayment TermEMI per month
Rs. 15 lakh7.90% p.a.5 YearsRs.30,343
Rs. 15 lakh7.90% p.a.10 YearsRs.18,120
Rs. 15 lakh7.90% p.a.15 YearsRs.14,248
Rs. 15 lakh7.90% p.a.20 YearsRs.12,453
Rs. 15 lakh7.90% p.a.25 YearsRs.11,478
Rs. 15 lakh7.90% p.a.30 YearsRs. 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
YearInterestPrincipalBalance
11,18,04412,78114,87,219
21,16,99713,82814,73,391
31,15,86414,96114,58,430
41,14,63816,18714,42,243
51,13,31217,51314,24,730
61,11,87718,94814,05,782
71,10,32520,50013,85,282
81,08,64622,17913,63,103
91,06,82923,99613,39,107
101,04,86325,96213,13,145
111,02,73628,08912,85,056
121,00,43530,39012,54,666
1397,94532,88012,21,786
1495,25135,57411,86,212
1592,33738,48811,47,724
1689,18441,64111,06,083
1785,77245,05310,61,030
1882,08148,74410,12,286
1978,08852,7379,59,549
2073,76857,0579,02,493
2169,09361,7328,40,761
2264,03666,7897,73,972
2358,56572,2607,01,712
2452,64578,1806,23,532
2546,24084,5855,38,947
2639,31091,5154,47,432
2731,81399,0123,48,420
2823,7011,07,1242,41,296
2914,9251,15,9001,25,396
305,43115,00,0000

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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

YearInterestPrincipal Balance
11,17,78819,94914,80,051
21,16,15421,58314,58,468
31,14,38623,35114,35,118
41,12,47325,26414,09,854
51,10,40327,33413,82,521
61,08,16329,57413,52,947
71,05,74131,99613,20,951
81,03,11934,61812,86,334
91,00,28337,45412,48,880
1097,21540,52212,08,358
1193,89543,84211,64,517
1290,30447,43311,17,084
1386,41851,31910,65,766
1482,21455,52310,10,243
1577,66560,0729,50,171
1672,74464,9938,85,179
1767,41970,3188,14,861
1861,65976,0787,38,783
1955,42682,3116,56,473
2048,68389,0545,67,419
2141,38796,3504,71,070
2233,4941,04,2433,66,827
2324,9541,12,7832,54,044
2415,7141,22,0231,32,022
255,71715,00,0000

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
YearInterestPrincipalBalance
11,17,35532,08614,67,914
21,14,72634,71514,33,199
31,11,88237,55913,95,640
41,08,80540,63613,55,004
51,05,47643,96513,11,039
61,01,87447,56712,63,472
797,97751,46412,12,009
893,76155,68011,56,329
989,20060,24110,96,088
1084,26565,17610,30,912
1178,92570,5169,60,396
1273,14876,2938,84,103
1366,89882,5438,01,560
1460,13689,3057,12,255
1552,81996,6226,15,633
1644,9041,04,5375,11,096
1736,3401,13,1013,97,995
1827,0741,22,3672,75,629
1917,0491,32,3921,43,237
206,20315,00,0000

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 BankRate of Interest
CitiBankStarting 7.40% p.a. 
Kotak Mahindra Bank8.49% p.a.  - 9.10% p.a. 
ICICI Bank8.60% p.a.  -  9.60% p.a.
HDFC Bank8.60% p.a.  -  9.50% p.a. 
SBI Bank8.55% p.a.  - 9.05% p.a. 
IDFC First Bank8.45% p.a.  -  8.90% p.a.
Yes Bank8.95% 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 HeadEligibility 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 ProfileThe 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 StatusIndian citizens and Non-Resident Indians are eligible for a home loan.
Credit ScoreThe 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 NameDocument Accepted
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
Residence Proof (Any One)
  • Utility Bill
  • Bank Statements
  • Property Registration Documents
  • Property Tax Receipt
  • Voter ID
Income Proof (All)SalariedSelf-Employed
  • Salary slips for the last three months
  • Appointment letter
  • Yearly increment letter
  • Form No. 16
  • Bank account statement of the salary account
  • Cheque for the processing fee amount issued from the salary account
  • IT returns for the last two years with supportive documents
  • Business profile on the letterhead
  • Registration certificate for business commencement
  • Bank account statement for last six months of operative current account
  • Bank statements for the last six months
  • Cheque for the processing fee amount issued from the business account

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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