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15 Lakh Home Loan EMI Interest Rate 2024

Updated on: 01 Mar 2024 // 5 min read // Home Loans
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15 Lakh Home Loan EMI Interest Rate 2024

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.

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15 Lakh Home Loan EMI Calculator

Every Home Loan EMI is subject to the loan amount sanctioned, the applicable interest rate and the selected repayment tenure. Home Loan EMI for a Rs 15 lakh home loan can be easily calculated through the Home Loan EMI calculator within a minute. MyMoneyMantra Home Loan EMI calculator can provide you the exact Home Loan EMI for the selected Home Loan amount, tenure and rate of interest. 

You’re just required to enter the desired home loan, the tenure in which you wish to repay the Home Loan and the interest rate quoted by the bank or housing financier. With MyMoneyMantra’s Home Loan EMI calculator, you can ascertain your monthly repayments before you take a Home Loan.

Home Loan EMI

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 8.35% per annum.

Compare Best Home Loan Interest Rates starting @8.35% from multiple Banks and NBFCs.

Let’s understand home loan EMI for Rs. 15 lakhs with an example. Assuming that the interest rate is 8.35% p.a. and tenures are 5, 10, 15, 20 and 30 years, your EMI on Rs. 15 lakhs home loan using the Home Loan EMI Calculator will be as follows:

Loan AmountInterest RateLoan TenureEMI
Rs. 15 Lakh8.35%30 YearsRs. 11,375
Rs. 15 Lakh8.35%20 YearsRs. 12,875
Rs. 15 Lakh8.35%15 YearsRs. 14,640
Rs. 15 Lakh8.35%10 YearsRs. 18,478
Rs. 15 Lakh8.35%5 YearsRs. 30,666

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: 8.35% p.a.
  • EMI value: Rs. 11,375
  • Total Interest: Rs. 25,94,865
  • Total Repayment: Rs. 40,94,865

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: 8.35% p.a.
  • EMI value: Rs. 11,927
  • Total Interest: Rs. 20,78,148
  • Total Repayment: Rs. 35,78,148

Rs. 15 Lakh Home Loan EMI for 20 Years

The details of the 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: 8.35% p.a.
  • EMI value: Rs. 12,875
  • Total Interest: Rs. 15,90,071
  • Total Repayment: Rs. 30,90,071

You can also check features, benefits and documents required for DDA Housing Scheme.

Rs. 15 Lakh Home Loan Interest Rates from Top Lenders

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. 

Top BanksInterest RateLoan tenureEMI Payable
HDFC Bank8.70% - 9.30%30 YearsRs. 11,587
SBI8.40% - 10.05%30 YearsRs. 11,428
Kotak Mahindra Bank8.70%30 YearsRs. 11,747
PNB Housing Finance8.50%30 YearsRs. 11,534
HSBC8.45%30 YearsRs. 11,481
IDFC First8.75%30 YearsRs. 11,801
Federal Bank8.80%30 YearsRs. 11,854
ICICI Bank9.00% - 10.05%30 YearsRs. 12,069

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15 Lakhs 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:

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.

Looking for 30 lakh Home Loan? Check Interest rates, Eligibility, EMI Online & Apply Now!

Documents Required for 15 Lakh Home Loan

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

Different home loan EMI options for different amount

Different Home Loan EMI Options

Rs. 1 Cr. Home Loan EMIRs. 2 Cr. Home Loan EMIRs. 5 Cr. Home Loan EMI
Rs. 80 Lakh Home Loan EMIRs. 75 Lakh Home Loan EMIRs. 60 Lakh Home Loan EMI
Rs. 45 Lakh Home Loan EMIRs. 40 Lakh Home Loan EMIRs. 35 Lakh Home Loan EMI

Home Loan in Top Cities

Home Loan in Top Cities

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Home Loan in AhmedabadHome Loan in KolkataHome Loan in Jaipur

You can also use Loan Prepayment Calculator to find out how much you will save on interest and how it affects your  Loan EMI.

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 8.40% - 10.05% p.a. as offered by SBI Bank is Rs. 18,518.

✅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 9.00% - 10.05% p.a. as offered by ICICI Bank is Rs. 13,496.

✅What is Rs. 15 lakh home loan EMI for 10 years from Kotak Bank?

Kotak Bank offers home loans at a rate of interest starting at 8.70% p.a. The Rs. 15 lakh home loan EMI for 10 years is Rs. 18,759.

✅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 8.70% - 9.30% p.a. The Rs. 15 lakh home loan EMI for 10 years from HDFC Bank is Rs. 18,638.

✅What bank has the lowest Rs.15 lakh home loan EMI for 10 years?

Federal Bank offers the lowest rate of interest for home loans starting at 8.80% p.a. Its Rs.15 lakh home loan EMI for 10 years is Rs. 18,839.

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